Optima News

The UK Government’s Small Business Plan was released in 2025, with ambitious plans to fix the fundamental SME challenges, unlock finance and – crucially – future-proof UK businesses. The industry-led SME Digital Adoption report is part of the wider Small Business Plan. It sets out an ambition for growth and prosperity for small and medium-sized enterprises (SMEs) through the adoption of digital technology and a 10-step action plan for government. How does this initiative impa

As a small business, you know you need an online presence as a brand. You have a company website and you post occasionally on your blog page.  But at this point in the digital transformation of business, that’s not enough for customers to find you, engage with you and become long-standing customers of the business. To promote your business effectively, you need to embrace both the digital revolution and the benefits of automation and artificial intelligence (AI).  Four key di

Starting, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn't always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking.  So, what can you do to beat these challenges and make the journey as frictionless as possible? 5 proactive ways to overcome your business challenges We’d all love to know

The latest edition of the Federation of Small Businesses’ (FSB) Small Business Index had some unexpected results when it comes to growth expectations of UK small businesses.  27% of businesses said they expected their business to shrink, close or sell up over the next year. This outweighed the 25% who predicted their business would expand over the same period. It’s the first time in the history of the SBI that expectations of contraction have outnumbered those of growth. And

Are you spending enough time working on your business strategy? Past research from The Alternative Board found the average entrepreneur spends 68.1% of their time working ‘in’ their business (tackling day-to-day tasks, putting out fires, etc.) and only 31.9% of the time working ‘on’ their business (e.g., long-term goals, strategic planning). Revisiting and updating your business strategy is vital for a growing business – and that means making more time to focus on strategic t

Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in.  So, how can your accountant help with this? The days where your accountant just did the bookkeeping, compiled your accounts and filed your tax return are well and truly over. Modern accounting firms are far more interested in helping you with your financial

Cashflow and profit are two of the most important financial metrics for any business. But while they’re both related to the financial performance of a company, they measure different things.  Knowing the difference – and how cash and profit contribute to your success story – is a vital skill if you want your business to have the best possible financial health. The difference between cashflow and profit Understanding the technicalities of financial reporting can be daunting as

Did your business run at a profit last month? Knowing if you’re currently profitable is a vital part of your financial management – but not everyone knows how to check this metric.  A recent Xero survey from October 2025 revealed that nearly two in five small business owners (38%) are unaware whether their business was profitable last month. That’s a startling (and unnecessary) failing when today’s cloud accounting makes it so easy to judge your profitability. Let’s look at w

Understanding the financial management of your small business is a vital skill as a business owner. And it starts with an awareness of two fundamental concepts: income and expenditure.  Grasping the difference between what comes in, and what goes out, is crucial for your financial health, making informed business decisions and the overall survival of the company.  Let's break down the basics. 1. What is income (revenue) and how do you generate it? Income, often called revenue

Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc. So, how do you keep your finances in check, while also spending less time on your accounts? 1. Bringing your accounting into the digital age Switching to cloud accounting can be a revolutionary step for man

Traditionally, when your small business needed an injection of capital, the Big Four banks were the place to go. Barclays, HSBC, Lloyds and NatWest offered a wide range of business loans and there were limited alternative routes to business finance. But today, the major high-street banks are increasingly reluctant to lend to small businesses. Let’s look at why small businesses are finding it harder to access funding, and four alternative routes to finance that your business c

We’re used to the idea that artificial intelligence (AI) has numerous ways to help us run a streamlined and efficient small business. AI can automate many of our low-level processes, help with customer service and give us amazing insights into our business data. But there’s one key area where using AI is a no-no – tax advice! A recent survey by Taxfix revealed that more than half (59%) of Brits admit that they’ll use AI to help with their tax return in the run-up to HMRC’s 31

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you are allows for more effective planning, early warning about any issues, and the chance to better chart a course for success. There are some quick ratios that will help you to gauge the health of your business. We can help you to assess your business health and show you how to calcul

In a world where so many of your customer touch points take place online, there’s still a place for good, old-fashioned customer service.  Personal, tailored and (crucially) human interactions are what make your business unique. But how can you learn from your customer data to make this bespoke approach more effective? We’ve highlighted four ways to use data analytics to improve your online customer service 1. Personalise your communications and experiences Your CRM and e-com

Projecting your cashflow pipeline forwards is vital.  To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position.  Plus, when you have access to detailed forecasts you can scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow position. Forecasting your future cash pipeline

Budget 2025 announced a forthcoming rise to both the National Living Wage and the National Minimum Wage, with the aim of keeping wages in line with inflation.  But what does a rise in wage rates mean for employers like you? 1. Higher wages for those on the National Living Wage The National Living Wage (NLW) will rise from 1 April 2026 by 4.1% to £12.71 per hour for eligible workers aged 21 and over. This will increase the gross annual earnings of a full-time worker on the NLW

A solopreneur running a complete and viable one-person business is no longer a pipedream.   Sam Altman, the co-founder of Open AI, was recently quoted as saying that a one-person, billion-dollar business could be possible by 2026-2028, using tools like GPT-5 and the other generative AI tools that allow individuals to create and manage AI agents. The idea that one person, a solo CEO and entrepreneur, could generate that kind of capital on their own, would have seemed crazy les

Are you undercharging for your services? It can be hard to tell, particularly if you’re in a niche industry or you’re a contractor. Costs have been rising, so it may be time to rethink your own pricing. Here are five signs that you might be undercharging: Nobody ever questions your quotes  - Do all your new clients accept your quotes or charges without asking any questions, requesting a breakdown or wanting a discount? It’s possible they’re delighted to be getting such a grea

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figur

Digital systems and cloud technology have revolutionised the running of the average small business. But with software systems comes the ever present issue of cybersecurity.  And it’s not just the big league, like Boots and Marks & Spencers, that have to worry about getting hacked.  A recent BBC News article highlighted how one cracked password is all it took for a ransomware gang to destroy a 158-year-old transport company – putting 700 people out of work. So, what can you do