How giffgaff transformed the telecom industry in the UK

I have not been compensated for this post.

As someone who is keen on saving money and making money, I am always looking for businesses that help to make that a possibility. A business I always run across is giffgaff. Whenever I see posts on forums or social media about people reducing their phone plans, giffgaff is the brand mentioned. They offer services that people need, at affordable prices.

They are often people’s number one choice for cheap SIM only deals or pay as you go phones. They are popular with moneysaving forums and individuals alike.

It is easy to say that they have transformed the telecom industry but how exactly have they done this? They recently put together an infographic, telling us why. You can see it below but it is also linked here.

It is amazing that they have been nominated by Which? Recommended provider for the seventh consecutive year! I also think it is pretty amazing that £700k has been donated to various charities since 2010!

When I leave my current provider, this is definitely a brand I am considering. They don’t have customers – they are called members and they help to run the forums, inspire the community and spread the word about the brand. The company also give back to members who help run parts of the business – twice a year they are rewarded via ‘Payback’ which allows them to convert the ‘kudos’ they’ve earned into call credit, cash or a charity donation.

Are you on giffgaff?

How You Can Keep More Of What Your Business Makes

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It’s the eternal battle, between the hard-working business owner and the taxman. It’s always been the case but lately, there seems to be a trend that we could all do without. The UK is at its highest taxation level since modern records began. This brilliant nation of innovation and small businesses is currently undergoing some strange happenings. A Conservative is Prime Minister but there’s nothing Conservative about her. Businesses should have their corporate tax income rate slashed to around half of what it is to make sure there’s more chance of success. We all know what happens with the profits businesses make. Most of it goes to tax, the rest goes back into the business. You’re only able to fund your next products and services if you have the money to pour into your research and development department. So how can you keep more of the money you earn as a business?


The proper classification

First of all you need to make sure you are in the proper classification. Just because you may earn a lot of profit, does not automatically fit you into the ‘large’ business category. It’s complex, but HMRC has a system whereby you register your business and according to your income bracket and the number of people you have hired, you’ll be put into one of many categories. A micro business is usually no more than 5 or 10 employees. A small business can be up to around 10 to 50 employees, while also having a base or two abroad. A medium sized business can be from 50 to 250 employees. Anything above 250 employees is seen as a large business. And even still, if you’re a large business but only domestic, you can’t be seen the same as a multinational corporation. So make sure you know which category you are in.

 

Fight your corner

The government is not an entity that cannot be challenged like some holy church. You should always know what your rights are as a business. If you’re ever in doubt of being treated fairly by HMRC then speak to solicitors who specialize in business. It could be that a case is being brought up against you by a customer and the court system has the final say. You’ll need a legal team to fight for your reputation to not be slandered. Maybe you were taxed too much and HMRC categorized your business wrongfully. Then you will need to take the case up in court to get your money back. The solicitors handle business taxation cases all the time and know this area of business law very well.

Always be lean

Small businesses have a tendency to try and expand too quickly. Safety does not always come in numbers and hiring too many employees can eat away at your profits. Instead you should hire employees with multiple skills which can be implemented in your various departments.

The amazing nation that is the UK, is the centre of innovation and the flame of business spirit. However you need to fight your corner and make sure you’re not being taxed to the hilt by HMRC.

How To Stay On Top Of Your Business Finances – Even When You Feel Out Of Control

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Starting your own business is a steep learning curve, and if you are going to survive, you need to learn a lot of new skills very quickly.   Finance is the one area that people struggle with most because it’s entirely different to managing your personal finances. Here, we share some tips to help you keep on top of things, even when they feel like they are spiralling out of control.

Get Some Accounting Software

Even if you know the basics of accounting, keeping track of all of your spending and income is an enormous task. Fortunately,  there are plenty of great pieces of cloud accounting software out there that make life a lot more straightforward. Organization is key when you’re managing your money, especially when it comes to doing taxes. You don’t want to spend hours searching for invoices that are saved all over the place on various computers and devices, so look for one that can keep all of this vital information together and keep track of your income and spending.

Cut Your Spending

The easiest way to lose control of finances is to spend more than is coming in. Eventually, cash reserves will run out, you’ll no longer be able to cover your overheads, and before you know it, your business has gone down the drain. The obvious solution is to bring in more revenue, but that won’t happen overnight. Cutting your spending is something that isn’t always easy, but essential if your cash reserve is running low. Wherever you look, you can reduce some expenses, even by a small amount. Look at all the programs and subscriptions you use – can any of them be abandoned? Are you paying for any equipment that no longer benefits your business? If so, get rid!

Iryna Tysiak

Separate Personal And Business Finances

It is vital to keep your personal money separate from your business money. Not doing this is a prevalent mistake that can lead to all sorts of errors happening in terms of cash flow and staying on top of things.  Before you know it, you’re spending your businesses money on personal things and vice versa, and end up getting into a mess. It also makes bookkeeping and organising your tax return a lot more straightforward.

Chase Up Invoices

Unfortunately, many businesses have to spend a significant amount of time chasing up unpaid invoices. If you have made a lot of sales, but the money isn’t in your account, it’s more than likely down to customer not paying their invoices on time. While the majority of them will (hopefully!) pay on time, there are always some that will do anything that they can to avoid it. Keep on top of invoices by making the amount they owe and the date they need to be paid by clear and chase up as soon as they become overdue. Don’t be afraid of adding on late payment charges if appropriate.

By following these basic steps, you can learn to manage your finances properly and make sure that your business survives in the long term.