Optima News

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

Whatever stage you’re at in the business journey, having an injection of additional working capital is always welcome. Being able to borrow money and take on managed debt in the business is what allows you to fund the next stage in your growth.  But how does your credit profile affect your ability to borrow as a business? And what types of debt financing will help you expand, grow and scale up the company? Let’s explore the impact of your risk rating and the types of finance

The Chancellor of the Exchequer, Rachel Reeves, delivered the Labour government’s Budget on 26 November 2025, with the key aim of bringing the UK economy back under control. Let’s take a look at the main points from the Budget announcements and how they may affect your small business in the coming months and years. Budget 2025: the important takeaways for small businesses The Chancellor presented Budget 2025 as a plan to restore stability and fund public services without rais

For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be. But what actually drives these revenue levels? And how do you get in control of these drivers? Knowing where your cash is coming from is more

Your accountant just does your annual accounts and tax return, right? Wrong! A good accountant is in touch with you and your business throughout the financial year, checking in, finding out where they can help and offering solid, practical advice. Here are five areas of your financial management where talking regularly to your accountant is a must – and where we, as a firm, can make a real difference. 1. Cashflow, budgeting, and spend management Cash is king, so keeping on to

Have you ever wondered about the best ways to protect you and your business? In this series, we’ll look at the key ways to use trusts, insurance and risk-management techniques to protect both your personal assets and the future of the company. In this article, we’ll look at how you can use a trust to shelter your assets. What is a trust? Before we go any further, let’s explain exactly what a trust is and how they can be used. A trust is a legal arrangement where a person (the

Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable. With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position.  But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finan

Cost of Sales (sometimes called Cost of Goods Sold) is one of those metrics you’ll hear a lot when reviewing your operating costs and the overall profitability of your business model. But what does ‘Cost of Sales’ actually mean? And how does understanding this key metric help you get a handle on the financial efficiency of your operations. What is ‘Cost of Sales’? The Cost of Sales (CoS) metric measures the direct costs involved in producing or acquiring the goods or services

Making good business decisions is easier to do when you have excellent information at your fingertips – and that’s the value of having great reporting at the heart of your startup. Any cloud accounting software worth its salt will offer you straightforward ways to run your financial reports and track your important metrics. That’s standard in the new digital world. And this level of reporting gives you real, tangible data on which to base your decision-making. But good decisi

Without your customers, you have no business. It’s their engagement, loyalty and sales that power your cashflow and drive the business to new heights. But when was the last time you reviewed your customer service levels?  And how often are you talking to your customers to find out if they’re happy, satisfied and still true advocates for the business? Let’s dive into the power of great customer service and asking for honest feedback. Why is customer service so important? We li

Keeping on top of the financial management of your business can be hard work. It's possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have positive cash flow but are not turning a profit, particularly if you are scaling. Turning a profit is at the heart of running any successful company But without an even and predictable flow of cash into the company, you can't cover your overheads, you can't p

Making Tax Digital for Income Tax  (MTD for IT) is being introduced from 6 April 2026.  If you’re a sole trader or landlord, this will mean complying with the new rules around keeping digital records and submitting quarterly digital updates to HM Revenue & Customs (HMRC). However, there are potential exemptions to the new MTD for IT rules. So, it may be that you can, for the moment, escape the mandatory move to digital tax returns. Let’s see who will have to use MTD for IT, a

In a world where evolving political events can change the market in an instant, and economic instability is still the norm, finding certainty in your business strategy is a rarity. Business plans and your overriding strategy are no longer written in stone. This means being flexible about your next steps and regularly reviewing your business strategy. Let’s see how frequent strategic business reviews can help you reduce the uncertainty. 1. Get proactive with your financial for