< PreviousEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk30BRANDINGBuildingyour brandAt BLM group we advise businesses all the time on the different aspects of marketing. Here aresome pointers on building a brand…www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 31Whatever your line of business, the right brand isessential. Your brand should differentiate you from yourcompetitors, not just by drawing attention to yourparticular product or service, but by promoting an imagethat is individual to your firm. It should also encapsulateeverything you want your customers to think about yourbusiness.The right brand can help you to increase your marketshare and encourage customer loyalty in the long term.Think ‘brand’, and the initial tendency is often topicture a particular well-known logo or style ofpackaging. However, building abrand is really about forging aunique identity in the marketplace,and if you want to go beyond merelydifferentiating your product orservice from others on the market,you need to think about thecomplete package.When building your brand, youroverall aim should be to create apositive, consistent message, whichwill encourage clients to perceive thebenefits that are specific to yourproduct.Simple recognition is not enough –you need to communicate anassociation with a particular quality,such as value for money/ atraditional approach/ exceptionalservice, which will appeal tocustomers and encourage them toput your brand first. You might liketo refer back to your business planand/or mission statement.7 essential stepsBegin by defining the qualitieswhich most closely represent yourproduct or service. Brand namesinspire a feeling of confidence, andover time customers willautomatically associate yourcompany with the qualities you havechosen to highlight, when they comeinto contact with your brand.BRANDINGNames, symbols and logos should be short, simpleand self-explanatory. You might want tocommunicate an element of humour orsophistication, or of having a friendly andapproachable attitude. But whichever angle you take,your brand must remain easy for the customer torecognise and remember.Make sure that your brand is original and does notimpinge on another designs.You may also want to ask your valued customersfor their opinions on your plans, to see whether yourchoice of branding has real appeal.Ensure that all staff understand and take on boardyour brand identity: remember, your brand messagerepresents your firm’s image, and this image mustremain consistent across all areas of your firm.Make sure your branding and logos are consistenton all of your stationery, mailers, advertisements andwebsite.Even the biggest companiescan make branding errors…A cautionary taleAlthough you should reassess your brand fromtime to time to ensure that it has not becomeoutdated or inappropriate, it is important not toalienate your existing customers.One of the most famous examples of disastrousrebranding came in 1985 with Coca-Cola’s abruptreplacement of its most famous product with thesweeter ‘New Coke’. The move had come in responseto a shrinking market share, as blind tests suggestedthat many people preferred the taste of Pepsi.The change was a public relations debacle andCoca-Cola were forced to revert to their originalformula. However, there was a twist in the tale, asnostalgic demand for the traditional Coke had grownso strong that the company was soon able to re-establish its market lead.Do you intend to trade overseas? If so, take care toresearch your local market. Legend has it that theKentucky Fried Chicken slogan ‘finger-lickin’ good’came out as ‘eat your fingers off’ in China.Some of these stories might in fact be urban myths,but the moral – that careful research is vital – is valid.FOR BUSINESSES THAT ARE SERIOUS ABOUT REDUCING THEIR CARBON FOOTPRINTWWW.RENEWABLESANDENVIRONMENT.COMYou can read Renewables &Environment on the go!Available on Smartphones and Tablets. Ideal forthose whospend time away fromtheir officeLEGISLATIONwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 33Right terms,goodconditions Terms and Conditions- Ts and Cs. Many of youwill have some form of them in place for yourbusiness. Most of you will probably view themas a load of legal mumbo jumbo that nobodypays attention to. That is not the case at all - ifused effectively, terms and conditions are vitalto your business, says Shirley Atkinson, HRadviser at Fidler & Pepper Solicitors.Improve efficiencyTerms and conditions can help toimprove the efficiency of your business.They should clearly set out terms for dayto day business such as payment anddelivery.Looking at payment terms, what isincluded in the price? When is paymentfor the goods or services you areprovided to be made? It needs to becrystal clear in your terms and conditionswhat your payment terms are. If termsare not clear then you could haveproblems with getting paid which willhave a negative impact on yourbusinesses cash flow.Your terms and conditions couldinclude an early payment discount- forexample a 5% discount if they pay within10 days rather than 30. It gives yourcustomers an incentive to pay and it getsmoney into the business improving yourcash flow, without you having to wastetime and resources chasing payment.ProtectionAs with payment terms, delivery termsneed to be clear to avoid situations whichcould effect customer relations and costyour business money.If your contract with a customer doesnot state a specific delivery date, then thelaw says that the goods should bedelivered within a reasonable time. Thisshould not be an issue on the majority ofoccasions.However, issues may arise if youragreement with the customer specifies adate for delivery. Depending upon whatyour terms and conditions say you mayhave to honour specific delivery dates orrisk the contract being ended or beingsued.One size does not fit all!What your terms and conditions saycan have a significant impact oneveryday business. If they are clear anddo what you want them to do then theycan improve your businesses efficiencyby improving vital areas such as cashflow. They can also act as a shield andprotect your business from action suchas being sued.In order for terms and conditions towork in this way they need to reflect theway that your business runs and betailored to your businesses specificneeds. There are many standard termsand conditions available on the internetfor download, but these will not reflectthe specific requirements and ways ofyour business. As a result, they will notperform as you need them to. To fullyprotect your business, your terms andconditions need to cover a wide varietyof areas- mainly surrounding whathappens when things go wrong. Theterms must also be carefully displayed asthere are specific legal rules aboutbringing them to a customer’s attention.As with payment terms,delivery terms need tobe clear to avoidsituations which couldeffect customerrelations and cost yourbusiness moneyCONFERENCINGEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk34That fuzzy feeling of seasonal spirit isall around us. The Waitrose ad isalready on TV and no doubt the cocacola Christmas wagon will soon bevisiting a town or city near you.That’s right, Christmas is only a fewweeks away, and with it the opportunityto treat your favourite clients and/orprovide your staff to their long awaitedparty – but how up to date are you onthe tax rules over these items?In general, HMRC advises thatbusinesses treat gifts in the same waythat they treat entertainment. Thismeans that, with a few key exceptions,gifts are not tax deductible. So, whatare those exceptions and how can youmake the most of them?Where the office Christmas party isconcerned it can be tax deductible. Butonly if the total cost per personattending doesn’t exceed £150 per year(including VAT).A big caveat here, is that if youoverspend the amount per head thenthe whole cost of the party is subject totax, not just the amount that exceedsthe limit. The £150 total isn’t just forChristmas either, it’s an annual limit. So,if you put on both a summer party andChristmas party, that £150 per personhas to spread across both events. ForSeasonalSeasonalTAXAs the festive seasonapproaches, we look atthe ins and outs of whattax canbe claimed atChristmas and how tostay on the right side ofHMRC.PHOTO: SHUTTERSTOCK.COM/STOKKETECONFERENCINGwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 35example, if you spent £80 per personon an annual party back in July, you’llonly have £70 per person in December.You also need to be careful withgoing over that £150, as it’s anexemption and not an expense claim.That is your entire limit, go over byeven 10p per person and you can’tclaim for any of it. It has to be spot onor below, otherwise you get nothing.Seasonal treats for clients and staffmay also be deductible, but in order toqualify they must be seen aspromotional gifts. This meansdisplaying a ‘conspicuousadvertisement’ in the form of yourcompany logo. But with many optionsavailable for personalisation, it’sincredibly easy to give meaningful giftswhile staying tax free.Promotional gifts can be given to stafftax-free providing the overall cost doesnot exceed £50 per person per year. It’simportant to note that gifts of food,drink, tobacco and vouchers arespecifically excluded from this scheme.Tax efficient charitable donations canbe made through Gift Aid of course, orin cash, stock or investments. There arevarious tax efficient schemes andincentives for individuals, sole tradersand companies so it pays to make surethat your gifts are deductible dependingon your business size - youraccountants are probably the bestpeople to advise on this.Third party gifts, which employersmay receive from third parties such asbusiness associates or clients, areexempt from tax providing their totalvalue is less than £250. It is veryimportant to be aware of anti-briberyrules when dealing with such gifts. Inmany cases simple ‘common sense’can be applied to tell when a gift shouldbe accepted. Anti-bribery rules nowmean that even those aware but notdirectly involved may be foundculpable, should such transaction takeplace.Please Note: This article does notconstitute specific financial/legal/taxadvice for your situation and readersare urged to seek professional advicebefore making any decision.PHOTO: SHUTTERSTOCK.COM/RACORNStaff annual functions can be tax-free, but only if the total cost perperson attending is not more than £150 per year (including VAT).AUTOLINKEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk36BRITAINMade inThe British automotive industry hascertainly had its ups and downsover time but is now best knownfor premium and sports carmarques including Aston Martin,Bentley, Daimler, Jaguar, LandRover, Lotus, McLaren, Morgan andRolls-Royce. However, we’re alsoleading the way in electric vehiclesaccording to Transport MinisterAndrew Jones. COMMERCIAL PROPERTYwww.eastmidlandsbusinesslink.co.uk East Midlands Business Link 37Transport Minister Andrew Joneshailed the significant investment by UKcompanies in electric vehicle fleets at abusiness summit in London recently.Company bosses were praised foradopting ultra low emission vehicles(ULEVs) at the Future of BusinessMobility summit, which was hosted bythe government-backed Go Ultra Lowcampaign. Transport Minister AndrewJones urged those companies toremain “ambitious and bold” inembracing plug-in vehicle technology,and spearheading the development ofthis growing sector of the UK carmarket.Analysis by Go Ultra Low shows20,992 ULEVs were registered betweenJanuary and September this year,growth of 138.5% against 2014. Morethan 64% of these registrations weremade to UK businesses, highlightingthe important role that companies playin new car purchasing. During the firstnine months of 2015, ULEV marketshare grew to just over 1% of themarket. Government anticipates that 5%of new car registrations (around100,000 units) will be ultra-low emissionby 2020.Speaking at the Go Ultra LowSummit, Andrew Jones said: “UKbusinesses have a crucial role to play indriving the growth of the UK’s electricvehicle market; two thirds of ultra lowemission cars registered in the UK thisyear were bought for fleet and businessuse. We want to make electric vehiclesthe natural choice for all motorists, andthe faith placed in this technology byAudi A3 e-tron sportback: £29950 on the roadand offers up to 176mpg on a full chargeBMW i3: The marque’s first all-electric car: a true game changerwith cutting edge design and winner of numerous awards Mitsubishi: currently leading the new registrations charge, with7,255 of its flagship Outlander PHEV sold since the start of 201538 ÁUK businesses is helping to change attitudesand boost demand. Company bosses recognisethat electric vehicles are good for business andgood for Britain, and we want the general publicto follow their example.”Constant savingThe potential higher list price of electricvehicles, when compared with conventionallypowered cars, is more than offset by otherbenefits; fuel savings of up to 10p per mile, anestimated 20-30% saving in service,maintenance and repair costs and VehicleExcise Duty and Class 1A National Insurancebenefits.Head of Go Ultra Low Poppy Welch said: “It isimportant that businesses look beyond theinitial list price of the vehicle. Electric carsbenefit from government grants and tax breaksand are significantly cheaper to run andmaintain, all of which helps to reduce the totalcost of ownership. In addition, they providenotable environmental benefits.”Data from Lex Autolease, the UK’s largestvehicle leasing and fleet management company,reveals that running a BMW i3 over fouryears/60,000 miles will deliver a potential savingof £58 a month over rival, non-electric models –that’s £2,784 over a four-year operating cycle.Multiply that by a fleet of just 10 cars and thesavings escalate to almost £28,000 over fouryears. Similarly with the Nissan LEAF, themonthly savings compared with theconventionally aspirated competition are £105 amonth. That equates to more than £5,000 over afour-year operating cycle and £50,400 on a fleetof just 10 cars.The financial benefits of ULEVs are alsoavailable to company car drivers, of which thereare approximately 940,000 in the UK. In additionto the 8-10p per mile fuel savings for thosepaying for their own mileage, business driverscan save themselves more than £6,000 inbenefit-in-kind company car tax over a five yearperiod by going electric.There are 27 pure electric or plug-in hybridcars and nine vans, now available to buy in theUK, with the variety of vehicles ranging fromhigh-performance sports cars to capablemodels ideal for business use. Go Ultra Lowexists to help businesses and motoristsunderstand the benefits, cost savings andcapabilities of these vehicles. The collaborativecampaign is the first of its kind, bringingtogether a consortium of seven leading vehiclemanufacturers (Audi, BMW, Mitsubishi, Nissan,Renault, Toyota and Volkswagen), Governmentand the Society of Motor Manufacturers andTraders (SMMT).Renault Zoe: awarded ‘Best Electric Car forless than £20,000’ by What Car.Nissan leaf: best-selling electric car inEurope for 4th successive yearVolkswagen e-up: on sale from 2nd Decemberpriced at £24,250 (less £5,000 government subsidy)AUTOLINKEast Midlands Business Link www.eastmidlandsbusinesslink.co.uk38BUSINESS SCENEPHOTOS: STUART WILDE PHOTOGRAPHY LTDDuncan & Toplis Directors’ Briefing 2015The seventh annual Directors’ Briefing, as hosted byDuncan & Toplis took place at the Belton Woods Hotel nearGrantham this month, inviting business leaders fromacross the East Midlands. With keynote speakers JohnCridland, former Director-general of the CBI, along withnotable others – the event was a valuable resource forDirectors in the region. www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 39Next >