Economic Engines: Fueling Small Business Growth Through Financial Insight

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Author: Karyn Winrich

5th March 2025

Running a small business comes with some unique challenges, and when it comes to navigating these hurdles, developing your financial knowledge is absolutely crucial. After all, understanding and managing your finances effectively can mean the difference between thriving and merely surviving. This article explores several methods for improving your financial understanding in order to make better-informed decisions and drive long-term growth.

Staying on Top of Accounting

Accurate accounting is the backbone of any successful business. You understand your financial health clearly by diligently recording every transaction. This practice helps you to identify business trends, manage expenses, and forecast future revenue. Utilizing accounting software can simplify this task, ensuring that you stay organized and compliant with financial regulations. Consistently updating your books allows you to make timely decisions based on real-time data, ultimately contributing to your business’s stability and growth.

Developing Basic Business Financial Literacy

A solid understanding of basic financial principles is essential. You don’t need to be a financial expert, but grasping concepts like profit and loss statements, balance sheets, and cash flow statements are crucial. These documents provide insights into your business performance and financial standing. Taking online courses or reading books on business finance can enhance your literacy, empowering you to make informed decisions. Knowledge in this area helps you to understand where your money is going and how to allocate resources more effectively.

Set Up Cash Reserves

Entrepreneurs should prioritize setting aside cash reserves to navigate financial challenges and maintain business stability. Unexpected expenses, slow revenue periods, or market shifts can arise at any time, and having a financial cushion helps prevent disruptions. One of the most common money mistakes entrepreneurs make is failing to plan for these uncertainties. By building a reserve fund, business owners can cover essential costs, seize new opportunities, and reduce the risk of financial strain.

Building Emergency Cash Reserves

An emergency cash reserve acts as a financial safety net. Setting aside funds to cover unexpected expenses or business downturns is essential. A reserve ensures you can continue operations smoothly during tough times without resorting to high-interest loans or credit. You should aim to save enough to cover at least three to six months of operating expenses. Regularly contributing to this fund can give you peace of mind and financial stability. This practice safeguards your business and positions you to take advantage of opportunities that require immediate investment.

Regularly Monitoring Cash Flow

Cash flow is your business’s lifeblood. Regular monitoring allows you to foresee potential shortages and make necessary adjustments. Reviewing your cash flow statements frequently can help you identify patterns and anticipate periods of high or low cash flow. This proactive approach helps you manage expenses more effectively and avoid financial pitfalls. Implementing cash flow forecasting tools can provide deeper insights, enabling you to plan and ensure you have sufficient funds to cover your obligations and invest in growth opportunities.

Fueling Small Business Growth

Enhancing your financial knowledge is crucial for making wise decisions that foster long-term growth for your small business. You can create a robust financial foundation by staying on top of accounting, developing financial literacy, using invoice templates, consulting professionals, monitoring cash flow, and building emergency reserves. Such a proactive approach empowers you to navigate challenges confidently and seize opportunities, ensuring the sustained success of your business.

Unlock expert strategies for business success NOW, with CGN.

 

FINANCIAL MANAGEMENT FOR SMALL BUSINESSES

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Author: Karyn Winrich April 28th 2024

Running a small business requires not only hard work but also financial management. There are several strategies and tools that small business owners can utilize to stay on top of their finances and ensure the long-term success of their businesses. Today, Capital Growth Network invites you to read on to learn our top tips for managing your finances as a small business owner.

 

Establish a Financial Plan and Regularly Review It

 

The most important thing you can do as a small business owner is set a budget and review it regularly. A budget will help you plan for the future of your business by allowing you to allocate funds accordingly. Additionally, it will help keep track of where money is being spent, so that you can make adjustments, if necessary.

 

 

Have Clear Objectives for Business Expansion

 

It’s important to create specific goals for the growth of your small business. Having detailed objectives will provide an attainable roadmap for where you want your business to be in the next few months or years. Without proper planning, businesses can become stagnant or even fail due to a lack of direction or ambition.

 

Digitize Your Records

 

In today’s digital age, there’s no reason to be buried neck-deep in paperwork. By digitizing your records, you can facilitate better organization and avoid the stress of misplaced documents. Try saving your files as PDFs to make them easier to store and share, as well. You can also use free online tools to help you change file formats if necessary.

 

Invest in an Accountant or a Powerful Accounting System

 

Accounting software can take the hassle out of bookkeeping. They can help keep track of financial transactions, invoices, taxes, and payroll conveniently. Investing in accounting software will save you time and energy, as well as ensure that your taxes are accurately filed at the end of the fiscal year. Accountants however, are invaluable tools for ensuring accuracy as sometimes, even the best software solutions do not offer enough tailored advice. An experienced accountant should have a better understanding of individual needs and can ensure all legal requirements are met throughout the process. Working with an accounting professional saves time and effort while avoiding costly mistakes or potential penalties associated with non-compliance.

 

Upgrade to POS Inventory Management

 

Switching to a POS platform, offers much more than just streamlined payment processing. Businesses can easily manage inventory levels and control costs associated with ordering new supplies or goods. Detailed reports and analytics allow for monitoring sales performance, providing insight into what works best in terms of sales volume, stock levels, cost savings, profits, etc. Having access to this information makes running a successful small business easier.

 

Implement Financial Strategies

 

The task of managing finances can be intimidating for many individuals, particularly for those who are self-employed. However, there are various tools and resources available that can simplify this process and help businesses stay organized. By investing in such solutions and collaborating with accounting professionals, individuals can feel confident that they are taking the necessary steps toward long-term success. Utilizing these tools can provide peace of mind and enable individuals to focus on growing their businesses without the added stress of financial management.

Accounting AccountingAdvice Banking Cash FinancialAdvice money MoneyAdvice

A CASHLESS SOCIETY IN A NEW WORLD ORDER

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Have you noticed the gradual yet subtle changes to the banking system? The:

  • increase in branch closures.
  • reduction in staff and counter services.
  • Introduction of digital currencies.
  • introduction of mobile phone banking.

 

Do any of the above cause you concern, or do you perceive these changes as beneficial innovation and necessary for advancements in efficiency? Let us examine the implications.

 

Cash may soon symbolise the only freedom left available to us. We live in a society that openly tracks and monitors our every move and to some extent, our thoughts using algorithms based on our online activity. From the minute you leave your home, you are monitored by CCTV to and from your destination. When you tap in and out with an oyster card, your entire journey is mapped out. When you make purchases using a credit or debit card, your every purchase is logged.

 

Cash offers some sense of privacy, whether it’s making purchases or sojourning for some personal time. There are numerous people in our society who still prefer cash transactions, what will be the agenda for them? Will they be de-facto forced into to the digital world of finance by removing cash despite their protestations? Where’s the democracy in that? Will there be a “Don’t get left behind” shaming campaign starring celebrities assuring us that it’s ok with nothing to be afraid of? Where’s the sincerity in that? It seems that democracy is either slowly being eroded, or it picks and chooses when and what to apply itself to.

 

There was a time when a mobile phone was just another device used for making and receiving calls and text however, it has in recent decades become an irreplaceable and often addictive appendage rather than an accessory. So much so, that you are required to posses a mobile phone for most if not all online bank, crypto and credit card accounts for the purposes of login and ID authentication. In some cases, without a mobile phone, you’ll have no access to your online accounts and with the reduction in high street branches and counter services, access to your money may become impossible [without a mobile phone].

 

If the new world order is to be globally connected by the 5G network, then it makes sense to assume that in time, some or maybe all the governing institutions (Finance, Politics, Religion and Education) may become universal i.e. a global digital currency. As asked earlier, what will become of the people who still want cash and thus reject this ever-growing digital world? The age old three-step modus operandi:

 

  1. Discredit

 

  1. Demonize

 

  1. Destroy

 

Benefits of a cashless society

 

 Limitations of a cashless society

 
Fraud prevention

 

 An enslaved society
Increased efficiency in transactions

 

 Arbitrary freezing of identity.

 
Zero risk of losing cash in public Death of cash only businesses.

 

For anything to be appealing, there must be some aspect of benefit to make it worthwhile (e.g. the tree of good and evil had good in it). So of course, innovations in Fintech are beneficial to us but no system is perfect.

 

Can you think of anymore?

 

A Few Quotes

“I used my debit card in a well-known supermarket to buy groceries. A few weeks later, I received vouchers from the supermarket. When I looked at the vouchers, they were for all the items I had bought using my card. Some people might think that’s great, not me. It felt intrusive and I felt as though I was being monitored. It made me paranoid. I went back to using cash.” Mike, London.

 

“The news that paper rail tickets could be scrapped [Metro, Mon] made me angry. We are supposed to live in a democracy, but many companies and the government are forcing us into having to buy smartphones to buy tickets and access information. I neither want nor can afford to buy a smartphone and pay for its’s running costs. My phone fits easily into a pocket and is great for calls and texts. Tickets and banking online are useless if you have no charge or are somewhere with no reception. Give me paper tickets and a person to talk to face-to face to ensure we get the best service, any day. Jane, Hastings.” (Metro ed. 2023)

 

“Why are we being blindly led to a cashless society? As far as I can see, it’s another nail in democracy’s coffin. Why is an important decision as this not put to the people’s vote? It would be nice to hear the views of other people. M Keevil, by email.” (Metro ed. 2023)

 

 

REFERENCES

  1. Metro (ed.) (2023) ‘Do we want a cashless society?’, Metro, 8 February, pp. 13–13.

Ecopreneurship: Tips for Making Your Business More Sustainable

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By Karyn Winrich 22nd September 2022

 

Today, consumers expect a promise of sustainability from businesses, and they want to see action to show a commitment to being eco-friendly. As an entrepreneur, you have the opportunity to build a green business from the ground up. Start by considering these tips.

 

Making Your Supplies More Sustainable

If your business produces a tangible product, you’ll need materials to create and ship it. One way you can be visibly environmentally conscious is to offer sustainable packaging. Some common examples include biodegradable materials, such as packing peanuts and recycled paper and cardboard. You can even try cornstarch packaging. If you’re selling a product with fabric, opt for an organic version. Additionally, you should commit to using the minimum amount of packaging necessary. Large retail stores are often criticized for their overuse of packing materials.

 

Monitoring Energy Usage

Part of reducing your carbon footprint is recognizing your energy usage issues. You can monitor the amount of energy your company uses with a smart meter. Light, heating, and cooling make up the vast majority of energy usage in an office building. You can find ways to reduce that usage by taking advantage of natural light and opening the windows on days with pleasant weather. Simply turning off a light when you leave the room can make a difference.

 

Reducing Your Waste

Reducing waste is the easiest way you can be more sustainable. No business can completely reduce all waste. However, you can be paper-free as much as possible and make an effort to recycle. Provide recycling bins in your office and train staff to recycle effectively. You can even enlist a company to pick up your recycling for you.

 

Seeking Funding for Sustainability

Sustainable materials are sometimes more costly, but starting a business can already be expensive. If you’re concerned about funding, search for capital specifically available to entrepreneurs starting a sustainable company. For example, the government offers grants to businesses practicing environmentally friendly commerce. African American-owned startups have access to funding from the Coalition to Back Black Businesses, the National Association for Self-Employed, and the Minority Business Development Agency.

 

Marketing Your Green Business

One significant advantage of going green in business is that you can use that as a marketing strategy. Consumers are becoming more conscious about their carbon footprints, and you can make them feel like they are contributing to a solution by shopping with your business. Research shows that consumers are looking for companies that better reflect their personal concerns about the growing issues with the environment. Your marketing strategy should be consumer-oriented, meaning you must look at the world from the consumer’s point of view.

 

Staying Organized for Productivity

Being eco-friendly can also help you create a more organized office space. For example, you can create an entirely paper-free office. Start by digitizing your files. Not only is it more environmentally friendly but it’s also more sensible. Convert files to PDF so you can download them to your iPhone and other devices. You save paper and have access to your files wherever you go. You also don’t have to worry about having access to Wi-Fi to see them.

 

With a strong sustainability policy and evidence of being actively eco-friendly, your business will make a great impression on customers. By staying organized and continuing your green education, you’ll see great success. Just remember to be flexible and listen to the experts.

SAVING TIPS 2020

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Saving isn’t as hard as it seems. If you’re looking for some smart savings guidance, these money saving tips should help you start to build up a handy nest egg.

· Create a budget by adding up your monthly spend on essentials like rent, utility bills, food shopping and car costs, to see if you have any spare money that could be moved into a savings account

· Start saving with a basic savings account. Saving even a small amount will give you peace of mind and get you into the savings habit

· If you have more money available, consider a higher-interest account or invest in an ISA. If you already have an ISA, maximise your allowance for this year

· Start long-term savings as soon as you can. Speak to your employer about possible pension schemes to join

· If you get a windfall of money, think about putting a percentage of it into your savings.

MAKE SAVING MONEY A HABIT

Saving money doesn’t have to be a chore. There are some easy ways you can get into the habit of saving money on a regular basis.

With a standing order, you tell your bank to pay money from your chosen account to another account at regular intervals – for example, once a month. If you’ve taken the time to work out how much you can save each month, make sure the money leaves your current account straight after you get paid. This way, there’s no temptation to spend the money you plan to save.

Some banks now offer you the ability to round up the amount you spend on your debit card to the nearest pound and transfer the difference into your eligible savings account. This is a painless way to start adding to a savings account

GET SMARTER WITH YOUR BILLS

· Are you using all your minutes on your current mobile phone deal? If not, see when your contract expires and get ready to switch to a cheaper one.

· And what about utility bills? Could you pay less for electricity and gas? What about home or car insurance? Some financial comparison websites have tools that let you work out if you could find a cheaper deal. Less spent on bills, leaves more to save.

· Some companies offer discounted rates when you pay by direct debit.

· Many companies (e.g. mobile phone companies, broadband providers, etc) offer short-term bonuses or incentives. Just make sure you know when these run out so you can check you’re getting the best deal.

RE-CAP: THE WANGIRI SCAM

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Wangiri call scams are calls from international numbers you don’t recognise and it’s a scam that could leave you seriously out of pocket.

WHAT IS A WANGIRI SCAM?
The word ‘Wangiri’ is Japanese and means ‘one ring and drop’. It’s basically what’s known in the UK, as a ‘drop call’. Calls usually cut off just as the phone rings, leaving a missed call notification from an unfamiliar number with the intention of playing on your curiosity. If you do happen to take the bait, you’ll be routed to an expensive, premium rate service.

Phone companies have taken the initiative to invest in intelligence systems to proactively screen incoming calls for fraudulent numbers and are automatically blocking numbers known to be used for fraud.

HOW TO PROTECT YOURSELF?
If you get an unexpected call from an unknown, international or unusual number, here are some simple steps that you can take to protect yourself from Wangiri fraud:

1. Don’t answer any unexpected calls from unknown, international or unusual numbers.

2. DO NOT CALL BACK.

3. Contact your service provider with the number you’re receiving nuisance calls from.

If you’d like to know more about mobile phone fraud, visit Action Fraud, the UK’s national fraud and cybercrime reporting centre.

 

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WAS BITCOIN AND CRYPTO JUST AN IDEA?

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Author: John De’Reveal

In an age of ever-increasing technological innovation, I find myself looking back in time and remembering how the future was depicted in the past. Although the world as we “see it” in 2019 didn’t quite turn out to be a 100% match to its 1985 futuristic depictions, I can’t help but notice the similarities. It’s as though the future was being planned ahead

Growing up in the 70’s/80’s, I remember watching cartoons such as the Jetsons. This show was produced in the 1960’s and then again in the 80’s and depicted what life would be like in the future where robots would be the norm and everyday appliances and infrastructure would be automated. Even a meal would be in the form of a pill.

Also, movies like Demolition Man (credit system), Blade Runner (video calling), The Terminator (Robots & Drones), Back to the Future 2 (Google Glass) and more all exhibited signs of the world as we know it today. Is this just a coincidence or was this great planning?

With that being said/asked, it seems ever more likely that digital currency was always going to happen and did not just come about by individual design. So, I wonder, what’s the next step? Well, during a conversation I recently had with a close friend, he mentioned that his customers are increasingly requesting that he invest in a card payment device as credit/debit cards have become the more common form of payment for them. He like myself prefer the option of the limited freedom that comes with cash so this is what I think will happen:

1. Cash will eventually no longer be legal tender. Credit/Debit cards and smart phones will remain the alternative and then the only way to buy and or sell goods and services

2. Convenience and efficiency will demand that card payments be made obsolete and that all financial data be centralised and accessible via smart/android phone through apps

3. Make it impossible to authenticate identification without the use of an app. Key cards will be obsolete

4. Make the use of log in data obsolete by introducing the already existing RFID technology by way of a microchip that is etched just under the skin on your hand. This will be for the simplicity of buying and selling, tracking and authentication to combat cyber crime

5. Centralise all personal information (medical history, financial data, access to work areas etc.) on the RFID chip

6. Make it mandatory to scan the RFID chip to access any services. Without it, life will become increasingly complicated.

The RFID microchip is already in its testing phase and via the smart/android phone, it is in its infancy. The thought of having a microchip in my hand leaves a mark that I don’t feel appeals to me despite the benefits however, not having the microchip may make life in the future rather unpleasant.

Here’s something to ponder. One day in the future it will be make your mind up time to the question I ask today…

WILL YOU TAKE THE RFID MICROCHIP?

FINANCE IN THE AGE

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PLEASE WATCH THIS CLIP AS PART OF THIS POST

As we move further into the re-emergence of technology, we must question whether these advances and innovations are in the best interests of humankind or are we being secretly and slowly herded into economic captivity.

It is common knowledge that our personal data and online activity is collected, analysed and used to “know us better” as individuals via AI (Artificial Intelligence). This way, advertisements are tailored to your everyday interests and among a host of other features, your mobile can predict your speech/typing patterns and styles.
Technology has become an addiction with people increasingly unwilling to forego their mobile phones. It has become our Proof of Identification, TV, Credit/Debit card, PC, Diary, supermarket, Personal Assistant & Best friend. Technology has replaced interaction are we are all in some part willingly becoming cyborgs in a system that will soon be solely based on technology. Cash will be phased out and payments will become digital. In a digital world, tax-payer power becomes obsolete because the man/woman pushing the buttons is god. If one push of a button can bankrupt you, what freedom will you have?

SOCIAL CONDITIONING VIA MEDIA AND FALSE FLAGS
If there were for example a sudden rise in bank and credit card fraud with criminals becoming more and more sophisticated in their approach, or targeted advertising displaying the inconvenience of having to carry around a credit or debit card, how many people do you think would willingly sign up for an implant that offers them 100% security. No more clutter or bother, just swipe

Imagine if money laundering were linked to terrorism, this would cultivate the perfect climate for a cashless world as fear is almost always followed by legislation

RELIGIOUS IMPACT AND THE REALITY OF THE MARK OF THE BEAST
Christianity has long held the belief that according to The Book of Revelation in the King James Bible, there will be a mark introduced to human kind by a beast system (some form of government). A large section of Christians believe that the RFID microchip implant is this very mark of the beast. For further insight on this subject, please click here

BENEFITS & DISADVANTAGES OF FINANCIAL TECHNOLOGY
Please feel free to add to this list in the comments section

BENEFITS
Increased transaction speeds
Increased security
Open banking
Future value attached data: Your personal data should come at cost to businesses who make use of it
AI powered digital agent

DISADVANTAGES
Decreased personal interaction
Innovations in fraud & negative religious implications
Shared personal Information
Currently exploiting peoples’ data FREE of charge. This should NOT be the case
“You” are being stored on a database somewhere possibly indefinitely

FRAUD WATCH – Grab Finance/Seek Finance

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WARNING!!! WARNING!!! WARNING!!!

Cognor international Finance PLC trading as Grab Finance
Company number: 08747323
Alleged address: 5th Floor, 6 St. Andrew Street, London, EC4A 3AE

This fraudulent firm is ironic as in their name ‘Grab Finance’ is exactly what they do. They grab the finances of unsuspecting start up businesses in need of funding.

Finding a grant can be tedious however, there is funding out there if you know where to look. Fraudsters like Cognor International Finance PLC have taken advantage of this market by offering FREE grants to businesses. The initial application process seems formal enough with:

1. An online form to fill in your basic details for a call back
This is relatively normal

2. A call back from a representative with a brief telephone interview
This is the fishing for information stage to see if you’re worth defrauding. The targets here are businesses that can afford to contribute a percentage of the full amount awarded, usually up to 30%.

E.g. if you’d be awarded a grant of £12,000.00, Grab Finance will supposedly contribute an initial £8,400.00 leaving £3,600.00 as your contribution.

3. A decision – Alarm bells start ringing.
If you applied for full funding without a contribution, at this point your application will be unsuccessful however, if you applied for the part funding option with a contribution, you will be overjoyed to know that your application has been approved for the full amount. At this point, most firms will be duped by the initial elation of being approved for funding and the promise of additional cashflow that basic due diligence is forfeit.

  • Did they request a business plan to access the nature and viability of your business?
  • Were you invited anywhere to meet regularly with a liaison to prepare you for panel?
  • When you call Grab Finance, is there ever any senior members or staff available to answer any of your queries or concerns?

4. Receipt of application pack
This is packaged in such a way as to… Well, see for yourself (attached page 3 of 5 page acceptance form. Full form is shown on our facebook and Google+ pages)

5. Set up online business pre-paid Mastercard account
You will be given a link to a fraudulent Mastercard website with an unofficial contact number to verify it. Here, you will need to set up an account (requesting your passport, date of birth, company name and your address with proof) to receive a special PIN which you must send to Grab Finance. Once they’ve received your PIN, they’ll upload the £8,400.00 onto the pre-paid Mastercard and as soon as you contribute your £3,600.00, they’ll… Grab Your Finance.

  • Call Mastercard’s official contact telephone number which you can find on the official Mastercard website. Get confirmation from a named representative
  • Mastercard will give you information that fraudsters cannot verify as in, the first 6 digits on the card and to confirm the card issuer for verification
  • Have you received your pre-paid business credit card? Or will you receive it only once your contribution has been uploaded? Does it even exist. Call Mastercard directly

If you have fallen victim to these fraudsters, please take the necessary steps to protect yourself by contacting:
1. Action Fraud
2. Your Banks / Building societies
3. Cifas (To avoid accounts being opened in your name)
4. Companies House (To avoid companies being opened in your name)