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July 28, 2017

How Do General Elections Impact Your Business? Bespoke Support Network Talks.

It’s been just over a month since the UK’s 2017 General Election and while those unaffected may have blissfully carried on with their day to day lives, small businesses could still be feeling the effects.

On 8th June, thousands of British people were shocked to find the result of our election, which happened to be a hung parliament. For days, Britain’s political future was left hanging in the balance, with increased uncertainty over who would join Theresa May in leading our country. As the Government rushed around trying to find people to assist the Prime Minister, small businesses were more concerned about the impact this could have over their profits and customers.

Following on from this snap election, Bespoke Support Network’s team of experts have been monitoring the effects of the shock results and exactly how this has changed your business.

Customer Confidence

You may have noticed before the time of this election, your sales may have dropped as a result. That’s because customer confidence often takes a battering during this time. As a small business owners, your customers are more likely to delay buy decisions until after the election so you should have seen a rise in profits again.

Taxation  

For most businesses, taxation is a key concern. During the election you would have noticed a split between low-tax, low-spend and a high-tax, high-spend economy, but since there has been an increase in tax bills to businesses. This could leave your business in the dark for future financial projections.

Workers’ Rights

The current Government are trying to focus on changing the rights of workers’ in the gig economy. As a SME, you may see changes to your work force as a result of these changes.

Impact on Big Ticket items

During the election, an uplift of between 10pc and 20pc occurs on the prices of expensive goods such as cars. This is exactly the time SMEs will start to reduce their costs, meaning costs can amount to the thousands. As a small business you may notice your expensive items such as cars, houses, kitchen, house extensions and expensive holidays have had to go up in price.

Getting your business back to how it was prior to the election has never been easy with Bespoke Support Network’s team of experts.

We have contact with specialists in finance, wills and estate planning as well as accountants and insurance brokers.

To get in touch with any of our experts, call the team at Bespoke Support Network on 0300 303 3441 who can put you in touch with them.

July 25, 2017

Why You Should Let BSN Support You When Buying Your First Home

According to the Office of National Statistics, UK house prices have risen by 5% in 2017 despite recent political turmoil.

The average house price is now £220,713 which makes the possibility of owning your own home feel increasingly out of reach for young people aged 18-24. As well as this the number of households at risk of poverty has risen from 19% in 2008 to 25% in 2015.

Why You Should Seek Independent Advice

Buying a mortgage will arguably be the biggest financial investment you make in your lifetime, so you want to make sure you’re dotting every I and crossing every T.

Many of us use comparison sites in order to find ‘headline’ rates, however rates are always changing and so are the requirements needed. So, you may often find that you’re in a continual cycle of regression and often finding yourself back at square one. Sound familiar? If so, maybe you should seek the help of one of our Bespoke financial advisors.

Why Use BSN Mortgage Advisors

There is often a common misconception with independent advisors that they incur hidden fees and extra charges. However, this simply just isn’t the case. Your advisor will always lay out your options transparently so you’re fully aware of the costs incurred from the get go.

Another benefit to sourcing an independent mortgage advisor is that they have access to the entire market place ensuring you have the best possible options to choose from. This will save you time and money.

They can also assess the amount of mortgage payments you will be able to afford based on your current financial situation which means you will end up with a plan that suits your needs and not leave you out of pocket.

What Happens if You Don’t Seek Advice?

It’s vital that you seek mortgage advice, not only to create a solution that is suited to you, but to protect yourself if things don’t quite go according to plan. In the rare occasion that your plan turns out to be unsuitable in the future, when it comes to making a complaint, you’ll have more rights.  Whereas sourcing all knowledge yourself means you have to take sole responsibility for your decision.

If you would like more information on mortgage advice or have any questions, please don’t hesitate to contact the Bespoke Support Network today. You can get in touch by calling 0300 303 3441.

 

July 21, 2017

Is Your Business Ready to Expand? Find Out The Risks From Expert Financial Advisors

Perhaps you have been running a business for a few years now, your client base is expanding and your team is growing from strength to strength; is it time to expand?

All signs point to yes, but your master plan could all go down the drain should you not consult a financial advisor prior to expanding.

In particular, startups go into business with growth in mind but expanding too quickly can cause serious devastation to your business. Everything from adding to your existing employees and buying a new office space to increasing your production, services or product lines without consideration can be disastrous. Bespoke Support Network’s financial advisors have created a list of indicators before you expand.

You have the right team in place.

It’s important to consider before you move whether you have enough employees to support expanding your business. In addition to having a strong leader, you will want to have a properly qualified workers who are invested in the company’s success. Without competent leaders and the right employees, your expansion will struggle.

You have a high demand of customers. You know you’re ready to expand when your business starts to gain momentum. That means you’re no longer approaching clients yourself to sell your product and service. Instead, the customers are coming to you! If you notice your company is in the same position, it’s time to start growing.

You have a realistic view of what your company can handle.

You may think you understand exactly when the time is right and what your business can cope with, but you need to recognise when to say no. You need to look at the economic benefits and consider your existing infrastructure and resources.

You have the money. Unfortunately a number of startups fail to properly gauge how their sales cycles dictate their ability to expand, which can cause a serious deficit in cash flow. Experts say that it typically takes at least four months to see a return on capital investments made to expand a business. That means a positive cash flow can give you the confidence to grow as a business.

If you’re interested in talking to any of our financial advisors, contact the team at Bespoke Support Network who can put you in touch with one of our advisors. Get in touch on 0300 303 3441.

July 20, 2017

Why Making a Will Helps to Protect Loved Ones

Have you ever considered writing a will? According to a recent study one in four people over the age of 55 do not have a will in place with 59% of all adults in the UK have not written a will at all.

These statistics are shocking but is there any surprise when there is little to no information about what to do with your belongings after the unexpected occurs. However, writing a will is a necessity as not only will it give you peace of mind, it will also help protect your loved ones.

So, What Exactly Does a Will Do?

A will is defined as a legal document that sets out your requests concerning the distribution of your property, assets and the care of any children you may have.

To increase the chances of your wishes becoming a reality you need a will that is set out in writing and made sure that it is signed by both you and your witnesses. However, make sure you have dotted every I and crossed every T as if your will doesn’t meet certain standards, your requests may not be carried forward.

Why Do You Need a Will?

There are endless reasons as to why you should invest in a will. Firstly, it will give you individual preferences over your belongings. If you have young children, writing a will will let you provide for them.

A will not only benefits you but also your loved ones. There’s no doubt after a family member passes away, emotions run high and so do tensions. Everyone believes they know what’s best- so if you do not have a will in place, it may cause some family upsets. Creating a will minimises stress among survivors.

If you do not have a will, the state will oversee the distribution of your assets. There is a common misconception; the state does not inherit your assets but will instead distribute them according a basic formula. This formula is often based on half of your assets going to your spouse and the other half divided amongst your children.

Benefits of Creating a Will

As aforementioned, a will is a necessity in order to save your family money, time and grief. However, there are other benefits:

  • You’re in Control of Your Assets
  • You Can Change Your Mind
  • You Can Choose Who Will Help Manage Your Assets and State Affairs

If you would like any more information on wills or how Bespoke Support Network can help, please get in touch on 0300 303 3441.

July 14, 2017

Final Salary Schemes: Know Your Options

Recently there has been a surge of shocking global events such as Brexit and the American general election, to name but a few. It has undoubtedly left a lot of us feeling uncertain, especially when it comes to our finances. How are you to know the best option for you? If you’re opted into a final salary scheme, you need to know your options. That’s where Bespoke Support Network comes in.

So, What is a Final Salary Scheme?

 Essentially, a final salary scheme is a defined benefit pension programme which is often offered by employers. The eventual outcome of the plan is dependent on four variables:

  • The Amount of Time of Which You Have Invested into the Scheme: For example, if you have worked with your current employer for 30 years, your end benefit will be a lot greater compared to a fellow colleague who has only worked at the business for 5 years.
  • Your Salary: Similarly to the first variable, your final pay packet will depend on your salary, the higher the salary, the higher the pension and vice versa.
  • Your Companies Accrual Rate: This is the rate at which the benefits build up for the individual. You will receive a set amount for each year of pensionable service. As they are typically expressed as a fraction, 1/60th or 1/80th are often common.
  • The circumstances under which the benefits are taken: The amount you receive will be based on the situation. For example, retirement, ill health etc.
Should I Transfer my Final Salary Scheme?

It is believed that on average, an individual works for six employers in their lifetime. That’s potentially six pensions. It’s often advised you leave your pension where it is as it is a guaranteed income. Not only that but they also increase to keep up with inflation.

However, your scheme provider might offer you a financial incentive to transfer out. There are two types:

  • Cash-Equivalent to the Transfer Value
    which you then transfer to another scheme.
  • Cash Payment to the Transfer Equivalent
    Be mindful, this option may mean you still pay tax and national insurance.
Advantages and Disadvantages of Final Salary Schemes:

There could be an endless list of advantages and disadvantages. However, it will depend greatly on you and your current financial position. If you’re considering making changes to your plan it’s strongly recommended you seek advice from an independent financial advisor. If you would like more information on final salary schemes or any other services Bespoke Support Network offers, please do not hesitate to get in touch.

July 12, 2017

The Importance of Life Insurance

Other than the obvious, life insurance has many important advantages for you and your family.

We are sure that you will be surprised to find out that one in four breadwinners don’t have life insurance, which could lead to enormous financial problems should they pass away.

With one in four people not having any type of life insurance that means 8.5 million in the UK are risking their families having to payout £31,000 should a family member die. So why are people not getting life insurance?

Recent research found that 67% of people said that insurance, particularly life insurance, was “confusing” and that it is hard to understand exactly what you need and why you need it.

At Bespoke Support Network Essex, we strive to provide all our clients with the very best experts in everything from finances to insurance. In order to help out our confused customers, we asked our experts why exactly people should get life insurance and here’s what they said:

“As we start growing older, getting married and starting families, we become more and more aware about the importance of life and protecting it.

For parents, business owners and property owners this means life insurance comes into the picture becoming a fundamental part of our financial plans. You can find comfort in knowing money will become available to protect your family in the event of your death, should you get life insurance.”

Here are a few other reasons to get covered by life insurance:

● Inheritance – Perhaps you have assets to pass onto your children such as the house, a car or even money, you can guarantee they should receive this inheritance with a life insurance plan. Even without any assets to give, you can create an inheritance for your kids by buying a policy and name them as beneficiaries.
● Pay Off Debt – As well as protecting your family and providing them a income, your family’s life insurance can cover any outstanding debts such as mortgages and credit card bills.
● Financial Security – As a parent you want to know that your kids are well looked after when you pass away. Not only could they want to go to university but they could be getting married or starting a business, and you will want them to be financial stable in the event of these big life events.

Are you interested in starting a life insurance policy? Bespoke Support Network have partnerships with hundreds of experts in the finance industry, including qualified and trusted insurance brokers and advisors. Get in touch with the team at Bespoke Support Network on 0300 303 3441.

July 7, 2017

Business Networking Event on 27th July – Find Your Perfect Match

Exciting news from the BSN team! On the 27th July Bespoke Support Network will be holding a networking event in Chelmsford, Essex.

It’s slightly different to other events that you may have been to. We’re offering a 5-minute session with each of our experts, covering all angles of business. These include; insurance, accountancy, marketing and PA services.

The aim is to find your perfect match!

It’s a chance for anyone attending to get the answers to all their burning business questions and our advisors will be happy to offer advice where needed. Bubbly will be served on arrival and of course there will be an array of canapes to enjoy whilst talking to the experts.

At the very least it will be a great evening networking with like-minded individuals and enjoying a glass of fizz!

There will be experts available to speak to in the following areas of business:

Insurance:

Insurance is a crucial part of running your company but it can often be hard to see the benefits until you need to make a claim. Business insurance acts as a safety net to ensure you and your business can cope and protect your assets.

Accountancy:

Once your business is up and running, bookkeeping and keeping track of your taxes may get more difficult. Our accountants provide a tailored financial service designed to meet your individual requirements.

Pensions:

Now that you’re self-employed, you no longer have the benefits of the workplace pension. Instead, you will need to find schemes that benefit self-employed individuals, or even set up your own pension.

PA Service:

Whether it’s paying your bills or managing your diary; life can be made so much easier with virtual assistants. With your very own virtual PA, you can carry on running your business while your personal assistant manages invoicing, appointment booking and answers the phones.

Marketing:

Marketing may seem like the last thing on your to do list but it can be a crucial part to your business growth. Your brand awareness and overall image is key to a successfully running business, which is something that our marketing experts can assist you with.

If you would be interested in seeing some more information, then get in touch with a member of our team by sending an email to info@bespokesupportnetwork.com. We have a limited number of spaces for the event, on a first come first served basis, so best not to wait around too long.

July 1, 2017

Why You Need to Invest in House Insurance During the Summer Months

Summer is well and truly underway! This means one thing, warmer weather, longer hours and more time spent with friends. However, an increase in time spent socialising does add an extra level of danger. It’s inarguable that one of the nation’s favourite summer past times is relaxing in the garden with friends and family with your favourite tipple and a barbecue.

Yet, did you know that in last two July’s the UK experienced an average of 525 fires a day. It is thought that from that figure a shocking 50% of these fires were caused by cooking appliances and 36% of accidental dwelling fires were caused by a misuse of equipment or appliances (statistics from www.gov.uk). Fortunately, it’s not all doom and gloom, you can invest in home insurance which will protect you should the unthinkable occur.

So, what is home insurance and why is it so important? Home insurance is undoubtedly an essential outgoing. You’ve worked hard to buy and personalise your home so why wouldn’t you want to protect it? Not only that, but it doesn’t need to break the bank either. It is up to you to choose what type of coverage want. It can range from full to light cover. It’s a vital part of modern life and can help replace certain belongings and accommodate temporary living costs.

Why choose Bespoke Support Network?

As the name entails we are a custom-built service. This means that we don’t just have a one size fits all policy. We ensure we tailor every element to your needs, every time. We also disagree with fixed prices. It can be difficult to find what’s best for you. Due to online comparison sites, you often just settle for the cheapest option but you end up with something that isn’t quite what you wanted. The Bespoke Support Network team work to provide you with a further direct streamlined approach, so you can rest assured you are talking to the best professionals.

If you would like more information on how Bespoke Support Network can help insure you, your family or your business, please do not hesitate to get in touch on 0300 303 3441 or visit our website.