The Telegraph’s Doctor Biz -  Guy Rigby provides advice on how best to approach banks for credit facillities.

Q: I run a small, but fast growing distribution business and I rely on my bank for support. Given the widely reported credit crisis, should I be worried about the renewal of my facilities?

A: There is certainly cause for concern but if your request for finance is timely and well prepared you stand a better chance of gaining your bank’s support.

The lending process is undoubtedly becoming more rigorous and the cost of borrowing is set to rise. Banks need to re-build their balance sheets and are therefore seeking to increase lending margins, fees and toughen covenants. Businesses seeking new or extended banking facilities could have more difficulty than those looking to renew facilities, but in general, the same rules apply.

You should therefore consider your ongoing cashflow requirements and arrange financing much earlier than has previously been necessary to avoid experiencing your own “credit crunch”.

Providing a well thought through credit submission, addressing the issues which are critical to lenders as early as possible should help you to negotiate better terms and within a shorter time frame.

Make sure that your presentation is as detailed and realistic as possible; showing that you understand the risks and know how these can be mitigated. Having said this, you need to focus on the positives of your business as banks are obviously more wary of risk at the moment.

Remember that impressions are generally regarded as reality, so don’t create a bad one. Be consistent in the information you provide and give reliable supporting numbers. Poor quality financial information may lead banks to assume the worst so avoid this at all costs. You should also be consistent in the information you provide and give reliable supporting numbers.

Dealing with your business’ finances may not be your main focus but in this climate it is essential to adopt a professional approach to renewing debt facilities, otherwise you could be faced with unnecessary delays which may have a detrimental impact on the long term growth prospects of your business.

Guy Rigby, head of entrepreneurs at accountants and investment management group, Smith & Williamson

Source: Telegraph

The Daily Telegraph has teamed up with the Venture Navigator consortium of leading universities to allow you to test your business ideas online and improve your chances of success.

“We tackle ten different elements of the test below with Sir James Dyson, founder of eponymous home appliances group, and Virgin founder Sir Richard Branson among the entrepreneurs who have shared their own experiences of setting up and running hugely successful businesses.

Our top team of experts also includes Eileen Gallagher, co-founder of independent TV producer Shed Media; Martin Webb, the serial entrepreneur and presenter of Channel 4’s Risking It All; Claire Owen, founder of recruitment agency The SG Group; and Doug Richard, the technology entrepreneur and former Dragons’ Den panellist.” More

Take the test now

Source: Daily Telegraph

Fast becoming a symbiotic relationship, the Entrepreneur and the Virtual Assistant is an awesome combination. At Equilibrium, we are acutely aware of this and demand the highest quality and diligence from ourselves when assisting our customers.

Many Entrepreneurs have effectively used the administrative services at that Virtual Assistants provide at Equilibrium to enhance the progress of their venture. As both groups are prone to working outside of office hours, their understanding of meeting deadlines are razor sharp.

A successful Entrepreneur will use all the skills available to them to propagate their venture. They understand the specific skills base requirement and are often good delegates.

A high risk category, the Entrepreneur is an extremely driven individual. He or she is often innovative, seeing things that even the most venerated executives fail to notice. And as the stakes get higher, they find even more novel ways to capitalise on opportunities thus benefiting from the outcome.

The need for speed and accuracy in the Entrepreneur’s world is crucial and mistakes are tantamount to failure. As entrepreneurship is essentially a risk business, but a highly successful one, Entrepreneurs understand the need for stability and roots. A good working system with excellent administrative back-up is a bonus for what they want to attain.

Entrepreneurs are vast and varied from running a family business to larger business. Working long hours, they instil the help of all those around them to ‘make the business work’. Entrepreneurs working with a strong presence on the internet are dealing with additional as well as different challenges. As the Entrepreneur works all hours, the Virtual Assistant becomes their ideal partner.

Despite the image of the Entrepreneur capitalising on his or her family to generate assistance, many are cultivating a far more sophisticated approach. Multiple approaches, new technologies, virtual communication, global sales and links require top grade systems and maintenance. Sourcing and retaining an effective Virtual Assistant is now a main stay in independent and corporate business.

Entrepreneurs are far ahead of the game, realising the need for multiple approaches, they has come to rely on support systems. Responding to business opportunities and having the necessary administrative back-up from Virtual Assistants, Equilibrium ensures that they can rely on the expected rapid growth of his or her business.

© 2008 Kate Oakley

Companies can’t depend wholly on policy to maintain the level of security they need as reported by Computerworld; their comprehensive look at eight areas of possible problems is commandable and a warning to any working within these programmes. Areas covered are: Instant messaging; Web mail; Portable storage devices; PDAs and smart phones; Camera phones; Skype and other consumer VoIP services; Downloadable widgets and Virtual worlds. In this lengthy and comprehensive article on security and risk in all eight areas is fully explored. Computerworld furthre elaborates and states that:

“High-tech consumer products and services of all kinds are making their way into the workplace. They include everything from smart phones, voice-over-IP systems and flash memory sticks to virtual online worlds. And as people grow more accustomed to having their own personal technology at their beck and call — and in fact can’t imagine functioning without it — the line between what they use for work and what they use for recreation is blurring.

In a recent survey of corporate users by Yankee Group Research Inc., 86% of the 500 respondents said they had used at least one consumer technology in the workplace, for purposes related to both innovation and productivity.

Unfortunately, this trend poses problems for IT organizations. For one thing, the use of these technologies increases the risk of security breaches. Moreover, users expect IT to support these devices and services, especially once they interact with applications in the corporate environment.

But in many companies, it would be against corporate culture to simply ban the devices or to block employees from accessing consumer services. At the same time, companies can’t depend wholly on policy to maintain the level of security they need.

“I don’t know of any business where employees have the time to read and comprehend every single policy related to a computer in their environment — they’re busy doing their jobs,” says Sharon Finney, information security administrator at DeKalb Medical Centre in DeKalb County, Ga. “I consider it my responsibility to implement things that make security seamless, easy and completely in the background.”

Others, like Michael Miller, vice president of security at telecommunications services provider Global Crossing Ltd., wait until the devices or services affect productivity or otherwise cause a business problem, such as the security department battling worms or dealing with bandwidth issues. But no matter what companies decide to do, the response always involves a balance of enabling employee productivity, abiding by the corporate culture, not eating up too much of IT’s own resources and ensuring a level of security that’s right for the company.

“Consumerization will be a nightmare for IT departments, creating maintenance and support problems that will swiftly overwhelm IT resources, unless they embrace new approaches to managing the rogue employees,” says Josh Holbrook, an analyst at Yankee Group. Holbrook equates banning the use of consumer technologies in the workplace with “an endless game of whack-a-mole.” At the same time, ignoring the adoption of such technologies would lead to a potentially hazardous mix of secured and unsecured applications within a corporate enterprise, he says. He proposes ceding control to end users via an internal customer care cooperative model.
 
To help you decide how to respond, below we look at eight popular consumer technologies and services that have crept into the workplace and provide some insight into how companies are achieving the balance of security, productivity and sanity.

1. Instant messaging
People use instant messaging for everything from making sure their kids have a ride home from practice to communicating with co-workers and business partners. In the Yankee study, 40% of respondents said they use consumer IM technology at work. Instant messaging present numerous security challenges. Among other things, malware can enter a corporate network through external IM clients and IM users can send sensitive company data across insecure networks.

One way to combat threats is to phase out consumer IM services and use an internal IM server. In late 2005, Global Crossing did just that when it deployed Microsoft Corp.’s Live Communications Server (LCS). Then in August 2006 it blocked employees from directly using external IM services from providers such as AOL, MSN and Yahoo. Now, all internal IM exchanges are encrypted, and external IM exchanges are protected, as they’re funnelled through the LCS server and Microsoft’s public IM cloud.

Adopting an internal IM server also gave Global Crossing’s security team more control. “Through the public IM cloud, we’re able to make certain choices as to how restrictive or open we are. We can block file transfers, limit the information leaving our network or restrict URLs coming in,” which was a common method for propagating worms, Miller says. “That takes away a huge component of malicious activity.”

You can also take a harder line. DeKalb’s security policy, for instance, bans IM use altogether. “It’s mainly chat-type traffic, not personal health information, but it’s still a concern,” Finney says. As backup to the restrictive policy, she blocks most sites where IM clients can be downloaded, although she can’t block MSN, AOL or Yahoo because many physicians use those sites for e-mail accounts. Her team also uses a network inventory tool that can detect IM clients on employee PCs. If one is found, the employee is reminded of DeKalb’s no-IM policy and notified that the IM client will be removed. Finney is also considering various methods of blocking outbound IM traffic, but for now, she also uses a data loss prevention tool from Vericept Corp. to monitor IM traffic and alert the security team about any serious breaches. To do that, Finney’s team needs to shut down most of its Internet ports, which forces IM traffic to scroll to Port 80 for monitoring.

DeKalb is looking into the idea of implementing the IM add-on of IBM’s Lotus Notes or even an internal freeware IM service like Jabber for business users who want to communicate across campus. “Nothing is 100%,” Finney says. “IM is always a huge concern from a security as well as a productivity perspective.”

2. Web mail
Of the respondents to the Yankee Group survey, 50% said they use consumer e-mail applications for business purposes. The problem with consumer e-mail services such as those from Google, Microsoft, AOL and Yahoo is that the users themselves don’t realize how insecure their e-mail exchanges are because messages are transported over the Web and stored on the ISP’s server as well as the e-mail provider’s server. Without that awareness, many use no discretion about sending sensitive information such as Social Security numbers, passwords, confidential business data or trade secrets.

One approach to tightening security around Web mail is to use a tool that monitors e-mail content using keyword filters and other detection techniques and the either generates alerts regarding potential breaches or simply blocks the e-mail from being sent. For instance, WebEx Communications is considering expanding its use of a data loss prevention tool from Reconnex Inc. to include e-mail monitoring, according to Michael Machado, director of IT infrastructure.

For its part, DeKalb addresses this problem with Vericept’s tool, which captures a screenshot of every Web-based e-mail that employees send, including file attachments, and scans these for company-defined sensitive data, such as Social Security numbers. Alerts are sent to Finney’s team so that they can follow up with users to educate them on the dangers of sending sensitive data over the Web.

3. Portable storage devices
One of an IT manager’s biggest fears, according to Holbrook, is the steady proliferation in types of portable storage, ranging from Apple iPhones and iPods to flash memory devices. “People can use these to download any number of corporate secrets or sensitive information and move it off-site, which is not where IT wants that information to be,” he says.

“In the past three weeks alone, I’ve heard six different conversations about the risks of flash drives and portable storage devices,” says Mark Rhodes-Ousley, an information security architect and author of Network Security: The Complete Reference (McGraw-Hill Osborne Media, 2003).

While it would be easy enough to lock down the USB ports on employee PCs, many security managers say this is not a recommended approach. “If people want to subvert the process, they’re going to find a way to get around any barriers you put in place,” Miller says. “And where do you draw the line? If you restrict USB ports and [cell] phones coming into the office that may have data storage ports, then you have to look at restricting infrared ports on devices and CD burners, and the list goes on and on.”

It’s better, he says, to handle the matter by educating people on how to treat the storage of sensitive information. “Most of the incidents that occur are unintentional [rather than] malicious, so that’s where education comes in, as to proper handling and why it’s important,” Miller says.

Machado says he isn’t a fan of blocking USB ports at WebEx, mainly because such a strategy would quickly devolve into users asking IT for exceptions to the rule and IT having to manage those exceptions. “Everyone has an exception that they think is important, which takes up more of IT’s time than is necessary,” he says.

What would be optimal, he adds, is to have a tool that sends an message to people who are trying to copy files to USB drives or other unencrypted storage media, advising them that they’re going against corporate policy. “Then they know they’re empowered to make the decision but that it’s going to be tracked and monitored,” he says.

On the other hand, DeKalb’s Finney says she is interested in blocking technologies and is looking into the Vericept tool’s ability to either block certain types of data from being transferred to an external storage device or alert her when someone tries to plug anything into a PC that’s not native to that computer. Ideally, she’d like a tool that would also remind employees that corporate policy forbids sensitive data to be stored on external devices.

Meanwhile, Michigan’s Grand Valley State University and other colleges and universities where professors and students have lost flash drives with sensitive data are looking into standardizing on password- and encryption-protected USB drives to protect them in the future.

4. PDAs and smart phones
More and more employees are showing up at work with some form of smart phone or personal digital assistant, be it a BlackBerry, a Treo or an iPhone. But when they try to synch up their device’s calendar or e-mail application with their own PC, it can cause problems ranging from application glitches to the blue screen of death. “Those types of problems are not uncommon — it’s the mundane things like that that can drive IT nuts,” Holbrook says. “It’s not how they want to be spending their time.”

Moreover, should the employee quit or be fired, he can walk out the door with any information he wants, as long as the PDA or smart phone belongs to him. Like some other companies, WebEx minimizes those possibilities by standardizing on a single brand and model of PDA and letting employees know the IT organization will only support that one device. WebEx does the same thing with laptops, which Machado notes, represent an even greater threat than PDAs because they can hold even more data. Any unapproved devices are not allowed on the WebEx network.”

Click here to read about all the eight dangerous technologies

The City Business Library is a free resource with reference libraries, library catalogues, a lending library and a research service. Although there is a small fee to pay, you can tailor your package according to your needs.

A vast Aladdin’s cave, the City Business Library  provides collections, company information, country information, market research to name a few.

The Collections held at the library are no more than five years old. They also hold electronic and printed information on British and foreign companies. The Library is also able to offer a number of company information databases free of charge.

The City Business Library also states that “you can also use our extensive collection of printed annual reports and accounts of stock-exchange listed companies. If you want to check our holdings, and those of several other libraries, please visit SCoRe: the national UK catalogue of printed company reports.”

Click here to learn more on this vital resource.

In many ways, the British Chamber of Commerce is a voice that flags problems on behalf of businesses to the government.

Recognising that the British business sector is flailing behind the global phenomenon of business success stories such as in China, Taiwan, Korea, Vietnam, India and so on, the BCC looks to support new and established businesses with a variety of support mechanisms, the most valuable being free business advice.

The BCC states that “The BCC is the national body for a powerful and influential network of Accredited Chambers; a network that serves not only its member businesses employing more than 5 million people but also the wider business community.”

Their current “Get Britain Moving Campaign” looks at planning laws that are dramatically affecting business in the UK; “the current planning laws are holding back business in the United Kingdom. Whilst business must change and adapt quickly to meet the challenges thrown up by the pressures of globalisation the country’s infrastructure is crumbling under the pressure.”

Recognising the need to act fast and effectively, the BCC continue their work with a number of national partners that include; BT, Microsoft, RBS, The Telegraph Business Club and Xerox.

Click here to read how the BCC can support your business

Finding a Bank for your Business in the UK can be a defining moment for you and your business. In our selection of banks, we have attempted to outline for you a number of High Street and Private Banks offering business accounts.

One of the golden rules of approaching a bank is that at the onset it’s important to talk to the bank in question at an early stage to see what they can offer you. Don’t be afraid to shop around and negotiate. The key to any success is having all the information at hand, and take notes in your meetings with the bank representative, and ensure that you have put the date and name of the person you are in the meeting with.

We have provided you with key High Street and Private Banks for your considerations with their services outlined in the respective Banks own words. This is followed by a link to an independent site offering reviews by users.

Abbey National Business Bank Account
“Business banking made easy – Simply the best….Abbey business provides a welcome alternative to the established approach to business banking… focused on the real needs of small and medium-sized businesses. As a result, we offer low-cost – or no-cost – bank charges and pay interest on any accounts in credit. Our bank and deposit accounts are easy to access and simple to operate. And our telephone and e-banking services are available 365 days a year from anywhere around the world”. To read in full, click here.

For an independent review of services, click here. 

Alliance & Leicester Business Bank Accont
“ Business banking for start up businessesIt is tough starting a new business, whether it’s managing production, distribution, suppliers or finding new customers. So wouldn’t it be great to know that you’re getting great value for money for your start up business banking, allowing you to concentrate on making sure your start up business is a success. Business Builder Current Account – We offer a range of start up banking products for your start up business, designed to help your business idea become a reality”. To read in full, click here.

For an independent review of services, click here. 

Bank of Scotland Business Bank Account
“Our Business Current Account pays a great rate of interest, can be managed over the phone, online or through your local branch.  The main features of our Business Current Account are indicated below;

Great rate of interest on all credit balances. Manage your account via Internet Banking and/or the phone or through the growing number of branches throughout the UK:
A promise of ongoing good value; No hidden costs; Access to a Relationship Manager”
To read in full, click here. 

For an independent review of services, click here. 

Barclays Business Bank Account
“Starting a Business – Starting a small business is exhilarating and exhausting in about equal measure. Let us take some of the strain. We’ve got all the banking services you’d expect and some that you wouldn’t, like free advice from local experts. It’s true! We want the best start for your business, that’s why we’ll arrange free consultations for you with a local accountant, marketing professional and solicitor”. To read in full, click here.

For an independent review of services, click here.  
 
Cater Allen Business Bank Account
“One of the leading specialist banks in the UK – Whether you’re a Private Client, a Professional Adviser or a Business Account holder, we offer a range of innovative accounts to suit your specialist needs. All our deposits are fully and unconditionally guaranteed by Abbey National plc, which is part of the Santander Group, one of the 10 largest banks in the world”. To read in full, click here.

For an independent review of services, click here. 

Clydesdale Bank Business Account
“At Clydesdale Bank we’ve designed our approach to banking to be as uncomplicated as it is efficient: one contact, one location, one aim; these are the key principles of our refreshing and flexible approach to Business and Private Banking that we have developed. Delivered to you through your local Financial Solutions Centre, it combines traditional levels of personal service with the best of today’s specialist skills and facilities”.
To read in full, click here.

For an independent review of services, click here. 

Co-operative Bank Business Account
“At The Co-operative Bank, we offer a wide range of current accounts to cover all your business banking needs. You can bank with us safe in the knowledge that your money is making a positive impact on the world around you. We remain the only bank to give you a say in where your money goes with our Customer led Ethical Policy”.
To read in full, click here.

For an independent review of services, click here. 

HSBC Business Bank Account
“Business Current Account (for businesses with a turnover below £500,000)
support, information and up to 24 months free business banking ”.
To read in full, click here.

For an independent review of services, click here. 

Investec Private Bank Account
“At Investec Private Bank we partner with our clients and are committed to providing them with wealth creating opportunities. We share their entrepreneurial flair and are active in a broad range of markets including: cash deposits, specialised lending, property finance, investment management, growth finance and trust services. With offices in London, the Channel Islands and Switzerland as well as Australia and South Africa, we give a truly international perspective and create innovative financial strategies that assist our clients in achieving their goals”.
To read in full, click here.

For an independent review of services, click here. 

Lloyds TSB Business Bank Account
“Our Business Extra package for new start-ups: Let us help you – setting up an online business. Building a website will allow you to reach your customers 24 hours a day, 365 days a year. This guide takes you through the first practical steps you need to take to put your business online”. To read in full, click here.

For an independent review of services, click here. 

Natwest Business Bank Account
“Choose the account that suits your needs. You’ll get a wide range of benefits including access to over 1,600 branches and our cash machine network. And if you need some help, you can have a local, face-to-face or telephone-based Business Manager”.
To read in full, click here.

For an independent review of services, click here. 

Royal Bank of Scotland Business Account
“Why bank with us? At The Royal Bank of Scotland we know all about the challenges facing business. That’s why the business staff at your local branch will get to grips with your business and help you get the most from our products and services”.  To read in full, click here.

For an independent review of services, click here. 

Wachovia Business Bank Account
“Being a small business owner is rewarding but sometimes doesn’t leave much time for the daily management of finances. We’ve got ways to help with bank accounts that save you money, stabilize your expense tracking, and make the daily management of the books less time consuming”.
To read in full, click here.

For an independent review of services, click here. 

Formed in 1997, ABDN has gone from strength to strength with an aim to create awareness of minority ethnic new and established businesses. Working with mainstream business support organisations such as the Leeds Chamber of Commerce, UK Trade and Investment and City Growth Strategy to name a few, ABDN has managed to integrate a high number of new and pre-start business into the mainstream.

ABDN provide free business advice that has been key to their success and achievements insofar as assisting and advising what they term as “pre-pre-start, pre-start and established businesses. In their Mission Statement, the ABDN states that their aims and objects include a commitment to the following:

“To assist in the development of Minority Ethnic businesses through an active network that shares best practice, creates access to opportunities and represents its members at the highest level.

ABDN’s objective is to carry on activities which benefit the Minority Ethnic (ME) community and in particular:

To Act as an organisation, which will be a conduit through which key local district, regional national agencies and organisations will be able to have access to ABDN members.

To identify issues of particular concern to ME businesses and work in partnership with mainstream business support agencies to overcome these concerns.

To develop partnerships with public, private and voluntary sector business organisations in order to enhance economic activity in accordance with the region’s strategic economic objectives.

To help to strengthen the local economy and create a range of new employment opportunities for local people by stimulating and supporting existing businesses through technical assistance and business support mechanisms.”

Click here to read further about ABDN including their full aims and objectives.

The DTI Business, Enterprise and Regulatory Reform, or the BERR for short, has been set up to support and help business to succeed nationally and internationally . The BERR recognise the global challenge for UK and working in a competitive national and international market place.

BERR states that “ the BERR is committed to helping British industry increase productivity and develop world-class competitiveness. The Department promotes best practice in design and manufacture, investment opportunities, and champions each industry’s legitimate interests through policy and regulations. Its various business sector units also maintain one-to-one relationships with the leading firms in each industrial sector and generally represent the interests of their respective sectors in the development of Government policy and implementation of regulation. However, it is important to bear in mind that the Department for Business, Enterprise & Regulatory Reform does not lead on many regulatory matters (such as environmental protection, health and safety, etc).

The issues covered in the Department’s sector-specific web sites are tailored to each sector and include topics such as relationship management; sector-specific schemes and initiatives; other important sector contacts; general business support; regulatory guidance; partnerships; export assistance; market forecasts; research and development; and government policy. There is also information on where to find further help and advice.”

Click here for to read about the full services that the BERR provides for small businesses

As a new, small and on going business, budgets are always an issue when it comes to advertising. At Equilibrium, we are always looking for effective and economical ways to for our customers to get ahead. The UK Small Business Directory is one such rescource.

If you run a small UK based Business with your own website, you can register your details for free at the UK Small Business Directory to advertise your business; this can only enhance your presence online. Relying on ‘word of mouth’, idea that many big advertising agencies are turning to has been turned into an art by the UK Small Business Directory. 

The UK Small Business Directory states that “The UK Small Business Directory provides a free service to small UK Business enabling them to publicise their online presence, and a free service to the public to help locate local businesses. Both user friendly and search engine friendly, the UK Small Business Directory provides a brief description of the service provided, contact details of the service provider and a hyperlink to selected businesses websites.”

Click here to read further