Optima News

“Q: I’ve heard there are some upcoming amendments to Statutory Sick Pay. What are the major changes I should be aware of?” One of several changes introduced by the Employment Rights Act 2025 was an amendment to the way that Statutory Sick Pay will function for UK employers. “A: In short, SSP will be available for more employees and will also be available from day one of sickness absence.” Let’s look in more detail at what these changes to Statutory Sick Pay will mean for you

As your accountant, we won't just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan. Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And it’s only by putting the right drive and expertise behind your BD that you can turn your strategic ideas into real success stories. So,

“Many small businesses are now operating under pressures comparable to those experienced during the Covid pandemic, but this time without an emergency support framework in place.” “SMEs are facing late payments, rising energy costs, increasing crime, a complex tax system and barriers to growth that are compounding rather than easing.” Rt Hon Liam Byrne MP, Chair of the Business and Trade Committee. A recent report from the UK Government’s Business and Trade Committee has foun

Chances are you’ve heard of the accounting term ‘balance sheet’. But what is a balance sheet? And what does it tell you about your finances? Your balance sheet is a financial statement that provides a snapshot of your company’s financial position at a specific point in time. It’s an overview of your finances that details three key elements of your accounting. The formula for the balance sheet is Assets = Liabilities + Equity: Assets: These are resources your business owns – t

As transparency in business reporting has increased, so has our awareness of environmental, social and governance (ESG) reporting. But ESG reporting isn’t something that just applies for big corporations and large multinationals. According to recent research from Sage and the International Chamber of Commerce (ICC), 70% of SMEs now say sustainability is central or important to their business, up from 67% in 2024 and 62% in 2023. But despite rising ambition, only 8% of these

“I am determined to make Britain the best place in the world to start and grow a defence business, and our military the fastest innovating in NATO.”“Backed by our record sustained increase in defence spending, we are delivering good jobs and growth across the UK by opening up new routes into the defence sector.” Defence Secretary John Healey MP The UK Government has announced a new incentive scheme that’s aimed at providing new routes into the defence sector for the UK’s tech

We all know that your business needs capital to operate, grow and turn a profit. And we also know that private investors, bank loans and pre-agreed bank overdrafts are common ways to bring more capital into the business, or to extend your available funds. What alternative routes are available for finding the capital injection you need? 1. Reward-based crowdfunding Reward-based crowdfunding involves raising funds by pre-selling products or offering tiered rewards to a large on

Over the past few months, we’ve heard a lot in the news about the possibility of trade tariffs, especially in relation to the tariffs imposed by the current US administration. But what exactly is a trade tariff? What do they do? And how could high trade tariffs affect your ability to export to certain countries and territories? What is a trade tariff? A trade tariff is a tax that’s levied on imported goods when they pass through a country’s customs border. This mandatory tax

We all hope that our pathway along the business journey will be smooth and uncomplicated. But the reality is that accidents can happen, along with unplanned injuries, damaging weather events and legal suits from disgruntled clients. So, what can you do to protect your business from these potential negative consequences? The answer is to take out the relevant business insurance for your company. Five common kinds of business insurance policies and how they protect you 1. Publ

“The pace of technological change is speeding up, not slowing down, and it’s crucial that all businesses are part of the digital revolution.” “Our survey shows the picture is not equal across all sectors and firms aren’t yet using the technology to its full potential.” Shevaun Haviland, Director General of the British Chambers of Commerce A recent report from the British Chambers of Commerce and Intuit shows that increasing use of AI among UK small businesses. But The Turning

Digital marketing is an essential part of your promotional activity as a small business. But with technology, artificial intelligence (AI) and digital channels evolving at a dizzying pace, there’s a pressing need to keep up to date with new ways of boosting your online engagement. Let’s look at four different ways of being found online: search engine optimisation, generative engine optimisation, generative search optimisation and answer engine optimisation. 1. Search engine o

It’s been a major challenge to trade during the past few years of economic uncertainty. Markets are changing, customer spending behaviour is up and down, and the rising costs of raw materials and labour have put real pressure on your margins and overall gross profit. In this atmosphere of uncertainty, it’s sensible to diversify your business and explore new ways to locate new customers, generate revenues and find some stability for the business. Let’s look at five key ideas f

"Gone are the days when flexible work was a perk. Whether it’s hybrid roles, remote options, or custom hours, flexibility has become a baseline expectation." - Recruitment Trends for SMEs by Onside. The pandemic may have introduced us to the idea of working from home, but the ability to flex where we work from is now a core expectation for many employees. Why should your business embrace flexible working? According to a recent survey by Robert Walters, 54% of employees prefe

“Q: Do customers still want good, old-fashioned customer service?” Customer service has changed. We now have multiple options for automating our customer interactions or offering self-service options to our customer base. Customers can talk directly to AI agents or sort out a query with an automated chatbot. It’s fast, efficient and (from your viewpoint as an employer) highly cost-effective. But is automated customer service always the best option? In an environment where you

Is your cashflow position keeping you awake at night? Don’t worry, we have five simple tips to improve your cashflow management and achieve a positive cash position. 1. Give your accounts receivable a boost Invoice your client as soon as the job is completed, or consider invoicing in instalments once key milestones are reached. Also, make sure you have strict payment terms in place. 2. Negotiate longer payment terms Talk to your suppliers to negotiate 30 or 60-day payment ter

Question: “Can cost-saving measures in the business truly be a key driver of profits?” Running a profitable business is one of your key goals as an owner. Without profits, there’s no capital to reinvest in the business, no funds to grow the company and no money for your own dividend payment at the end of the financial year. So, is cost-saving the answer in these challenging economic times? Answer: “Careful management of costs is a fundamental way to improve your profit margin

The average business owner needs an additional four hours in their working day to complete their admin, according to research by OnePoll. If your people are spending 20 hours per week wading through tedious and unproductive admin, that’s bad for the business and for your efficiency. Fortunately, technology and software automation can go a long way towards automating these low-level admin tasks. Better productivity through automation Automation is an important way to ease your

Having adequate access to adequate funding is fundamental for any startup. In the early stages of getting your enterprise off the ground, you need working capital to reach the all-important minimum viable product (MVP) stage, rent premises and hire staff. But where does this initial funding come from? Let’s look at the UK Government's Start Up Loan scheme and the funding options it offers. What is the Start Up Loan scheme? Start Up Loans are government-backed loans aimed at

Are you heading away for a break from the business this year? This time of year can be hard on small business. Your expenses continue and your cashflow can suffer when your debtors go on holiday. Leading up to the holiday period, is your business cash flow in good health to carry you through? With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday. Planning your cash-flow over the holiday period Invoice early - Send any

As a business owner, it’s never been more important to have a good grasp on your finances. For many businesses, priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to maintain a profitable business model. To track, monitor and drive your financial performance in this updated business environment, it’s increasingly important to have a handle on your key financial reports and metrics. Getting to grips with your fi