A former Woolworths manager who rebranded her old store Wellworths is telling business people in north Wales her key to survival in a recession.
Claire Robertson says "staying positive" is vital during tough economic times.
She is appearing at the Spotlight North Wales conference at Venue Cymru in Llandudno, Conwy, which aims to help businesses during the downturn.
She also stressed the importance of passion and learning from mistakes.
The conference is hosted by the Federation of Small Businesses, and it also hopes to help businesses "prepare for the upturn" and bring "prosperity to north Wales".
Woolworths went into administration last year with debts of £385m, and more than 800 stores were closed.
Ms Robertson had worked for the company for 18 years and rebranded the store in Dorchester, Dorset, eight months ago.
With 24 employees, she said the store was "going well at the moment".
Asked what advice she would give north Wales businesses, she said: "It's just about staying positive and trying to make the most out of the skills you have got.
"If you have a passion then just go with it. In any business, you need passion behind it.
'Very sceptical'
"Another part of what I will be saying is that over the last eight months we have made mistakes.
"But we don't take them as that, we take them as learning and we correct them as quickly as possible, learn from it and move on."
She said it was "still too early to say" whether there were signs of recovery from the recession.
She added: "I think people are very sceptical and because of what's happened over the last year or so, people have become a bit more savvy with their money.
"I think there's still a long way to go."
BBC Radio Wales' Wales@work, at 1830 GMT on Tuesday, comes from the conference and speaks to the Federation of Small Businesses, local companies and the head of Barclays Commercial Banking in north Wales.
Tuesday, 1 December 2009
More Action Needed to Support Small Businesses
Carrick, Cumnock and Doon Valley MSP Cathy Jamieson is calling for more help to be given to small businesses during the recession. She spoke out after attending the launch of a report by the Federation of Small Businesses on "Job Losses in Small and Micro Business."
Recommendations in the report include the need for more information to be collected at Local Authority level on job losses and pressures on small and micro businesses. The report also highlights the need for financial support to be made available to help small and micro businesses who are in short-term difficultly.
Speaking after the event, Cathy said:
"This report makes significant recommendations and it backs-up points that a number of local small businesses have made to me. I raised the issue of small and micro business owners increasingly having to put up their homes as security to get bank loans to help them through cash-flow difficulties.
"The report suggests that more could be done to make funds available to help their circumstances, and I have now written to the Enterprise Minister, Jim Mather, asking him to take this forward. I have also written to East and South Ayrshire Councils asking them to collect more information on the problem faced by small and micro businesses. The FSB report highlights that other Councils are doing this, and I hope they will follow suit.
"Small and micro businesses are the backbone of many towns and villages in my constituency and they should get support in the way that larger businesses do."
Recommendations in the report include the need for more information to be collected at Local Authority level on job losses and pressures on small and micro businesses. The report also highlights the need for financial support to be made available to help small and micro businesses who are in short-term difficultly.
Speaking after the event, Cathy said:
"This report makes significant recommendations and it backs-up points that a number of local small businesses have made to me. I raised the issue of small and micro business owners increasingly having to put up their homes as security to get bank loans to help them through cash-flow difficulties.
"The report suggests that more could be done to make funds available to help their circumstances, and I have now written to the Enterprise Minister, Jim Mather, asking him to take this forward. I have also written to East and South Ayrshire Councils asking them to collect more information on the problem faced by small and micro businesses. The FSB report highlights that other Councils are doing this, and I hope they will follow suit.
"Small and micro businesses are the backbone of many towns and villages in my constituency and they should get support in the way that larger businesses do."
Businesses Seek To Lure In Customers On Cyber Monday
MADISON, Wis. -- It’s been a busy weekend for holiday shoppers, and new numbers show some growth in sales over last year, according to industry watchers.
From Friday to Saturday, consumers spent $17 billion, boosting sales about 1 percent. The average amount online shoppers spent Friday rose a whopping 35 percent from 2008. Meanwhile, stores are still banking on online sales on Cyber Monday.
The growing popularity of Cyber Monday is prompting businesses to adapt, WISC-TV reported. Experts said while Cyber Monday might not carry the same weight as Black Friday, online shopping is still crucial to retailers.
Jodie May is online, but she’s not shopping. She is helping Lands' End customers. With products hanging within reach for reference, she took all kinds of calls from her cubicle on Cyber Monday.
"I have had actually a couple customers today that have never shopped online before and they needed just some assistance to make sure they were feeling confident and selecting the right items," said May.
While some in-store and online offers, like the "St. Nick’s Pick" are the same, the Dodgeville-based company is offering exclusive online deals.
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"We really gear up for this time of year. And we're all excited because today has been a very busy day for us," said Joan Conlin, vice president of customer service.
More people are shopping this year, but experts add that they’re also being extra cautious of their in-store and online purchases.
"Folks are now starting to really think 'What am I buying? Is it going to last more than a short time? What kind of value am I going to get from this?,'" said Deborah Mitchell of the University of Wisconsin School of Business.
It's a tough sale that May hopes to land with old-fashioned, good customer service.
Companies like Lands' End are also expanding their services and reaching customers using Facebook and Twitter, as well as chatting live with customers.
Stay tuned to WISC-TV and Channel 3000 for continuing coverage
From Friday to Saturday, consumers spent $17 billion, boosting sales about 1 percent. The average amount online shoppers spent Friday rose a whopping 35 percent from 2008. Meanwhile, stores are still banking on online sales on Cyber Monday.
The growing popularity of Cyber Monday is prompting businesses to adapt, WISC-TV reported. Experts said while Cyber Monday might not carry the same weight as Black Friday, online shopping is still crucial to retailers.
Jodie May is online, but she’s not shopping. She is helping Lands' End customers. With products hanging within reach for reference, she took all kinds of calls from her cubicle on Cyber Monday.
"I have had actually a couple customers today that have never shopped online before and they needed just some assistance to make sure they were feeling confident and selecting the right items," said May.
While some in-store and online offers, like the "St. Nick’s Pick" are the same, the Dodgeville-based company is offering exclusive online deals.
Embed CodeSave & ShareMore Videos
"We really gear up for this time of year. And we're all excited because today has been a very busy day for us," said Joan Conlin, vice president of customer service.
More people are shopping this year, but experts add that they’re also being extra cautious of their in-store and online purchases.
"Folks are now starting to really think 'What am I buying? Is it going to last more than a short time? What kind of value am I going to get from this?,'" said Deborah Mitchell of the University of Wisconsin School of Business.
It's a tough sale that May hopes to land with old-fashioned, good customer service.
Companies like Lands' End are also expanding their services and reaching customers using Facebook and Twitter, as well as chatting live with customers.
Stay tuned to WISC-TV and Channel 3000 for continuing coverage
Greene King confident in 'demanding' market
Greene King, the brewer and pubs chain, posted pre-tax profits of £62.4 million for the six months to October 18, a 2.8 per cent increase on last year, and said that trade was improving despite a "demanding" environment for pubs.
With like-for-like sales in its retail business up 4.6 per cent on the same period last year, the brewer, which owns 1,600 pubs and leases and manages a further 900, said that revenue had increased by £20 million and that it had reduced its £1.3 billion debt burden by £211.5 million.
Greene King also announced that it was buying seven pubs in Scotland for £12.7 million, using capital raised by a £207.5 million rights issue launched in April this year to fund the acquisition of struggling pubs.
The brewer said that it planned to make further purchases of freeholds and managed pubs in Scotland and the South East
The group, which brews the Abbot Ale and Old Speckled Hen brands, said that it planned to pay an interim dividend of 5.9p a share to shareholders on January 29, 2010.
Rooney Anand, the chief executive of Greene King, said he was confident that the group would "continue to outperform" the rest of the sector.
"Whilst the environment remains demanding, each one of our businesses has made substantial progress in their respective markets," Mr Anand said.
"Although the economic outlook remains uncertain, I am confident we can build on this strong first-half performance and continue to deliver value to our shareholders."
Greene King's share price soared by 31.7p to 433p in early trading.
With like-for-like sales in its retail business up 4.6 per cent on the same period last year, the brewer, which owns 1,600 pubs and leases and manages a further 900, said that revenue had increased by £20 million and that it had reduced its £1.3 billion debt burden by £211.5 million.
Greene King also announced that it was buying seven pubs in Scotland for £12.7 million, using capital raised by a £207.5 million rights issue launched in April this year to fund the acquisition of struggling pubs.
The brewer said that it planned to make further purchases of freeholds and managed pubs in Scotland and the South East
The group, which brews the Abbot Ale and Old Speckled Hen brands, said that it planned to pay an interim dividend of 5.9p a share to shareholders on January 29, 2010.
Rooney Anand, the chief executive of Greene King, said he was confident that the group would "continue to outperform" the rest of the sector.
"Whilst the environment remains demanding, each one of our businesses has made substantial progress in their respective markets," Mr Anand said.
"Although the economic outlook remains uncertain, I am confident we can build on this strong first-half performance and continue to deliver value to our shareholders."
Greene King's share price soared by 31.7p to 433p in early trading.
Choosing the best business bank deposit account
One of the first actions of many small businesses is to open a business current account. It’s absolutely essential you have one so your business can make and receive payments. However, many businesses don’t bother opening a business deposit account.
If you’re likely to have a significant amount of money sitting in your business current account on a regular basis, it’s probably worth your while opening a business deposit account. Deposit accounts pay far higher levels of interest, so will enable you to earn far more interest on your money.
Business deposit accounts pay far higher levels of interest than current accounts.
Historically, it would have been easier to open a deposit account with the same bank that you hold your current account with. But with the advent of online business banking, it’s now easy to quickly transfer money between accounts at different banks.
There are two main types of business deposit accounts; ‘instant access’ and ‘term deposit’. Instant access deposit accounts allow you to access your money instantly and without penalty, whereas with term accounts you can only access your money at the end of the ‘term’ of your deposit.
Instant access deposit accounts
An instant access deposit account, as the name suggests, allows you to access your money at any time without any penalty. This type of deposit account gives you most flexibility and means that you can immediately access your money without incurring any fees if there are some unforeseen circumstances.
Because you have immediate access to your funds, the rate of interest you earn on an instant access deposit account is lower than you would get with a term deposit account.
Term or Time deposit accounts
With term deposits, which are also sometimes referred to as time deposits, banks offer a fixed rate of interest for a fixed term. Many businesses opt for a term length of 1 month. If you’re happy to tie the money up for longer, say for 3 or 6 months you can opt for a longer term and you will be rewarded with a higher rate of interest. The flip-side, of course, is that you won’t be able to access your money until the end of the term.
The minimum deposit levels you need to qualify for a term account are usually higher than those for an instant access account. For example, Abbey have a minimum deposit requirement of £50,000 for all time deposit accounts.
Restricted access accounts
Some banks also now offer deposit accounts that allow you to access your cash instantly but limit the number of withdrawals that you can make without penalty. The rate of interest paid on these accounts tends to be a little higher than the interest rate you would receive on an instant access business deposit account.
The rate of interest these accounts pay tends to vary depending on the amount of money you have in the account and the number of withdrawals you make. The conditions you need to meet to achieve the highest rate of interest with some of these types of deposit accounts can be quite onerous so make sure you read the small print.
The best business deposit accounts available at present
If you’re looking to open a business deposit account, here are some of the best offers available at present;
Instant access business deposit account
With UK interest rates at historical lows, the rates currently on offer to business deposit accounts are not great. Some banks are offering as little as 0.1% on instant access business deposit accounts, however there are a couple of much better instant access accounts available.
At present, the best interest rate for an instant access business deposit account from the High Street banks is from Abbey, who currently have a ‘Business Reserve Limited Edition (Issue 2)’ account offering 1.25% on all balances above £10,000. If you have less than £10,000 in the account the interest rate is 0.5%
You can make up to 5 withdrawals per month, and an added benefit of this business deposit account is that, as well as making electronic withdrawals, you can request to have a cheque book which allows you to easily draw money directly from the account.
This business deposit account is a ‘limited edition’ account so it won’t be around forever and it could be withdrawn at any time. To find out more, or to open a ‘Business Reserve Limited Edition (Issue 2)’ account call Abbey on 0800 085 3099.
The next best rate on an instant access deposit account is from Bank of Scotland who currently offer the Bank of England base rate (1%). Again, the interest rate can change at any time so for up to date rates call them on 0845 850 1726.
Term deposit account
Most term deposit accounts require a minimum of £50,000, so aren’t realistically an option for most small businesses.
However, if you do have £50,000 that you don’t need access to for some time, Bank of Scotland has a Guaranteed Fixed Deposit Account that allows you to choose terms of 1, 3, 6 or 12 months. The interest rates for the different terms are, 1.2%. 1.88%. 1.95% and 2%. But remember you will not be able to access your money until the end of the term.
All account details and interest rates are correct at the time of writing but banks may make changes to these at any time.
If you’re likely to have a significant amount of money sitting in your business current account on a regular basis, it’s probably worth your while opening a business deposit account. Deposit accounts pay far higher levels of interest, so will enable you to earn far more interest on your money.
Business deposit accounts pay far higher levels of interest than current accounts.
Historically, it would have been easier to open a deposit account with the same bank that you hold your current account with. But with the advent of online business banking, it’s now easy to quickly transfer money between accounts at different banks.
There are two main types of business deposit accounts; ‘instant access’ and ‘term deposit’. Instant access deposit accounts allow you to access your money instantly and without penalty, whereas with term accounts you can only access your money at the end of the ‘term’ of your deposit.
Instant access deposit accounts
An instant access deposit account, as the name suggests, allows you to access your money at any time without any penalty. This type of deposit account gives you most flexibility and means that you can immediately access your money without incurring any fees if there are some unforeseen circumstances.
Because you have immediate access to your funds, the rate of interest you earn on an instant access deposit account is lower than you would get with a term deposit account.
Term or Time deposit accounts
With term deposits, which are also sometimes referred to as time deposits, banks offer a fixed rate of interest for a fixed term. Many businesses opt for a term length of 1 month. If you’re happy to tie the money up for longer, say for 3 or 6 months you can opt for a longer term and you will be rewarded with a higher rate of interest. The flip-side, of course, is that you won’t be able to access your money until the end of the term.
The minimum deposit levels you need to qualify for a term account are usually higher than those for an instant access account. For example, Abbey have a minimum deposit requirement of £50,000 for all time deposit accounts.
Restricted access accounts
Some banks also now offer deposit accounts that allow you to access your cash instantly but limit the number of withdrawals that you can make without penalty. The rate of interest paid on these accounts tends to be a little higher than the interest rate you would receive on an instant access business deposit account.
The rate of interest these accounts pay tends to vary depending on the amount of money you have in the account and the number of withdrawals you make. The conditions you need to meet to achieve the highest rate of interest with some of these types of deposit accounts can be quite onerous so make sure you read the small print.
The best business deposit accounts available at present
If you’re looking to open a business deposit account, here are some of the best offers available at present;
Instant access business deposit account
With UK interest rates at historical lows, the rates currently on offer to business deposit accounts are not great. Some banks are offering as little as 0.1% on instant access business deposit accounts, however there are a couple of much better instant access accounts available.
At present, the best interest rate for an instant access business deposit account from the High Street banks is from Abbey, who currently have a ‘Business Reserve Limited Edition (Issue 2)’ account offering 1.25% on all balances above £10,000. If you have less than £10,000 in the account the interest rate is 0.5%
You can make up to 5 withdrawals per month, and an added benefit of this business deposit account is that, as well as making electronic withdrawals, you can request to have a cheque book which allows you to easily draw money directly from the account.
This business deposit account is a ‘limited edition’ account so it won’t be around forever and it could be withdrawn at any time. To find out more, or to open a ‘Business Reserve Limited Edition (Issue 2)’ account call Abbey on 0800 085 3099.
The next best rate on an instant access deposit account is from Bank of Scotland who currently offer the Bank of England base rate (1%). Again, the interest rate can change at any time so for up to date rates call them on 0845 850 1726.
Term deposit account
Most term deposit accounts require a minimum of £50,000, so aren’t realistically an option for most small businesses.
However, if you do have £50,000 that you don’t need access to for some time, Bank of Scotland has a Guaranteed Fixed Deposit Account that allows you to choose terms of 1, 3, 6 or 12 months. The interest rates for the different terms are, 1.2%. 1.88%. 1.95% and 2%. But remember you will not be able to access your money until the end of the term.
All account details and interest rates are correct at the time of writing but banks may make changes to these at any time.
Small business banking - getting the basics right
Whether you are just starting out, or have been trading for years, every business needs good business banking. This article looks at some of the key things you should look out for when choosing a business bank account, based on the experiences of the Bytestart team.
You can also read more detailed tips on how to choose a small business bank account.
Business Banking Basics
A limited company must open a business account, sole traders may use their personal current account for business activities.
Unless you have good reasons otherwise, you should look for a bank which has a dedicated small business team.
What fixed charges does the bank levy on business accounts (transaction fees, overdraft fees)
Is there a fee-free period for new customers (if so, take advantage of it)
What, if any, 'extras' does the bank offer (e.g. credit cards, charge cards, free statements)
What are the interest rates on business and business savings account (understandably, this point may not apply during the current economic downturn!)
Does the bank offer online business banking (for Bytestart readers, this is a must)
Opening an Account
Once you have compared several banks, you will need to provide various documents in order to open your account. Depending on how you are starting up your company (or if you are transferring from another business account), you may also need to provide a business plan and details of your business.
Certificate of Incorporation (limited companies), which you will receive once you have bought the company.
Identity check (passport, drivers licence, several personal utilities bills - the bank will tell you exactly which to bring along).
List of signatories who can sign company cheques, and if more than one person needs to sign
Mandate to open the account (provided by the bank)
Always remember that you're not tied in to your new bank account for life - you can switch business accounts later on.
By doing the groundwork before you start rather than simply opening up a business account at your nearest bank, you may well save your business money and time.
Banking Links
The British Bankers Association
For simple transactions, try BACS and Faster Payments
Free day-to-day banking forever - Abbey
Further Business Banking Articles
Choosing a business bank account
Finding the right business bank deposit account
Switching business bank accounts
Online business banking tips
You can also read more detailed tips on how to choose a small business bank account.
Business Banking Basics
A limited company must open a business account, sole traders may use their personal current account for business activities.
Unless you have good reasons otherwise, you should look for a bank which has a dedicated small business team.
What fixed charges does the bank levy on business accounts (transaction fees, overdraft fees)
Is there a fee-free period for new customers (if so, take advantage of it)
What, if any, 'extras' does the bank offer (e.g. credit cards, charge cards, free statements)
What are the interest rates on business and business savings account (understandably, this point may not apply during the current economic downturn!)
Does the bank offer online business banking (for Bytestart readers, this is a must)
Opening an Account
Once you have compared several banks, you will need to provide various documents in order to open your account. Depending on how you are starting up your company (or if you are transferring from another business account), you may also need to provide a business plan and details of your business.
Certificate of Incorporation (limited companies), which you will receive once you have bought the company.
Identity check (passport, drivers licence, several personal utilities bills - the bank will tell you exactly which to bring along).
List of signatories who can sign company cheques, and if more than one person needs to sign
Mandate to open the account (provided by the bank)
Always remember that you're not tied in to your new bank account for life - you can switch business accounts later on.
By doing the groundwork before you start rather than simply opening up a business account at your nearest bank, you may well save your business money and time.
Banking Links
The British Bankers Association
For simple transactions, try BACS and Faster Payments
Free day-to-day banking forever - Abbey
Further Business Banking Articles
Choosing a business bank account
Finding the right business bank deposit account
Switching business bank accounts
Online business banking tips
How to choose a business bank account - business banking guide
Choosing a bank account for your small business is an important stage in the startup process. There are several key things to consider - such as transaction and borrowing costs, what facilities the bank offers, and the type of relationship you want from a bank.
Here are some suggestions which may help you decide which bank would best suit your needs.
Choosing a business bank account - tips
1. You must set up a business account if you're starting up as a limited company, partnership or any other key business structure. Sole traders can use their own personal accounts (or via a new business account - John Smith trading as XYZ).
2. Don't necessarily choose a business bank account simply because you are a personal banking customer. You may well feel more comfortable with a bank you already know personally, but they may not offer the best deal for your business.
3. Make sure you compare several business banking offerings, and compare the costs and charges associated with each one. A good place to start would be Bytestart's small business banking partner, Abbey, offering free day-to-day banking forever.
4. Naturally, only go for banks that have a strong background - names you will have heard of, or even internet banking brands which are owned and operated by the big players.
5. Bank Charges - a key point to consider is how much it will cost you to have a business bank account. You may have a large number of monthly transactions to process, for example, so ensure you know exactly what charges will be levied on your account before signing up. Many major banks provide "free" banking for set periods to new businesses, so this may also be of interest.
6. Online Business Banking - this is an increasingly important service, and most banks now provide an internet service so you can check the status of your account day or night. At Bytestart, and with our previous businesses, this is an essential service. Rather than ringing the bank to check if a payment has been made to your account, you can do this yourself in a fraction of the time.
7. Interest - for obvious reasons, you shouldn't hold out for great returns on your business savings income during the current economic climate, but you can certainly choose a bank which offers either free banking, or zero transaction costs.
8. Small Business Team - go for a bank which has a specialised small business banking unit. The set-up process should be simpler, and dedicated teams will be used to dealing with all types of small business and their specific needs.
Some businesses will require regular contact with their bankers, so you should go with a team you feel you can build a good personal relationship with.
For more information on the practicalities of opening a limited company bank account, read our article here.
Banking Links
The British Bankers Association
For simple transactions, try BACS and Faster Payments
Free day-to-day banking forever - Abbey
Further Business Banking Articles
How to choose a business bank account
Choosing the best business bank deposit account
How to switch business bank accounts
Online business banking - what to look out for
Keep your business bank account charges low
Reclaiming unfair business banking charges
Here are some suggestions which may help you decide which bank would best suit your needs.
Choosing a business bank account - tips
1. You must set up a business account if you're starting up as a limited company, partnership or any other key business structure. Sole traders can use their own personal accounts (or via a new business account - John Smith trading as XYZ).
2. Don't necessarily choose a business bank account simply because you are a personal banking customer. You may well feel more comfortable with a bank you already know personally, but they may not offer the best deal for your business.
3. Make sure you compare several business banking offerings, and compare the costs and charges associated with each one. A good place to start would be Bytestart's small business banking partner, Abbey, offering free day-to-day banking forever.
4. Naturally, only go for banks that have a strong background - names you will have heard of, or even internet banking brands which are owned and operated by the big players.
5. Bank Charges - a key point to consider is how much it will cost you to have a business bank account. You may have a large number of monthly transactions to process, for example, so ensure you know exactly what charges will be levied on your account before signing up. Many major banks provide "free" banking for set periods to new businesses, so this may also be of interest.
6. Online Business Banking - this is an increasingly important service, and most banks now provide an internet service so you can check the status of your account day or night. At Bytestart, and with our previous businesses, this is an essential service. Rather than ringing the bank to check if a payment has been made to your account, you can do this yourself in a fraction of the time.
7. Interest - for obvious reasons, you shouldn't hold out for great returns on your business savings income during the current economic climate, but you can certainly choose a bank which offers either free banking, or zero transaction costs.
8. Small Business Team - go for a bank which has a specialised small business banking unit. The set-up process should be simpler, and dedicated teams will be used to dealing with all types of small business and their specific needs.
Some businesses will require regular contact with their bankers, so you should go with a team you feel you can build a good personal relationship with.
For more information on the practicalities of opening a limited company bank account, read our article here.
Banking Links
The British Bankers Association
For simple transactions, try BACS and Faster Payments
Free day-to-day banking forever - Abbey
Further Business Banking Articles
How to choose a business bank account
Choosing the best business bank deposit account
How to switch business bank accounts
Online business banking - what to look out for
Keep your business bank account charges low
Reclaiming unfair business banking charges
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