Administrator, Author at Small Business Insider

Invoice finance – a brief guide

Posted on October 21, 2019 Written by Administrator

The recent annual report by the British Business Bank on Small Business Finance Markets revealed that asset finance for small and medium-sized businesses (SMEs) grew by 3% during the period 2018/2019.

Indeed, in 2017 alone some £32 billion was advanced to British businesses in the form of asset finance.

But what exactly is asset finance?

Asset finance

The Merchant Advice Service explains that asset finance allows a business to borrow funds against the value of assets it already owns. The repayment of that borrowing may be spread over several years – so bringing within the company’s grasp otherwise unaffordable equipment, to raise needed working capital or to smooth over temporary cashflow problems.

One of the most valuable assets held by any company, large or small, are its invoices receivable from creditors for goods and services supplied. That asset may be used to raise invoice finance.

Invoice finance

Invoice finance relies on the value of those invoices receivable by effectively selling them to a third party and repaying the sum advanced by way of that sale as and when the invoices are paid.

Invoice finance, in turn, may come in two different forms:

Invoice discounting

the finance provider advances an agreed percentage of the value of your invoices receivable – up to 90% of their value in some cases;

you remain responsible for the collection of outstanding invoices and repay the lender – together with interest (in this case called a “discount charge”) as you bank the receipts each month;

Factoring

in this form of invoice finance, the provider is called a “factor”;

the factor not only advances a percentage of the value of your invoices receivable but also assumes the task of collecting them from your creditors;

once the factor has received payment of those invoices, he will deduct repayment of your advance, plus the costs of the service provided, before returning to you the balance of payments received.

It may be seen that invoice financing is a form of borrowing – using the asset represented by your invoices receivable as security against the loan.

Unlike business loans, however, invoice finance is a more flexible way of borrowing. Repayments of the advance are made as and when payment of the invoices is collected. Repayment is directly proportional to the success of your business in terms of the invoices raised and paid.

Costs

Invoice finance – like any other type of borrowing – comes at a cost, of course. It is not regulated by the Financial Conduct Authority (FCA), but the Asset Based Finance Association (ABFA) – now incorporated into UK Finance – maintains an industry-wide code of conduct. By choosing one of its registered members, therefore, you may be re-assured of reasonable costs.

These might comprise:

a service charge – which covers the provider’s administration, management, and invoice collection costs and are typically charged as a percentage of the turnover of your business (generally, at a rate of between 0.75% and 2.5%); and

a discount charge – is a fee proportional to the sum you draw down against your invoices receivable. It is typically calculated daily and is applied immediately after the money is advanced – currently at a rate of between 1% and 3% over the Bank of England base rate.

Given its flexibility and the reasonable costs involved, invoice finance proves a widely popular method for businesses to raise the funding needed for all manner of operations.

Considering Invoice finance? Speak to Nick at Peak Business Finance

Insurance for freelancers FAQs

Posted on October 21, 2019 Written by Administrator

Freelancing is probably one of the fastest-growing sectors of the UK economy says the Association of Independent Professionals and the Self-Employed (IPSE).

As the ranks of these freelancers are swelling, their need for appropriate insurance is thrown into the spotlight so, here are some of the most frequently asked questions about insurance for freelancers.

I’m a freelancer, why do I need insurance?

What is likely to have drawn you to your role as a freelancer is the freedom, independence, and potential rewards of the job. But these may also be the biggest drawback – if something goes wrong, your freedom and independence mean that you alone are left carrying the can.

Freelancer insurance is designed to help compensate you for the losses incurred as a result – and, so, protect the income you have worked so hard to achieve.

What can go wrong – what are my risks as a freelancer?

There are three principal risks you face as a freelancer – and the financial losses they may entail have to be met from your own pocket in the absence of the appropriate form of insurance:

professional indemnity;

public liability;

theft, loss or damage of the equipment you use as a freelancer.

What is professional indemnity insurance?

When you offer your services as a freelancer, your clients are entitled to a level of knowledge and competence on your part that is commensurate with your background, qualifications and experience.

If the service you deliver falls short of those reasonable expectations, if you make an error of judgment or a simple mistake, your client may sue you for professional negligence and claim compensation for any losses he or she has suffered as a result.

Depending on the losses sustained by your client, those claims may run into thousands of pounds – seriously undermining the financial viability of your freelancing business. Professional indemnity insurance covers any such claim and the legal costs associated with it.

RPC Legal has estimated that as many as 500 different types of freelancers, professionals, and the self-employed currently buy professional indemnity insurance.

Do I also need public liability insurance?

As a freelancer, you need to worry not only about liability for work you are doing for your clients, but even members of the public.

If the actions you take – or fail to take – during you work as a freelancer results in a member of the public suffering an injury or having their property damaged, you may be sued for compensation.

Once again, the value of those claims may be significant – especially if someone is injured – so, public liability indemnity insurance is necessary to cover the potential amount of the claim and the legal costs involved.

Can I insure against the theft, loss or damage of the equipment I need for my work?

The simple answer is that yes, indeed you can.

Freelancers depend for their business on reliable and immediate contact and communication with their clients and potential clients. If you are deprived of those communications for whatever reason, you stand to lose valuable contracts and commissions.

Equipment insurance for freelancers, therefore, covers against the theft, loss or damage of your mobile phone, the computer you may use (both to communicate and on which you do your work), a tablet, printers, tools, and all manner of items used in your work.

Looking for insurance for freelancers? – Have a look at Dinghy

What is crowdfunding?

Posted on October 21, 2019 Written by Administrator

Small and medium-sized enterprises (SMEs) in particular often find it difficult to raise the working capital they need. The problems are compounded by the general reluctance of traditional banks to advance such business loans.

Crowdfunding has helped to fill that vacuum. Instead of asking one main lender to advance the required funds, crowdfunding offers a way of inviting a large number of individuals and organisations to each contribute small amounts. The required funding is therefore raised through that pool of contributors – through crowdfunding.

The different types of crowdfunding

In a consultation paper released in July 2018, the Financial Conduct Authority (FCA) noted that crowdfunding is often an important, alternative source of finance for businesses and individuals.

As an alternative source of finance, which avoids any bank or other financial institution as an intermediary, crowdfunding is theoretically a cheaper way for businesses to raise the funds they need and for the individuals concerned to receive a more attractive rate of return.

The FCA also draws one of the fundamental distinctions between different kinds of crowdfunding:

Investment-based crowdfunding

through this means, individuals have an opportunity of investing in companies by purchasing shares or bonds and participating in the returns generated by those investments – for that reason it is also sometimes called equity crowdfunding; and

Loan-based crowdfunding

Just as it says, this is a means by which businesses raise finance from a collection of individuals – also known as peer-to-peer lenders – who provide a repayable loan and receive repayment together with an agreed rate of interest.

These two forms of crowdfunding have been received with wide appeal in the UK. A story in the Financial Times from September 2018, for example, mentioned the example of one of the leading crowdfunding platforms Funding Circle – said to be valued at £1.5 billion.

As of the 8^th of August 2019, Funding Circle reported that it currently has some £3.54 billion of funds under its management through its crowdfunding platform.

Other types of crowdfunding

In addition to debt-based crowdfunding, or peer-to-peer lending, and investment-based crowdfunding – which are both regulated by the FCA – there are two other principal types, which are not regulated by the FCA:

Rewards crowdfunding

in this variation of the concept, there is no immediate financial pay-out, but contributors may be “rewarded” with gifts – such as concert, theatre or cinema tickets;

the value or number of gifts issued may be proportional to the size of the donation made;

it was one of the first instances of crowdfunding, where a rock band wanted to raised funds for a forthcoming tour and offered free tickets to their concerts for those who donated;

rewards crowdfunding continues to be used quite widely for such artistic endeavours;

Donation crowdfunding

crowdfunding is also used by many charities as a way of encouraging and receiving donations to its cause or causes;

raising donations in this way helps to build a community spirit online and is used not only by charities but also by individuals who are appealing for financial help with particular personal issues or projects.

In addition to its commercial appeal to businesses, therefore, crowdfunding is also a valuable source of funding for charitable and individual projects.

Equity Crowdfunding Masterclass

Nathan Rose, Author of Equity Crowdfunding : The Complete Guide For Startups And Growing Companies: has launched his online equity crowdfunding masterclass. This is online training class you can take in your own time and use to help build a successful crowdfunding campaign to unlock the finance you need to build your product. The masterclass covers 7 main aspects of running and completing a successful crowdfunding project.

Foundation
Crowd building
Authority Outreach
Platforms Selection
Campaign Prep
During the camping
After the campaign

The masterclass has over 40 videos to ensure you are best equipped to run a crowdfunding campaign. Currently the masterclass has $60 off for new students. While priced in dollars, the course in suitable for anyone in any location. It also provides interviews with those that have raised monies before and will share their tips too.

If you are looking at equity crowdfunding, this is the best investment you can make.

https://www.speedieconsulting.co.uk/recommends/resources/equity-crowdfunding-masterclass/

Why small businesses must include candidate testing in tech recruitment

Posted on October 17, 2019 Written by Administrator

A small business looking to hire a tech candidate has a lot of competition for talent. The digital technology sector in the UK is growing 2.5 times faster than the economy as a whole which puts pressure in the system.

Finding the right person to hire isn’t an easy process. There are two issues: firstly, the nature of the candidates themselves, and secondly, a recruitment process that isn’t fit for purpose.

Technology people tend to be either extroverts who can talk a good game, but often don’t have the skills to back up their claims; or introverts with great skills, but a lack of salesmanship that will get them through the interview process successfully. CVs and interviews rarely tell the whole story.

In practice the recruitment process is led by gut feel and intuition rather than facts and hard data – twice. First, the recruitment agency will intuitively pick the candidates they feel best suit the role you’re trying to fill, followed by the business owner doing the same.

This is why you should always include testing tech candidates as part of your hiring process. You’ll identify the true level of their skills and avoid a variety of pitfalls…

Compromising

When a small business needs to fill a vacancy because it is holding up growth, there is a tendency to recruit someone from the candidates presented, even if there is nobody that properly matches their needs. If they have to pick from a pool of intuition-based candidates, there is a real risk of putting the wrong person into their team. A recruitment decision on hard data will not only put more of the right candidates into that pool but ensure the chosen one really does fit the needs of the business.

Saving valuable time

Recruiting anyone takes time. Writing a job description (if one doesn’t already exist), choosing and briefing the agency, sifting through CVs and then interviewing. They all use up a lot of expensive time, often from more than one person. Managers are often in place because they are great at managing projects and people, but they may lack the specific knowledge to assess a candidate’s skills. Pulling a developer off their project to do this uses up time and slows down the delivery of that project.

If this process has to be repeated more than once because of a poor hire, the costs multiply. Up to three times that person’s salary can be wasted if they are the wrong person.

Finding the missing piece

Adding tech staff into a team, particularly in a high-growth technology business, often means that new hire needs a blend of skills, across a range of technologies. Full stack developers, for example, will be expected to have a wide range of skills across the front and back-ends, as well as UX and customer-facing skills. Recruiters will assume that Cloud Systems Engineers know Amazon Web Services (AWS) and Microsoft Azure and other platforms so they can contribute across the needs of their client base.

Balancing the skills pool across multiple staff may mean that you are looking for skills across multiple technologies, but with an emphasis, or depth of knowledge, in one or two; skills that maintain equilibrium within the business and allow the business to meet expected future demand.

Hiring mistakes can affect morale and retention

Bringing the wrong person into a business can negatively impact the business, particularly the morale in the office. Someone with the wrong skills means others have to take up the slack, or projects are delivered later than expected. Staff not used to this happening may start to believe that standards are being allowed to slip within the business, leading to a decline in their productivity or the quality of their output.

The widespread benefits of getting it right

So far, we’ve considered the negatives; the consequences of a poor hiring decision brought about by a process that is no longer fit for purpose. Making the right hire delivers in a range of ways…

Productivity improvements: the closer the overall skills mix is to what is needed, the better a business will run. Smooth-running businesses are always more productive and more profitable.
Growth enabler: adding capacity to a team, with the right skills, allows a company to grow as they simply have more of what their target audience needs and wants.
Reputation Enhancer: the right skillset means projects are delivered on time, on budget and to, at least, the standards expected by the client. Happy clients talk and reputations are enhanced.
Staff retention improvement: companies that recruit the right people (and look after them) often only need to recruit for growth, not to replace leavers. Happy staff stay where they are respected, supported and fit well into the community.

For small businesses every hiring decision is crucial. With limited time and resources you need all the help you can get. Build testing tech candidates into your hiring process so that you can make the decision with the hard data in front of you.

ABOUT THE AUTHOR

Gurvinder Singh is the co-founder of TechRank. TechRank sources, expertly tests and objectively ranks tech talent helping companies hire the best, and most capable person for the job. By testing candidates for the level of skill the position requires, businesses can make an objective decision about the person they hire to fill a vacant tech role.

Web: www.techrank.io

LinkedIn: https://www.linkedin.com/company/techrank/

Instagram: https://www.instagram.com/techrank.io/

Gurvinder’s LinkedIn: https://www.linkedin.com/in/gurvinder-singh/

Citations:

https://www.computerweekly.com/news/252441282/UK-tech-sector-growing-26-times-faster-than-overall-economy

http://www.sciencecampaign.org.uk/asset/CE49680C-56EC-4430-928BDB3BE4A46392/

https://www.roberthalf.co.uk/advice/recruitment-process/3-serious-consequences-bad-hire

How to plan ahead for your equity crowdfunding campaign

Posted on October 16, 2019 Written by Administrator

Equity crowdfunding campaigns can bring great rewards to young and growth-stage businesses. Much needed funds, key allies in the form of new investors and a significant boost in brand recognition really help to propel a business forward.

However, to hit your fundraising target, you’ll need to do some serious planning. Campaigns can be a long slog and take several months to prepare all the materials you need, pass due diligence with the platform and court investors.

There will be many different deliverables at various stages so, as well as planning ahead, you’ll also need to think on your feet.

Having helped run campaigns for more than 60 companies on major equity crowdfunding platforms, I’ve created a roadmap which will help you to manage your time effectively and give yourself the best chance of success.

• Phase 1

Gain insight from existing investors

Before you start working on any materials, it’s worth speaking to any investors to get informal advice about your idea. Investors know what to look for in an investment opportunity, and their feedback will be indispensable when deciding how to go about writing your pitch materials in the weeks ahead.

Start with a concise ‘elevator pitch’ and know your key numbers and market stats off by heart.

Prepare pitch materials

You’re going to have to produce a bunch of different materials to support your pitch. At the very least, you’ll need:

A pitch page, with text and images
A marketing plan
A press release (and distribution list)
A financial forecast, business plan and one-page executive summary
A pitch video

It’s worth noting that scripting, shooting and editing a video can take a lot of time, particularly when you need to chase up partners, clients and investors to film testimonials. You’ll also need to be sure it all fits together and gets across the messages you need to in a compelling way, so make sure you allow enough time for this.

Finally, it helps to have one or two ‘fresh eyes’ in your campaign team – people who haven’t been involved in creating your pitch page or documents – who can provide feedback.

Prepare your evidence for pitch page for due diligence

Once you’ve prepared your pitch materials, the equity crowdfunding platform will want to check all the claims you’ve made in your pitch page and video. This means you’ll need to provide clear and substantial proof for every claim you make in these materials as and when the platform asks.

All this should be done during the writing stage of your pitch materials and, as due diligence always takes longer than expected, it helps to gather all your evidence as early as possible.

Whether including your sales to-date, the employment history of your team or the characteristics of your market, make sure you have the materials to prove it. To save time, have the platform check your script before you start filming, providing a citation to every claim you make in the video.

• Phase 2

Begin pre-marketing

Now you’ll be ready to publish a landing page on your own website announcing your crowdfunding campaign, with a sign-up form to receive more information when the campaign goes live. Let as many of your contacts as possible know that you’ll soon be crowdfunding and direct them to this page.

You’ll probably want to contact your customers, partners, friends, family and others in their network to inform them of the raise and encourage them to invest and share news of the campaign. It’s also worth posting shout-outs on social media.

Meanwhile, use LinkedIn and Angel Investment Network to engage investors who might be interested in your proposition, with a key aim to find a cornerstone investor.

Prepare a content plan for your campaign launch

While there’s a whole lot of content to write and admin to take care of during the pre-marketing stage, at least you have time on your side. Once your campaign is live, however, the pace picks up. As such, it’s best to prepare your platform updates, social media updates, and PR stories well in advance to ensure you’ve got plenty of content to share and drive traffic to your crowdfunding page.

• Phase 3

Launch in private mode

Private live mode is the time when your cornerstone investors make their investment, giving you a significant boost towards your fundraising target and instilling confidence in other investors to back you. Private mode is also the time where anyone who has pre-registered for early access to your campaign is able to invest before the general public. Make sure you email everyone, who’s signed-up, with the link to access your page privately!

Launch campaign and send out a press release

Now you’re ready to make your campaign live to the public and share it with the world. A great way to do so is by sending out a press release with a strong newsworthy angle to present to journalists (the fact that you’re crowdfunding isn’t newsworthy).

I’d recommend hiring a PR professional, ideally with crowdfunding experience, to help you with this aspect. While this isn’t a cheap option, it pays to have someone who knows what they’re doing, has press contacts, and knows how to get great media placements.

In the meantime, make sure you’re answering all investor questions and posting regular updates.

• Phase 4

Hold an investor event

Anticipate a lull in weeks 2-3 of your live campaign once the initial buzz of your campaign subsides. Fortunately, there are a few ways to bring back momentum. To open yourself up further to investors, organise a webinar to give them a presentation first-hand, and allow them to ask you anything.

You might choose to hold an in-person investor event, but this brings extra expense, planning and logistics. Wherever you hold it will also make it inaccessible for investors that aren’t based nearby. So, holding a webinar event can be just as effective, but at a fraction of the required resources and cost.

Make sure you tell as many potential investors as possible and give them at least a week’s warning. You can do so via investor updates on your crowdfunding page, social media posts and an Eventbrite page. Also make sure your instructions on how to access the webinar are very clear for the less tech-savvy investors.

Send a second press release

Around the time you host your webinar, send out another press release. This must be fresh and not a rejig of your first one, as it won’t get past keen-eyed journalists. So, whether it’s a news-based piece written in third-person or an advice-based piece written in first-person, make sure it would be of interest to the readers of any publications you pitch to.

Launch your final push

As your campaign draws to a close, you have a final opportunity to direct as many potential investors to your page as possible and really emphasise a sense of urgency. Use all your available digital channels to nudge those who have shown interest but not invested, alert any others of the opportunity, and ask your network to share the opportunity with others.

Close campaign and collect funds

As your campaign draws to a close (successfully, I hope!) you’ll need to start collecting the money committed by investors. This can take a while, as all platforms are required to complete anti-money laundering checks on investors and perform the final due diligence checks on your company before they release the funds to you. These can include anything from verifying loan agreements, reviewing contracts or checking IP rights, getting SEIS/EIS Advanced Assurance (if it hasn’t already come through), and receiving money from direct investors who are investing via the platform.

You should expect around 3-4 weeks minimum if your campaign is with Crowdcube, less if you’re with Seedrs (assuming all the back-end due diligence is completed and no direct investments are made).

Bonus tips

Call for backup

Running a crowdfunding campaign is not a one-person job. So, try to have at least four people supporting you with your campaign. This will make it far easier to prepare your materials, respond to questions from investors within a few hours and manage the rest of the workload.

Questions can come in 24/7, so it’s a good idea to work in shifts to manage forum activity. That way, everyone gets a break and there’s no danger two people answering the same question and contradicting one another.

Make sure your colleagues have the capacity to help you and call in an agency for support if you feel you’ll need backup. Remember that you’ll need to manage your day-to-day business workload as well. So, if your company is seasonal, don’t plan your crowdfunding campaign for your busiest time of the year!

Use social tools to plan and communicate

We use Trello to set out tasks and deadlines, upload the relevant materials, and assign tasks to different colleagues. In its noticeboard-style, Trello is a great visual tool to help teams plan ahead. There are also some great alternatives like Asana and Basecamp.

Another tool for great organising and communication is Slack – a team collaboration tool that lets you instant message your colleagues easily. You can set up multiple chat channels to manage different elements of your campaign and even link up social media feeds to see your messages come in.

As you can probably tell, the equity crowdfunding process is more of a marathon than a sprint. There’s little doubt that it takes some meticulous planning, but keep to the above and you’ll have a far easier time staying on top of things. Best of luck!

ABOUT THE AUTHOR

John Auckland is a crowdfunding specialist and founder of TribeFirst, a global equity crowdfunding communications agency that has helped raise in excess of £25m for over 60 companies on major equity crowdfunding platforms, with roughly a 90% success rate.

TribeFirst is the world’s first dedicated marketing communications agency to support equity crowdfunding campaigns and the first in the UK to provide PR and Marketing campaigns on a mainly risk/reward basis.

John is also Virgin StartUp’s crowdfunding trainer and consultant, helping them to run branded workshops, webinars and programmes on crowdfunding. John is passionate about working with start-ups and sees crowdfunding as more than just raising funds; it’s an opportunity to build a loyal tribe of lifelong customers and supporters.

See: http://www.tribefirst.co.uk

Twitter: @Tribe1st

Tips for buying reconditioned commercial dishwashers

Posted on October 14, 2019 Written by Administrator

Installing or upgrading a commercial kitchen may prove expensive – the appliances and kit you need to buy do not come cheap.

Not least of your investment is likely to go on the dishwashers and glasswashers you need. Instead of buying these brand new, however, you may save as much as 60% on their cost if you choose reconditioned commercial dishwashers.

If you want to go down this route, there are several things you may need to look out for. So, here are some tips for buying reconditioned commercial dishwashers.

Choose your brand

There are dishwashers – and then there are dishwashers. If you are going to buy a reconditioned machine, it is worth selecting a well-known make or brand.

Leading brands have been manufactured to the highest standards and quality. They are designed to last and provide many years of unstinting service. Reconditioned models, therefore, make ideal candidates for receiving a new lease of life at the hands of expert tradesmen skilled in refurbishing such appliances.

When was the machine first manufactured?

It is important to know the age of any machine that has been reconditioned.

The technology employed in modern dishwashers changes over time and the more recently the machine was originally manufactured, the more likely you are to have one that incorporates the latest and most efficient technology available.

Water treatment

Whether you are installing an undercounter or pass-through dishwasher, one of the keys to the efficiency with which it works is the quality of the water used.

Some of the higher-grade machines have in-built water-softening and treatment systems to ensure that every washing cycle uses only the best quality water to do its job. In hard water areas – and that is most of England and Wales – using any dishwasher without its own water softening treatment facility is almost certain to reduce the useful working life of your machine.

Together with the rinse pump, this helps to ensure the maximum cleanliness at which your reconditioned machine is working, and the general standards of hygiene maintained in your commercial kitchen.

Chemicals

Your second-hand machine will have been expertly reconditioned, and, in the process, possible past misuse is likely to have been identified and remedied.

One of the more common misuses your machine is likely to have encountered is someone using a regular dishwashing detergent rather than the cleaning chemicals and detergents specifically recommended by the manufacturer. The use of inappropriate chemicals may again shorten the life of your dishwasher – residues from regular detergents may have baked on to the heating elements – and, so, need to be avoided.

Appearances

If you have opted to buy a reconditioned commercial dishwasher, you know that you are not going to install a brand new machine – you’ve chosen tiptop working performance over mere appearances.

Yet appearances may give some clue to the age, past use, and care with which any dishwasher has been reconditioned. There may be signs of wear and tear – as you might expect from any refurbished piece of equipment – but you need to decide the limits and the extent to which appearances might affect the hard work expected of your reconditioned dishwasher.

Cost effective ways to safely backup your business data

Posted on October 13, 2019 Written by Administrator

What will happen if you have a critical failure and lose some, or all, of your business data?

All the invoicing data, Excel spreadsheets, CAD documents, images and more.

Recovering individual documents, such as a Microsoft Word file, when your PC crashes is much easier than it used to be, with the advent of functions such as Autorecover[1]. Other software applications have similar functionality, such as Autosave within Photoshop[2]. But these won’t recover large numbers of documents in the event of, for example an office fire or backup failure.

Let’s briefly review why having a secure backup solution is needed, then look at your backup options.

The necessity of effective backup

Recent research by Beaming suggests that over 4 million[3] of the UK’s 5.5 million businesses risk losing critical data through poor backup provision. With data suggesting that 70% of small businesses, which experience a major data loss, go out of business within 12 months[4]. You shouldn’t need any additional reasons, but let’s throw in two more…

Microsoft Office 365 is not backed up in any way. If, like over 120 million businesses around the world, you use Office 365 for your day to day computing needs, you need to protect the information you have and the data/documents you have created. Whilst Autorecover will help you restore a document you were working on, it cannot restore something that was deleted, whether deliberately or accidentally, from your account.

Insurance companies expect you to have cloud backups, for all cyber-security policies and for many business policies, dependent upon the cover selected, of course.

Business backup options

Let’s look at basic back up option and the more sophisticated options available plus their pros and cons.

External hard drives

Normally used by single person businesses to provide a backup solution. This is a really basic solution and something we never recommend as a complete solution.

Hard drives are a physical device and can fail, leaving you with no way of recovering the data
As hard drives get smaller and smaller, they are easy to lose
They aren’t always connected to your devices, so you have to remember to manually backup each time
They are often kept in the same location as the device they are backing up. If that device is stolen, lost, burnt or broken, so is the hard drive.

A hard drive does mean you can instantly restore, but the downsides to this option make it a bad idea. With solution providers such as VEEAM[5] providing SME backup solutions for as little as £25 per month, it makes sense to use more than just a hard drive.

On-premise Solutions

As businesses grow and develop an on-premise server network, the obvious solution is to have an on-premise back-up solution, usually based around network attached storage (NAS) devices. Solutions such as Microsoft System Center[6] will provide everything you need to build an on-premise solution. There are, of course, pros and cons to this as well…

Recovery times can be quicker than using a cloud solution when a document is identified as missing or corrupted, but it depends on when the last back up was taken. We recommend that multiple retentions take place each day to maximise the opportunity to restore the right information.

Some on-premise solutions provide you with the option, in the event of a major failure, to build a cloud-based server, with your data, but you have to budget accordingly if you want this level of failover capability.

Having your backup, either the actual data or the ability to restore, in the same location as the original versions is rarely a good option. What happens if:

There is a fire in your office?
There is an incident that means you are unable to get into your office to work?
There is a burglary?

If you are still taking hard drives (or even tapes) off-site each day to mitigate this risk, they can still be lost or stolen. Don’t forget that taking these off-site is highly likely to breach your GDPR commitments.

Cloud-based backup

Backing up your data to a cloud provider delivers far more benefits than issues.

Although you are highly likely to be paying on a per Gb basis for this solution and that may add up to a higher cost than an on-premise solution, the benefits, and convenience, outweigh the costs…

Never having to worry about upgrading/replacing storage hardware
Being able to keep multiple copies of your data for prolonged periods of time
Knowing the data is being replicated to further protect your business
Having the ability to restore that data to wherever you need it to be
Knowing the security around it is far higher than your budgets would normally allow
Never having to remember to back up.

All the major players provide a cloud solution, from Microsoft Azure[7] to Veeam[8], so there is plenty to choose from. Whatever solution you choose, there is one thing you need to do on a regular basis to ensure your business really is protected: check your backups. An absolute worst-case scenario would be you get to a situation where you need to restore data, only to find that it isn’t there. Most cloud providers provide you with regular reports on the success, or otherwise, of your backup and may give you reports on a more granular level, showing what machines are missing and how much data.

Your internet connection

Getting your data into the cloud regularly throughout the day will use a fair amount of your available bandwidth. If you are still relying on ADSL connections, your backup is going to take a very long time. Even the incremental backups (taken after a main data upload) will take time. For this reason, we recommend you invest in, at least, a fibre to the cabinet (FTTC) solution. The faster data speeds, both up and down, will mean your backups can occur when you need them and they won’t slow down other uses of that connection in the meantime. If FTTC isn’t available in your area (although >90% of UK premises are now covered), you may have to look at fewer data sets. One backup a day, scheduled overnight is an option, but not recommended.

You’ll need to judge the level of investment to be made in the backup solution for your business. As outlined a range of options is available to you. Make sure you have something in place so your business can safely backup and restore data if problems occur.

ABOUT THE AUTHOR

Mike Ianiri is from Redsquid, one of the UK’s leading independent providers of business Voice, Data, ICT, Cyber Security and IoT Solutions. Redsquid is not tied to a single supplier but rather helps clients boost productivity, reduce costs, and protect and grow their business by creating bespoke solutions from the best technology available in the marketplace.

Web: www.redsquid.co.uk

Facebook: https://www.facebook.com/redsquidcomms/

Twitter: https://twitter.com/redsquidcomms

LinkedIn: https://www.linkedin.com/company/redsquid

[1] https://docs.microsoft.com/en-us/office/troubleshoot/word/recover-lost-document

[2] https://hetmanrecovery.com/recovery_news/recovery-adobe-photoshop-files-psd.htm

[3] https://www.beaming.co.uk/press-releases/four-million-uk-businesses-vulnerable-losing-company-data-research-shows/

[4] https://www.backupvault.co.uk/blog/over-50-of-uk-businesses-are-risking-their-data

[5] https://www.veeam.com/smb-vmware-hyper-v-essentials.html

[6] https://www.microsoft.com/en-gb/cloud-platform/system-center-solutions

[7] https://azure.microsoft.com/en-gb/services/backup/

[8] https://www.veeam.com/cloud-connect.html

Lunch break activities for stress reduction and increased afternoon productivity

Posted on October 8, 2019 Written by Administrator

You only need to look at the figures. The number of working days lost to stress rose staggeringly last year, by almost a quarter in fact, from 12.5 million in 2017/18 to the current figure of 15.4 million.

It seems clear that companies would benefit from employees taking time out to invest more in their physical and emotional health.

A weekend break or the odd day off can do the trick for a while, but luckily there are plenty of other quick fixes that can fitted into our working day to boost our ability to cope better. For example, there are plenty of things you can fit in to your lunch break to re-energise and re-direct your mind and help you sail through that mid-afternoon slump:

Cranial Drainage

This must be done by a highly trained therapist but it can be experienced one-to-one in the office and is gentle and relaxing. Manipulation is carried out on the stress nodes from the neck to the top of the head, using a light touch to relieve the extra fluids that gather in that area. The technique involves gentle massage (without oils) focussing on pressure points. Taking only around eight-minutes, this treatment reduces stress and helps build energy, helping the body to restore itself. It is suitable for anyone of any age and perfect for relieving the pressures of day-to-day stresses that can easily be triggered by technology and pollution. When the body slows down during a session it can begin to untangle itself and re-balance, thereby letting go of accumulated physical tensions.

Dry Neck and Shoulder Massage

It may not sound like a lot but an eight-minute neck and shoulder massage through your clothes is enough to relieve stress and leave you feeling relaxed. It’s fast and convenient, there’s no need for messy oils that might get into your hair which can be a problem when you need to go back to work. It will leave you invigorated and able to take on the rest of the day.

Eyebrow Threading

Having the eyebrows shaped can awaken the face and the very process of making you look more awake can make you feel more awake too. Traditional methods can leave you with red marks that can take a while to fade. Threading is an ancient Indian hair removal technique that is fast and convenient, leaves no marks, is not at all messy and can temporarily have the same effects as a mini facelift. The method of twisting cotton through the eyebrows can feel a bit like tweezing multiple hairs at once and can be a slightly eye-watering, but it’s bearable pain and it’s so quick, at around ten minutes, there will be plenty of time to compose yourself before facing your colleagues.

A Tabata workout

High intensity interval training (HiiT). This is a quick-fire session where you work hard for 20 seconds doing either squats, push-ups, burpees or kettlebells and then rest for 10 seconds Don’t be fooled by the shortness of this workout, it will feel like a long time due to the intensity. The aim is to get the heart rate up which gets the body moving more oxygen and blood around the body and releasing endorphins which will lift your mood. It’s perfect for people short on time and it can be done in the office with a trainer.

Discovered by Japanese scientist Dr Izumi Tabata in Tokyo, the study found a 28 per cent increase in the anaerobic system (muscle) in the group following HiiT who worked out four days a week, for two weeks, at 4 minutes and 20 seconds each time as opposed to the moderate group who worked out five days a week for six weeks. Just eight minutes of Tabata is the equivalent of a thirty-minute workout. While there might be a little bit of sweat worked up on the skin, a small towel is all you need to freshen up and be raring to go back to work.

Fast Yoga

Otherwise known as Rocket or Power Yoga, Fast Yoga is a derivative of traditional Ashtanga, but it has been modified for the West.

You can do in ten minutes what would normally take half-an-hour as the rigidity of the classic yoga practice has been broken down and it’s all about stretching and using your hands to reach out and achieve those cobra silhouettes with the concentration on breathing. One breath per pose builds up heat and energises the body. Moving through these rapid transitions with a trainer will push you to do more, faster than you would do on your own, burning more calories per minute and increasing muscle activation and leaving you feeling good.

Cryotherapy

This literally means cold therapy. It has been popular with athletes for years but has recently found its way into mainstream health and fitness. A major calorie-burner, the technique exposes the body to extremely cold temperatures for a very short burst of time, often less than two minutes. The idea is to shock the system into re-starting itself and it is known to have a variety of health benefits. As well as helping with weight-loss it can reduce migraines and help with chronic pain and mood disorders.

The cold temperature causes physiological and hormonal responses and releases adrenaline, noradrenaline and mood enhancing endorphins which combats anxiety and depression. The effects are quite substantial and you will feel a lot more energetic and invigorated when you leave.

With most of these treatments costing between £10 and £30 and considering how much that quick lunchtime blast could energise and improve productivity, I think it should almost be written into the working day.

ABOUT THE AUTHOR

Isla Knight is the founder of JustUWellness. JustU is a booking service, accessed online or via the JustU App, that gives you the power to book a wide range of wellness treatments with the click of a button. JustU links users with professional salons and lifestyle providers.

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