What does GDPR mean for my small business?

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Are you ready for GDPR?

Whether your business is big or small, you’ll have to comply with new regulations on the secure collection, storage and usage of personal information.

If you own a small business and you haven’t already then please pencil in 25 May 2018 as the date that the European General Data Protection Regulation (GDPR) comes into force.25 May 2018

The legislation has been introduced to encourage companies across the EU to think seriously about data protection. Despite the UK having voted to leave the EU, UK businesses will still have to comply if the data they handle is about EU citizens or can identify individuals in the EU.

Digital Minister, Matt Hancock, has confirmed that the UK will replace the 1988 Data Protection Act (DPA) with legislation that mirrors the GDPR post-Brexit.

Pre-Pack Administration

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What Is A Pre-Pack Administration and Why Do You Need One Now?

A pre-pack administration is a formal insolvency procedure which allows company directors to transfer protected assets to another company should your business become insolvent. However, companies do not benefit from the privileges of the pre-pack after a winding up order has been issued so you should sign up for one at the first indication of trouble if not before.

The administration pre-packs are a powerful solution for businesses to continue trading if the current business runs into financial difficulties. The main benefit is the company and its assets are protected by the court, which allows the administrator to easily dispose of debts, unwanted contracts and in some circumstances, employees (except where there is a TUPE).

Online Marketing Tips For Small Businesses

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The digital age presents more opportunities for small businesses to market themselves and spread their wings farther afield than the general locality. Even on a limited budget, you have options to raise brand awareness and connect directly with clients. Here are a few suggestions.

Social Media Networks

By far the most effective and cost-efficient means of online advertising is through the use of social media networks such as Facebook, Twitter and Google+. Social media marketing however takes time and a little know-how. The key is to engage rather than sell, so be patient and get to know your customers.
It’s worthwhile checking out a few of the lesser known social media sites as well as the better known names. Facebook in particular are limiting the amount of messages that reach your followers otherwise charge to advertise. Digg, Tumblr and Pinterest are good alternatives.

5 Reasons (You May Not Have Thought Of Yet!) To Start A Business

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Thinking of starting a business?

If so, you have probably weighed up the pros and cons yet still have as many doubts as you have dreams.
There are many reasons to start your own business; be your own boss, work to your own schedule and pursue your passion being chief amongst them. But you can read about them anywhere on the web –so let’s take a look at some other reasons to start your own business.

How To Apply For a Business Loan In The UK

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Since the 2008 banking crisis, securing a bank loan for your small business has become notoriously difficult in the UK. Even with Government schemes, banks are reluctant to offer funding. That is unless you can convince lenders you have a solid business strategy.

The days of the credit culture, where even your pet dog could get a loan, have come to an end, but it is not impossible if you are well prepared and can present a compelling case. This article details the documents you need to prepare your strategy and the manner in which you should approach banks in order to increase your chances of securing a loan.