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Your EnterQuest Bulletin - Issue 212
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| Thought for the week: "We make a living by what we get. We make a life by what we give." Winston Churchill |
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In this week's issue:
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"Community" village shop wins award
The owners of a rural village shop are using the Internet to mark out their niche in a sector that's increasingly feeling the pinch from the power of the supermarkets.
Shobdon Village Stores has become a hub at the heart of its rural Herefordshire community, thanks to the award-winning online portal put together by shop owners Martin and Aileen Lovell.
The couple, who have been running the Premier symbol store for less than three years, scooped the Association of Convenience Stores' (ACS) Community Heroes 2007 Award and £1,000 prize for their online initiative that has only been running since March.
Martin said: "We didn't just want to do something for the shop, there is information about the village and the parish, and it benefits both."
The website - www.shobdonvillage.co.uk - includes village news and events, plus sections for local businesses and sports clubs, as well as information on the church and village hall. Local weather forecasts and places to visit and stay have their own sections, along with a bulletin board and jobs section. The site also advertises special offers at the store, feedback and opening times.
Martin added: "It's a perfect opportunity for a retailer that's in a community to work to benefit that community.
"I integrate in every aspect of our community. It brings them into contact with the shop. It really is of great value."
The website is based on a template and Martin spends around two hours a month updating it.
"The management isn't that difficult," he said.
So what is Martin's top tip for success?
The business was an independent grocer when the Lovells took over, and after refitting the shop and extending the range, they joined the Premier symbol group - something they see as a growing trend.
Martin said: "A group like Booker [Premier's owners] has that purchasing power. It means we can offer the promotions that customers want.
"In future, more and more independents will align themselves with symbols because of the protection it offers."
Leasing business equipment
UK businesses tend to want to own their assets, but leasing assets as you need them may be more flexible and less restrictive in the long term. You do not need to own an asset to use it and make money from it.
If you are considering leasing business equipment or assets, consider the following tips:
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Study all the 'small print' on any lease agreement you're offered. There are potential drawbacks, particularly in areas such as the option price in hire purchase agreements, the costs of extending the lease at the end of its term, and the method of returning the item and the condition it must be in on return.
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Rates of interest on leasing are usually higher than the rates charged for mortgages on commercial property. If you're considering leasing a piece of equipment, you should consider whether you can raise the finance more cheaply by borrowing against your premises instead.
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You may be asked to provide a personal guarantee (a 'PG') to the finance company. If so, you should take professional advice as to whether to sign it.
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Not all leasing arrangements will require that you put down a deposit. In those that do, the amount is usually limited to, say, 3 months' worth of instalments.
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If you're leasing IT equipment or any other technology that can rapidly become obsolete, make sure your leasing terms allow you to upgrade the items.
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If you have more than one item leased through the same finance company, try to make sure that all of the leases end at the same date to make renewing or switching finance company as easy as possible at the end of the term.
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If you do not wish to renew, ensure that you give notice in line with the requirements of the contract so as to avoid any penalties.
The Finance & Leasing Association (FLA) provides information and guidance to consumers and lenders. Go to www.fla.org.uk/fla/consumerfinance/ConsumerCodesofPractice.riv to download their code of practice.
See our practical factsheet on tips for buying second-hand equipment for more information.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Complementary wines for curries. Manchester-based Balti Wine sells New World wines in cases of six to Indian restaurants throughout Britain. Indian restaurateurs choose a case from a simple range of three whites and two reds. The website includes details of which wine to serve with a customer's curry, and each wine comes with a 'chilli' rating of between one and three chillies to help customers easily select a wine to match their chosen dish.
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Jogging tours are emerging as an alternative method of sightseeing. Similar to walking tours, they offer customers the opportunity to jog with a tour guide in their chosen destination. Jogging tour businesses are already popular in Edinburgh and Copenhagen.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'vitiate'?
a) Protecting a claim
b) Upholding an agreement
c) To warn or caution
d) To render ineffective
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) What is Britain's best-loved brand, according to a poll by Marketing magazine?
a) Google
b) Heinz
c) Marks & Spencer
d) Kellogg's
2) Small enterprises are failing to take advantage of which form of 'free money', according to accountancy group KPMG?
a) Research and development (R&D) tax credits
b) Grants to employ apprentices
c) Funding for skills training
d) Pension credits
3) High street retailer Currys has announced it will no longer stock which consumable?
a) Blank video tapes
b) Audio cassettes
c) Mini-discs
d) Printer ink cartridges
Answers at the end of the Bulletin.
Tips from the top
The Massachusetts Institute of Technology (MIT) Entrepreneurship Centre has a useful, ever-growing, list of hints and tips from entrepreneurs aimed at those keen to follow in their footsteps. The subjects covered include: How have you learned to get things done the hard way? What's that one golden piece of advice you would offer every entrepreneur? What golden piece of advice have you been offered? The website lists a variety of hints and tips under each heading.
Supermarkets step up search for regional produce
This TimesOnline article looks at the latest endeavours by supermarkets to source food from local producers. It names Waitrose, J Sainsbury and Tesco as supermarkets that have launched initiatives aimed at small producers and also outlines various methods of approaching supermarkets with a product.
Credit portal, articles and information
Business Credit Management UK is a UK-based information portal and directory that bills itself as 'the ultimate resource for businesses and credit professionals'. The portal covers information on topics such as invoice factoring, debt collection, exporting and outsourcing. Users must register with the site to access the articles.
IT security policy guidance for businesses
This Computer Weekly guide, produced in association with BT, provides businesses with guidance on establishing IT security policies. It highlights topics such as the dangers posed by organised crime gangs, investment in security and legislative and compliance issues.
A guide for people who have just started up a business and for those still thinking about it, this book takes a checklist approach to help entrepreneurs get started up, grow their business and achieve their ambitions. Author Robert Ashton has asked real business owners to contribute to this book with their own tips and stories about setting up in business. It is designed to be picked up whenever a reader needs inspiration or information, as readers can use the index and chapter summaries to select a checklist that will help them. Check out:
Just one word answer
The answer is d).
Vitiate means to render ineffective.
A mistake by both parties vitiates a contract. |
How's your business radar? The answers
1) The answer is a). Internet search engine Google came out top in the survey, while Pot Noodle was named as Britain's least favourite brand.
2) The answer is a). KPMG said that smaller firms didn't know enough about the R&D tax credit scheme to take advantage of what was "effectively free money".
3) The answer is b). Currys has decided to stop selling audio cassettes because they have been overtaken by new technology; in 1989, the store sold 83 million tapes, compared to just 100,000 last year. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
