For all businesses, no matter how big or small, protecting your organisation is crucial. However, you may be surprised to know that this is something that so many fail to do, resulting in irreversible damage further down the line.

Luckily, there are a few steps that all business leaders can follow to help protect their business. Let’s discuss…

Better Cash-Flow Management

Reducing the risk of cash flow problems is critical for any business. Too many businesses fall victim to bad cash flow management and once their budget begins to spiral it can lead to the overall closure of the business. It is vital that you have a system in place which clearly indicates what money is going out of the business and what is coming in. This will help you manage your cash flow better and give you an opportunity to put money aside for any emergencies that could happen like sudden repairs or damage.

You can learn more about the importance of cash flow management online. It is crucial that all business leaders place this of high importance, to ensure the safety of their business in the future.

Enhance Their Learning

For most business leaders, learning should never stop. In fact, it can benefit your organisation if you take up a course in cybersecurity. There is no denying that companies from across the globe are falling victim to cybercrime every day. For most, it is having a detrimental impact. An online cybersecurity course will give all business leaders the opportunity to gain valuable knowledge on how they can lead their organisations through the complexities of the cybersecurity landscape.

There is no denying that cyber risk management has become a fundamental component of business operations. If you think you or your business leaders could benefit from earning a certificate in cyber security, then it is advised you do your research into the cybersecurity courses available.

Buy The Right Insurance

You may be surprised to know that a lot of businesses can fail to acquire the correct insurance. As a business leader, it is important that you educate yourself on the types of insurance your business needs. For example, most businesses will need general liability insurance if they are offering advice or a professional service to their customers.

Now, the insurance world is thriving and with so many different companies and policies out there it can be difficult to know if you are choosing the right one for your business. Luckily, with the help of some online research, you can find helpful advice on how to choose business insurance and understand the qualities you will need to look out for on your policy. Insurance is crucial if you want to protect your employees and your assets. So, it is recommended that you put in the time to research what your company needs.

From education to insurance, with these helpful tips above you will be well on your way to protecting your business to end 2021 on a safe note.

After the pandemic, many businesses found themselves working remotely from across the globe. Organisations can search for new employees from anywhere globally, instead of just in the local area. Technology and remote working strategies have transformed the business world in recent years. You can find the perfect candidate for a role who can bring new ideas and prospects to your company.

However, hiring from overseas also comes with a lot of challenges. You need to prepare for these new challenges and adapt your business accordingly.

One significant consideration when hiring employees from overseas is understanding the regulatory requirements of their home countries. For instance, if you’re hiring someone to work in Canada, you’ll need to explore a labour market impact assessment in Canada(Évaluation de l’impact sur le marché du travail au Canada)  to ensure compliance with local employment laws.

Here are a few things to consider when hiring from overseas.

Language barriers

If you hire someone from another country, they may speak a different language to you. It can be difficult to work and collaborate with someone when you do not speak the same language. One of you may speak a little of the other’s language – but there will still be a large barrier in communication. You need to consider this when hiring people and think of a solution.

Language also refers to the way in which we work and how we approach the workplace. You may speak the same language as your new hire but still, have a break in communication. You need a team that works together and communicates effectively.

Cultural differences

You should expect to find cultural differences between employees from different countries. When interviewing candidates, try to learn a little about their culture and how they will work with the team. Different cultures will diversify your business and help your team to grow. However, it can also be a huge learning curve for everyone involved. Your team will need to learn about different cultural factors and how to communicate effectively with everyone.

Home-work environment

You need to make sure your new hires are comfortable working remotely. Working with a company from a different company can be stressful – especially if they need to work in your time zone. They may find it lonely to work at different times of day with no face-to-face colleagues. In the interview process, you should make sure remote work is suitable and efficient for them.

How will they get to know the team?

Team relationships are an integral part of an organisation. They encourage trust, collaboration and communication. You should have constant communication with overseas employees over Teams, Slack and Zoom. It’s important to also get them involved in social events, like virtual Zoom quiz nights.

Could you offer relocation?

If the remote setup isn’t working, you could relocate the employee. Relocation needs to work for the employee and the company. You could ask the employee about the possibility of relocation and have an honest discussion. You will need information and immigration advice from experts when hiring from different countries and when relocation the company’s HQ is on the cards.

Expanding your team and taking advantage of remote working could mean great things for your company, especially when ruling out location opens so many opportunities. If you’re hiring overseas, be sure to keep the lines of communication open with your overseas employees.

As the recent Autumn Statement & Spending Reviewhas been announced, with it comes the extension of the Recovery Loan Scheme. But what exactly does this mean? What can be borrowed? And what is theoverall reaction to this news?

In this article, we explore all there is to know on this year’s Recovery Loan Scheme Extension.

What is the Recovery Loan Scheme?

The Recovery Loan Scheme is a government-backed plan that is currently available to businesses of any size to give them access to loans and other kinds of financial aid to help reverse the damages that the pandemic has brought upon many industries.

How Much Can Be Borrowed?

A total of up to £10 million is available per business. The amount offered, and the terms on which they are decided, are at the discretion of participating lenders.

According to the GOV website businesses are entitled to the following:

– Term loans or overdrafts of between £25,001 and £10 million per business
– Invoice or asset finance of between £1,000 and £10 million per business

No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal household cannot be taken as security. The government guarantees 80% of the finance to the lender – however, it’s important to remember that as the borrower, you are always 100% liable for the debt.

What Does the Extension Entail?

To the relief of many business owners, the announcement revealed that the scheme will be given a 6 month extension, until the 30th June 2022. This comes as a huge relief after previous plans to end the scheme in December 2021 sent many business owners into a state of panic. As the last remaining form of COVID financial support, recovery loans are expected to be an essential lifeline for many UKbusinesses.

What Are Experts Saying?

Ravi Anand, managing director of ThinCats, welcomed the extension but warned that he thinks it will only benefit smaller businesses.
“Whilst the extension of RLS until 30 June 2022 is positive, reducing the maximum loan to £2m means it is only relevant to the smaller end of the small- and medium-sized enterprises (SME) market,” said Anand.

We also caught up with Chirag Shah, chief executive of Nucleus Commercial who told us, “The extension also arrives at a time when we expect significant changes across the lending industry. We’re likely to see the number of lenders reduce significantly, given that many have struggled to compete. However, this will create a more level playing field and those lenders which do survive will be more refined, have better access to capital, and will be able to help businesses achieve their goals.”