After securing nearly £20m of Levelling Up funding, plans to boost the town centre and enhance its cultural offering are set to be unveiled at the annual Celebrate Chesterfield event at the Winding Wheel on Wednesday 23 March. At the event, Neil Johnson, Director of Economic Growth at Chesterfield Borough Council, will unveil Chesterfield Borough Council’s plans for the modernisation and further development of the town centre as part of its journey to become a go-to destination for residents, retailers, and visitors. A new Inward Investment Campaign for Chesterfield, focussed on attracting further investment to the town, will also be launched at the event. Now in its twelfth year Celebrate Chesterfield, which is organised by Destination Chesterfield in association with The University of Derby and sponsored by CT and Markham Vale, attracts around 250 delegates. This year, the event will also host the Derbyshire Festival of Business Exhibition, designed to showcase Derbyshire’s extensive business offer and capabilities. Fully booked every year, businesses are being urged to book their tickets now to the free in-person event which is being held at the Winding Wheel from 7.30am – 11.00am. Mr Johnson will be joined at the popular event by Dr Huw Bowen, Chief Executive of Chesterfield Borough Council and Professor Warren Manning, Provost Innovation and Research at the University of Derby. In addition to plans for the town centre, the conference speakers will also address progress on the town’s multi-million pound commercial and residential developments, office space and the Digital High Street programme. Last year the Celebrate Chesterfield event was held online. Peter Swallow, Chair of Destination Chesterfield, said: “Chesterfield’s business community demonstrated resilience through the pandemic and continued to make significant progress in all areas. I am pleased we can finally come together in person and celebrate all that we have achieved in such testing times. It’s also important we look to the future and capitalise on the progress we have made to ensure the town remains a place where people want to live, work and invest.” Councillor Tricia Gilby, leader of Chesterfield Borough Council, added: “Celebrate Chesterfield is a fantastic opportunity for our business community to come together to hear and discuss the significant investments that the council and its partners are making across our town and borough. We need a strong business community to maximise the opportunities created by these investments and to contribute to our aims of making Chesterfield a thriving borough and improving the quality of life for local people.” Dr Peter Dewhurst, Director, Strategic Projects at the University of Derby, said: “The University is once again proud to be the headline sponsor of the Celebrate Chesterfield event, which we see as presenting an excellent opportunity to bring together and showcase the talent that is helping Chesterfield recover from the challenges of recent times. What’s more, this year’s event is being promoted as part of the inaugural Derbyshire Festival of Business that is being used to elevate our fabulous county as a great place to launch and grow a successful business.” Ian Snow, Managing Director of CT, said: “CT is delighted to sponsor this event and continue our support to promote Chesterfield as a great business destination. We are proud that our roots are in Chesterfield. The fantastic central location, together with the investment into Chesterfield to build a town people want to both live and work in, is supporting the growth of our business to offer a nationwide IT service. We are lucky to be in good company, surrounded by exceptional businesses from the legal, manufacturing and engineering sectors and we look forward to meeting everyone at this great event later this month.” Anthony Clitheroe, Director at HBD, which is jointly developing Markham Vale in partnership with Derbyshire County Council, said: “Markham Vale is at the heart of the business community, so we’re pleased to be able to support Celebrate Chesterfield and the launch of the Derbyshire Festival of Business – there’s no better advert for Derbyshire as a place to do business than the ambitious, growing companies based at Markham Vale. Benefiting from excellent connectivity and a great local skills base, they continue to create new jobs and attract investment into the region.”

While many business owners understand the value of sales and profit, they may not know the importance of cash flow management. Understanding operational cash flow is critical to reducing debt and improving business efficiency. For example, a high-profit margin business may still have low cash flow that may result in overspending and other financial issues. In simple terms, cash flow is the money that enters and leaves your business. But when properly structured, cash flow may help a company develop greatly. It can help the company save money and streamline its essential functions. Here are some tips for managing cash flow for business owners.

1. Borrow Money 

Preventing cash flow issues is the best strategy. But changing market conditions can affect you at any time. Like a personal emergency fund, every business should have cash on hand to cover working capital shortfalls or unexpected expenses. Prepare a backup plan: borrow money before you need it. What if something happens that puts you in a cash flow crisis? A well-thought-out backup plan can give you peace of mind and a financial reserve in case of need. Moreover, opening a business credit line when your figures are good reduces the probability of future rejection. It will also provide you with resources to fall back on if you run into any financial issues. If you don’t have any credit cards yet and are having trouble receiving a loan, a small company credit card with an interest-free grace period may help. Credit cards can help you save, and many offer innovative reporting features to help business owners improve their cash flow. If you’re interested in getting a financial boost through lending, look at this.

2. Maintain Strict Credit Policies

If you give credit to customers, stick to your policies to ensure you are paid on time. Try these ideas:

• Keep track of late payers and impose a cash-on-delivery policy on repeat offenders.
• Send bills punctually, confirm receipt, and follow up immediately on late payments.
• All new customers should be subjected to a credit check before credit extension.

3. Minimize Account Payables

When evaluating your cash flow statement, keep an eye out for spikes in accounts payable, often known as your bills. If you’re aware that your accounts payable has increased, but you don’t have enough cash on hand to pay for invoices, you must develop a strategy to address the issue before it destroys your organization. Rather than shortening the time it takes for customers to pay, you want to extend the timetable for accounts payable and keep money in the bank. Payment of your bills should be scheduled for the day before they are due. It is the standard set by professional organizations such as utilities and credit card firms. Your objective is to get paid as early as possible and maintain your funds for as long as possible without jeopardizing your credit or reputation. Not attempt to escape payment; avoid paying invoices a month early unless necessary.

4. Use Cash Flow Management Software

Many software tools exist to manage, track, and forecast cash flow. You may already have the cash flow software you need if you use small business accounting software. Cash flow forecasting reports are built into cloud accounting software like QuickBooks. Others offer cash flow management add-ons. Many cash flow management, forecasting, and budgeting software products can directly interface with popular accounting software products.

5. Liquidate Non-Performing Assets

Do you have any old equipment or inventory you no longer need or want? Consider turning them into cash by selling them. Inactive and non-working equipment wastes space and money. When the book value of long-held equipment exceeds the salvage value, a tax gain follows. The loss might be offset against other company profits if you sell below book value. Customer demands or advanced technologies may evolve, rendering surplus inventory unusable. Consider selling unused goods in the next 12 months unless keeping them is not costly.

6. Forecast Expenses And Profit

Businessmen are usually pressured to be hyper-focused on the here-and-now issues, but they also have to prepare for the future. They should estimate payroll and other expenses, factor in the quantity and timing of invoices and bills that need on-time payment, and forecast earnings for three, six, and twelve months out. By planning, a business owner may be proactive in managing cash flow – achieving a balance between getting payments quickly and, if necessary, postponing payments to vendors. Conclusion  Cash is crucial in any business. Remember that cash outflow is never a problem; money will always flow out easily. The tricky part of managing cash flow is keeping it going consistently. Following the above advice will help you maintain a positive cash flow.

With job vacancies in the UK reaching a record high, new research from Grant Thornton UK LLP finds that the ‘great resignation’ is severely impacting the mid-market. Of the mid-sized businesses in the East Midlands surveyed for the firm’s latest Business Outlook Tracker, the vast majority (84%) are experiencing unusually high attrition rates – with more people leaving their business than normal. But businesses are not just losing people, they are also finding it difficult to attract new talent. Half of the region’s businesses are struggling to recruit new people to replace the talent being lost (50%) and to recruit for additional new roles to support their growth (56%). Amidst the ongoing battle for talent, many mid-sized businesses are doing everything they can to both attract new people and retain existing employees. Nearly two thirds (62%) are offering higher salaries for new roles, and a similar number (60%) confirmed they are offering pay rises or bonuses to help retain their existing people. Effectively competing in the talent market also requires looking beyond just salary, with jobseekers increasingly taking the wider employee offering into consideration. The research finds that the mid-market is responding to this, with the majority (60%) offering flexible working opportunities as standard and 70% are currently reviewing their employee benefits package to make it more competitive. Many businesses in the East Midlands are also willing to adopt innovative new working styles in a bid for talent. More than half (60%) said they would be likely to trial a four-day working week, in line with the current pilot in the UK, in their business. Attracting and retaining the necessary skills is an ongoing challenge and many businesses are now looking to government for support. Nearly one third (30%) of respondents said incentives for employers to invest in skills attraction and development should be a top priority for policymakers. Sue Knight, partner and practice leader at Grant Thornton UK LLP in the Midlands, said: “With job vacancies reaching record highs in November, the ‘Great Resignation’ has made the fight for talent amongst organisations fierce. As our research shows, mid-sized businesses in the East Midlands are doing all they can to attract new people but the last two years have had a significant impact on what people prioritise, resulting in some re-thinking their career path or role. This has led to many companies experiencing unusually high staff turnover rates and facing a recruitment struggle. “The rise in hybrid working has allowed people to achieve a better work-life balance, while still providing the opportunity for collaboration and human connection in the office. Employers who can continue to offer this flexibility will be much better placed than those who don’t. The fundamental change to ways of working also means that it’s vital for organisations to ensure they have effective people managers, as the old adage that people leave their manager, not their employer, is still often the case. “Today’s job seekers consider a much broader picture when deciding where to work, and a company’s overall employer brand and offering has never been more important. People are placing much more emphasis on aspects of the employee proposition such as the long-term development opportunities, the workplace culture, an employer’s focus on wellbeing as well as inclusion and diversity. “A business’s success ultimately hinges on its people and with the job market highly competitive, looking beyond the normal recruitment pathways is crucial. Businesses should be challenging themselves to consider whether it’s possible to recruit from a wider talent pool or to develop and retrain their existing people into new roles to fill potential skills gaps. Apprenticeships, for example, can be a very effective way of achieving both goals, while also increasing diversity within an organisation.”

If you are an employee working from home, you may be able to claim tax relief for some of the bills you pay that are related to your work, as Streets Chartered Accountants details below. Employers can reimburse employees for the additional household expenses incurred by working at home. The relief covers expenses such as business telephone calls or heating and lighting costs for the room you are working in. Expenses that are for both for private and business use (such as broadband) cannot be claimed. Employees may also be able to claim tax relief on equipment they have bought, such as a laptop, chair or mobile phone. Employers can pay up to £6 per week (or £26 a month for employees paid monthly) to cover an employee’s additional costs if they have to work from home. Employees do not need to keep any specific records if they receive this fixed amount. If the expenses or allowances are not paid by the employer, then you can claim tax relief directly from HMRC. You will get tax relief based on your highest tax rate. For example, if you pay the basic (20%) rate of tax and claim tax relief on £6 a week, then you would get £1.20 per week in tax relief (20% of £6). You can claim more than the quoted amount but will need to provide evidence to HMRC. HMRC will accept backdated claims for up to 4 years. These tax reliefs are available to anyone who has been asked to work from home on a regular basis, either for all or part of the week including working from home because of coronavirus.