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How Millennial Shopping Habits Are Changing Fashion

Sam Allcock
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How Millennial Shopping Habits Are Changing Fashion

It’s official: Millennials outnumber Baby Boomers. Millennials are now the largest generation, and they have the purchasing power that goes with it, around £2 trillion at last count. Millennials are the most influential group with regards to employment and consumption, but numbers alone aren’t what make them unique as a consumer group. Today’s working boss lady (and boss man) is shopping online. S/he cares a whole lot less about brand names and a whole lot more about what social media influencers are wearing. Read on to discover how Millennial shopping habits are changing fashion.

Customisable Fashion

Today’s shoppers looking for gifts for wife don’t want cookie-cutters. They want unique: custom sizing statement necklaces, and tailor-made power blazers. Millennials have a much stronger desire to stand out and display their unique personality than the previous generation. This translates into more demand for customisable options. Very few brides in the past would have bought a wedding dress online. But the allure of a custom-cut and -fit gown is an offer today’s fiancées can’t refuse.

Insta-Fashion

The relationship between buyer and seller has always depended on trust, but today’s shoppers put their trust in individuals rather than logos. Millennials are hyper-connected. Nine out of ten Millennials do at least some of their shopping online. They own an average of three devices and their primary news source is often social media, rather than the tv or newspapers. The definition of ‘news’ on social media runs the gamut from world events to what one of the Kardashians wore to lunch. With options to ‘buy the look’ and 1-click purchasing, social media has made shopping easier than ever. These days, pseudo-celebrities exert far more influence than name brands that may have worked for decades to build their reputation.

Iconoclastic Fashion

Fashion is all about change, and Millennials fully embrace this concept. They don’t care a whit about convention or rules. Gender fluidity, diversity, and inclusivity are all extremely important to Millennials. Stereotypical portrayals of masculine or feminine types are out, while unisex, androgynous fashion has become the norm. Companies that cater to non-traditional beauty, such as makeup for a broad range of skin tones and, even better, offering personalisation options, are doing very well. Businesses created and run by atypical CEOs are also enjoying a moment as Millennials strongly support minority and underrepresented populations. Another unexpected growth sector: menswear. Online menswear sales now outpace those for womenswear, from waistcoats and suits to casual pj’s, men beat out women overall when it comes to shopping online.

Experiential Fashion

E-tail sales were already skyrocketing pre-pandemic and the lockdown has only fuelled this trend. While some claim retail is dead, the truth is, brick-and-mortar shops will always be with us. Virtual is great, but most people still want to touch and try things on. Nonetheless, physical stores have had to dig deep into their well of creativity to lure customers back through their doors. The smart ones have succeeded by offering services that can only be performed live, such as blow-outs and date makeovers. Of course, savvy retailers immediately upload before-and-after pics onto social media for maximum reach. They know this is the quickest route to Millennials’ hearts, and their wallets.

Throwaway Fashion

Online personalities may not have a degree in marketing or even much talent with a camera, but that doesn’t make them any less influential. The knowledge that your outfit will be photographed and the risk of being seen twice wearing the same thing has led to an explosion in fast fashion. Many social media celebrities have taken to only wearing an item a couple of times — at most — before tossing it. A boon for the fast fashion industry, if not the environment.

Transparent Fashion

We’re not talking about see-through clothes (at least not yet). One of the reactions to fast fashion has been the demand by Millennial consumers to know where and how their clothes are made. The fashion industry is now much more transparent about sourcing, production methods, fair treatment of workers and environmental impact than ever before. The majority of Millennials say they’re willing to pay more for brands that support social or environmental causes. Companies that advocate and demonstrate these types of practices are scooping up a particularly healthy part of the market share.

Slow Fashion

Another reaction to the throwaway fashion is the concept of ‘slow fashion.’ Slow fashion promotes, amongst other things, sustainability, environmentalism and workers’ rights. Businesses that embrace slow fashion subscribe to the mantra ‘less is more.’ Some companies are going so far as to offer to pay the return shipping on items shoppers no longer want, with promises to reuse or recycle it. One bright spot in the debate over e-tail versus traditional retail when it comes to waste: online shopping consumes about 30% less energy.

The Australian Banking Royal Commission and Background Screening Recommendations

Sam Allcock
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The Australian Banking Royal Commission and Background Screening Recommendations

When the final report of the Banking Royal Commission came out in 2019, the conclusion was clear – things need to change in the financial system. The changes envisioned by the experts encompass all the areas and all the levels in the banking industry, from the high-ranking executives down to the employees that work directly with the clients.

The culture of greed must end

The final report of the Australian Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry uncovered an appalling array of dishonest practices, many of Australia’s leading banks and financial institutions implementing a top-to-bottom culture of greed that cost the customers millions of dollars. The report presented 76 recommendations meant to prevent such a scandal from happening in the future. Let’s have a look at the most relevant changes suggested by the commission.

Background checks for brokers

While the scandal exposed institutional malpractice and a sales-driven culture, much of the blame resides with the brokers that interacted directly with the customers.

According to the commission, many brokers deliberately offered customers loans they could not afford and on such terms that would drive many people to bankruptcy, which they actually did.

According to the report, to prevent such things from happening again brokers must act with the best interests of the customer in mind. This means that, for the future, a broker could be fined for disregarding the customer’s financial situation on the excuse that it was the company policy that made him act that way.

Australian Brokers will have to undergo pre-employment background checks like the ones provided by the Australian National Character Check (link) to make sure they do not have prior misconduct charges on their criminal record. For the customer this means that a dishonest broker fired from a financial institution for misconduct will not be able to find a position in another bank or lending institution. Further information on commonly asked questions about Australian criminal record checks can be found here.

Background checks for financial advisers

The Banking Royal Commission recommended in its final report that banking licence holders should report to the Australian Securities and Investments Commission any concerns about the professional conduct of independent financial advisers. To keep things under control and the customers protected, such reports should be made on a quarterly basis.

One way of making sure financial advisers take their responsibilities seriously is imposing mandatory financial services background checks on the profession. According to the commission, the profession will be governed by a single body and financial advisers will have to be registered with it.

Special provisions for agricultural bankers

The Banking Royal Commission dedicates an important part of its report to the agricultural banking sector. The commission was appalled by the extent of the misconduct in this area, with many distressed farmers being burdened with disastrous loans.

First of all, the report recommends checks on all the banking employees working in this particular field to make sure they have a reasonable experience in agricultural matters. At the same time, they should undergo pre-hire background checks to exclude people convicted for gross misconduct from ever working in the same capacity again and destroying the lives of other farmers.

Learn how to read trading charts

Sam Allcock
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Learn how to read trading charts

Studying the dynamics of an asset with the help of a chart can help determine the direction it is moving in. There are a lot of graphs and charts of all shapes and, whereas some of them are pretty self-explanatory, others are a bit more complex. 

How to Read Forex Charts

Forex trading is all about anticipating trends: their ups, downs and reverse movement starting points. 

No matter the asset you are dealing with, you must know your charts. Trading is all about reading charts, so naturally, the better your technical analysis is, the more success trading can bring you. 

If there is one thing we all know about learning, it’s that practice is everything. This article offers the fundamental techniques you can apply, when studying charts, to improve your trading experience. 

Traders that make decisions based on the charts are known as technical traders. They rely on chart and indicator tools to identify peaking trends and price points, which enables them to enter and exit the markets at just the right moment.

Then, there are the fundamental traders, who make their decisions based on what the news are. They rely on changes in economic growth, oil supply, employment data, interest rate changes, war and political instability to make the correct prediction.

Before jumping to patterns and indicators, it is important to understand what a chart actually is. To put it simply, a chart is a sequence of changes in prices of assets depicted over a certain time frame and illustrated in a graph. 

Understanding trends

There are two types of trends you will hear most often about: the Bullish trend and the Bearish one. The Bullish trend is an upward trend (because the bull is pushing the prices higher, when charging upwards with its horns), whereas the Bearish trend is its opposite ー a downward one (because the bear pushes the prices down with its claws). There is also the horizontal (also known as sideways or flat) trand, that moves across. 

Whenever an asset’s price hits the same highs (resistance line) and the same lows (support line) at least three times in a row, we call it a ranging market ー because it is trading in a range. 

Types of trading charts

There are three types of trading charts that are most popular among professional traders. Each chart represents pieces of data helpful for the traders. How useful the chart is, of course, also depends on the skillfulness of the trader. 

The line chart is the most basic chart, but also a first step to successful technical analysis. The chart only offers one piece of information ー the asset’s closing price displayed over time. The closing price is known to be considered the most important part of data analysis. The line chart is formed by connecting the asset’s closing prices over time, neglecting the visual representation of the trading range or any information about the opening prices. 

The bar chart offers more information on the market as it includes a few more fragment details to each data point on the graph. The bar chart consists of a sequence of vertical lines, each of which represents trading data. Unlike the line chart, it offers information on the asset’s highs and lows, as well as the opening and closing prices. The opening and closing prices are visualised by a short horizontal line. 

The opening price is indicated by a “dash” on the left side of the vertical bar, whereas the closing price is the “dash” on the right side. Therefore, if the left dash is lower than the right one, we can tell that there has been an increase in the price. Moreover, in this case, the dash will be green, black or blue. If we are looking at a price decrease, the dash will be red.

The candlestick chart is pretty similar to the bar chart, but offers more information. Both charts have the vertical lines representing the price range within a certain trading period, but the body of the candle also shows us changes in the market with the help of colors. 

A closer look at the Candlestick chart

All the way back in the 17th century, the Japanese started applying technical analysis when trading on rice. This led to the modern-day popularity of the Japanese Candlesticks. 

The data displayed with candlesticks includes the asset’s highs, lows, opening and closing prices.

The empty and the colored parts are called the body. The thin lines above and below the body represent high and low ranges and are also known as shadows, wicks or tails. 

The lines illustrated on top of the body will let you know the high and its closing price, whereas the bottom line will show the low and its closing price. 

The colors of the body can vary, depending on the broker, but they remain pretty self-explanatory: the green represents a price increase, the red ー a decrease. 

An empty candlestick lets you know that the closing price is higher than the opening price, which puts a huge “buy” sign on the asset. A colored candlestick represents the opposite, which means you should sell immediately. 

You should also pay attention to the size of the body, which is an indicator of how big the difference in the price is. A short body, also known as Doji, shows that the price movement is insignificant and is perceived as a consolidation pattern. 

Doji is an essential component of the candlestick charts, as they provide information in a sequence of candlestick patterns. They form whenever the asset’s opening and closing prices are not too different from one another. 

The Doji candles prove to be useful when they show traders that the buying pressure is starting to fade out following a long green candlestick or when the selling pressure is weakening and supply and demand are evening out after a small red candle. 

Graphical Analysis

There are numerous patterns you can identify when looking at a chart. The chart patterns are conditioned by the fact that human psychology is not that flexible, which leads to history repeating itself over and over. 

Chart patterns reflect the psychology of the financial markets and are paid attention to based on the assumption that if they worked in the past, they will work in the future too. 

They can offer clues regarding what direction the asset is going to be moving in. Patterns help form a connection between trends based on the significant price movements. Analysis of chart patterns is a separate trading strategy you can use to your advantage. 

There are a few most essential patterns, Triangles is one of them. It is a continuous pattern that shows the battle between the rising and the falling prices. It lets you assume the price will eventually be moving in the direction it was taking before the pattern was identified. 

Another important pattern is the double top, which includes a price having two highs – this leads us to being sure the price will soon be going down again. The opposite of this is the double bottom – two lows, that will naturally be followed by an upward trend. 

Hopefully, these examples help you understand just how important it is to be able to identify a pattern. 

Using Indicators and Studies on Your Chart

As you become more familiar with reading and analyzing charts, you will eventually start using additional tools (like technical indicators) to measure the market volatility’s rate and shifts in value. 

Technical indicators help you see when the markets are “oversold” or “overbought”. When these situations occur, markets tend to struggle with sticking to a certain direction, which often is a sign of inevitable reverse movement. 

Then, there are momentum indicators, like oscillators, that measure the speed of the asset’s price changes. Most commonly used momentum indicators are the RSI, Stochastic or the MACD. Other forms of analysis, like the Bollinger Bands, will help you identify the time to enter or exit a trade. 

Trend line indicators, like the Moving Average, will help determine the direction a trend is moving in by neglecting all the smaller price movements. 

All of these indicators are offered on most trading platforms and can be used together to ensure you are making the right call on the market.

If you go to Valencia, Spain you can’t miss these places

Claire James
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If you go to Valencia, Spain you can’t miss these places

Situated on Spain’s east coast, in a dreamy seaside setting, Valencia has so much to offer. This Mediterranean port city is the third-largest city in Spain, and it has everything you need to experience a slice of Spanish life. There’s plenty to do to suit budgets of all sizes. 

Whether you’re staying in a luxury five-star hotel, or in a hostel to save money in the travel with friends, this vibrant city has it all. From world-class restaurants and stunning beaches to grand museums and lively nightlife, you’re sure to have an unforgettable experience in Valencia. 

Valencia is bursting with history and cultural heritage, as it was once the old capital of the Kingdom of Valencia. There are some outstanding historic monuments situated throughout the city, such as the 14-century Torres de Serranos and the 18th-century Marquise Palace. But, Valencia also has plenty of modern sights to see too. The contemporary Modern Art Institute, along with the City of Arts and Sciences, immerse travellers into a new age of art and scientist discovery.

Whatever you’re looking for in a city break, you’ll also find some unforgettable cultural experiences that are all Valencia’s own. Here’s our guide to the places you just can’t miss out on.

Torres de Serranos

This impressive landmark is regarded as a symbol of Valencia. Situated where Valencia’s Old City gives way to the Turia gardens, the Torres de Serranos is a former gateway through the ancient city wall, ‘la Muralla Cristiana.’ The town ramparts were built in the 14th century on top of old Roman foundations, and in 1930, they were restored to their former glory. These historic towers can be explored, and make for stunning views (perfect for photos) of Valencia’s cityscape. 

Palacio del Marqués de Dos Aguas (Marquise Palace)

The Palacio del Marqués de Dos Aguas is a stunning 18th-century aristocratic mansion that is renowned for its decorated facade and ornately carved alabaster doorway. This palace now hosts the National Ceramic Museum that opened in 1947, which contains more than 5,000 examples of traditional Valencian pottery. 

The Marquise Palace also has other interesting ceramic items on display, such as ancient Greek, Roman and Arab pottery, Porcelain from Japan and China, and more modern pieces from the likes of Picasso. One of the main sights in the Palace is a fully-equipped 19th-century Valencian Kitchen featuring traditional tiles. The Marquise Palace is not only a sight to see on the outside, but there’s plenty of interesting items inside to view for pottery enthusiasts.

Turia Park

Not only is Turia Park, or Jardines del Turia, one of Spain’s largest urban parks, but it’s also not your average city park. Turia Park, Valencia was a former riverbed that has been converted into a green space full of footpaths, playgrounds, sports facilities and picnic spots. 

Turia Park snakes its way through Valencia’s city centre, all the way from the Bioparc to the City of Arts and Sciences, and then on towards the Meditteranean Sea. Crossed by 18 bridges full of history, it also passes by lots of main museums and historical sites, such as the Torres de Serranos on either bank. If you want to know the park’s opening hours, and how to get there, VisitValencia has plenty of useful information on their website.

Ciudad de las Artes y las Ciencias

If you want to experience cutting-edge art and science, then the City of Arts and Sciences is the place to visit. This futuristic complex on the outskirts of Valencia is one of Europe’s most impressive centres, and it is solely dedicated to cultural and scientific conferences, workshops and exhibitions. 

The buildings in the City of Arts and Sciences are stunning examples of architecture themselves, that were designed by architects Santiago Calatrava and Félix Candela. In the complex, you can find the Hemisfèric IMAX Cinema, the Umbracle landscaped area, the Príncipe Felipe Science Museum, the Oceanogràfic aquarium, the Reina Sofía opera house and the Agora concert space. All of which are guaranteed to keep arts and science fans entertained for hours.

La Lonja de la Seda

La Lonja de la Seda is a magnificent Medieval structure that was built in the 15th century to house Valencia’s Silk Exchange, the marketplace where Valencian silk was traded to be sold all over Europe. Today, it is one of the city’s main attractions and is famously one of the very few non-religious examples of Gothic architecture across the continent.  

Visitors can climb the 144 stone steps of the tower’s helical staircase, and from the top, the views of the city are stunning. It’s no surprise that La Lonja de la Seda is deservedly a UNESCO World Heritage Site.

Institut Valencia d’Art Moderne

The Valencia Institute of Modern Art is housed in a futuristic Space-Age building that is dedicated to the art of the 20th century. When it first opened in 1989 it was Spain’s first modern art museum. Now it’s permanent collection focuses on Catalan iron-work sculptor Julio González, with almost 400 pieces housed in the Institute. The museum also boasts hundreds of other works from world-famous 20th-century artists. Besides art, a hidden historical gem can be found in an underground room of the Institute, which reveals ruins of Valencia’s medieval city wall that were uncovered during the museum’s construction.

Choosing the Best Business Phone Offering Strong Data Protection

Claire James
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Choosing the Best Business Phone Offering Strong Data Protection

Choosing the right phone for your business may feel like a bit of a nightmare. You not only have to consider the performance quality of your phone, but you also need to have one that is data secure. Penalties for data breaches are no fun and potentially could cost your business dearly.

It would be best if you had a phone for your business. At some point, clients and customers will want to contact you, and urgent matters arise from time to time. Such is the nature of business.

As such, the choice of phone is important. You need one that can perform in all the right areas such as streaming speeds, connection reliability, coverage, and cloud compatibility, but also security encryption.

From a business perspective, here are phones for consideration.

Apple Business Phones

Apple was one of the pioneers of the smartphone industry. Many people swear by Apple products with their elegant designs and clean lines. In terms of performance, Apple phones always put forward a great product for the price. They may cost a little bit more than an android equivalent, but you are simply paying for a high-end version that often has a significant edge in terms of performance and build quality. They are not one of the biggest brands on the planet for nothing.

You can see a good comparison of the various models here; idealo.co.uk

With this in mind, three phones stand out for business performance.

  • iPhone 7 – A good entry point phone from Apple that offers all the functions you need to run a business on a day to day level. For that, it is fine, and like most Apple products is reliable and fast. It is, however, coming to the end of its life, and it may well be more cost-effective to consider a newer model.
  • iPhone 8 – The iPhone 8 is a reworked phone with upgraded features. It is quite different from its predecessor, which may come in handy depending on the nature of your business. Features such as wireless charging and up to a 70% increase in speed may make you look twice at the iPhone 8, despite criticisms over its battery life.
  • iPhone XR – The Apple XR brings back the full-screen design (no bevel) and has ditched fingerprint ID for facial recognition. According to Apple, your image is not stored on an external server but contained in the phone itself. The XR features an enhanced processor and larger screen and offers plenty of storage space.

Privacy and data protection wise, Apple states that it uses encryption in key areas of their mobile devices. They also use layered protection to prevent security breaches from apps.

Blackberry Business Phones

At one time, the only smartphone available was the Blackberry. It was quickly superseded by the rise of Apple and Android phones, and their operating model became obsolete as developers went where the users were.

They did, however, offer the best security on the market.

In 2020, they are making a come back featuring the Android operating system. So what’s on offer:

  • Blackberry KEY2 – Featuring Blackberry’s famous keyboard and now armed with the Android operating system, Blackberry is now making a competitive offering. The price is quite high, however, and may be off-putting despite the above-average battery life.
  • Blackberry Key2 LE – It doesn’t perform as well as its bigger, bolder cousin, but this is considerably cheaper and competes with other mid-range phones.
  • Blackberry Keyone – Considered to be the best Blackberry phone for sometime on its release in 2017, this phone could be for you if you like a real keyboard to type on, but don’t want to lose the ease of the Android operating system.

From a security perspective, the Blackberry range is hard to beat. As well as standard protections, each device on the KEY2 is injected with unique cryptographic keys. This is advanced tampering protection, so should the phone detect something is wrong it won’t boot. This makes it considerably harder to hack than its competitors.

Samsung Business Phones

Like Apple, Samsung needs no introduction and is the dominate player in the Android market, offering classy smooth design and a good range of phones. They offer some of the best performing phones available today.

Here’s a sample:

  • Samsung Galaxy S20 Plus – With great storage options and a large screen, the elegant design is backed up by phone performance. It is also expensive and arguably suited to a more photography minded phone user.
  • Samsung Galaxy Note 20 Ultra – With unquestionable performance and ready for the future, there are little criticisms that can be made of this phone. Again, the high price may make it an unnecessary purchase for most business users.
  • Samsung Galaxy S20 – Another great offering and more affordable as well, this phone could be the option to choose for business if you love the brand and want something that can perform. Storage options may be disappointing for the money.

Samsung Phones run a Knox security protection on their devices. This comprises of data encryption, run-time protection, data isolation, and chip-up manufacturing. Samsung boasts government agencies and security experts trust their security.

Huawei Business Phones

Huawei is arguably the third most significant player in the market behind Samsung and Apple. Their offerings are on the whole excellent and can easily compete with the best. That said, their reputation is tarnished on both sides of the Atlantic over 5G and other issues.

They are still worth considering as a business phone.

  • Huawei P30 Pro – The Huawei P30 Pro is an excellent model phone and has very good camera capabilities. It offers good performance and storage.
  • Huawei Mate 20 Pro – The phone is an excellent all-rounder, but offers less storage capacity than the P30. The phone has also received criticism for its lack of UI finesse which you may find frustrating.
  • Huawei P30 – The little brother of the P30 Pro offers a very good phone for the price. Like most Huawei phones, it seems to be aimed at the photographer.

With its reputation tarnished by high-level government decisions both here and abroad, you may want to avoid Huawei’s offering as a business phone.

Google Pixel Business Phones

Google Pixel is a popular range of phones produced by the Android creator. The phones offer good design details, and competitive price points compared to other Android manufacturers. As Google releases them, they tend to get more pomp and circumstance than other brands.

Here are three for you to consider.

  • Google Pixel 5 – The latest offering from Google was released in October 2020. The phone has received decent reviews with plenty of praise heaped on its camera technology. With good phone specs but not exceptional ones, you may find other phones at better prices with similar capabilities.
  • Google Pixel 4 XL – Although arguably dated, many believe that this is the best Pixel phone. From a business perspective, it lacks storage, and as technology advances, this phone will be left behind.
  • Google Pixel 3 XL – A perfectly fine phone but has the same limitations as the 4 XL. It has also been discontinued from production, so if you have an issue replacing parts is going to be that little bit harder.

Google’s security takes the form of full-disk encryption, file-based encryption, and Trust-Zone security.

Why your business needs to join the circular economy

Claire James
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Why your business needs to join the circular economy

The current UK economy follows a linear ‘take, make and dispose’ approach. For example, when a new iPhone is released, we immediately ditch our old model even if it is working just fine. Similarly,  we purchase on-trend clothes which may only be worn once and eventually thrown away.

As this approach relies on the world’s finite resources, it isn’t sustainable in the long term. Only 9% of the world’s economy has moved away from the linear model and far more organisations need to get onboard to help preserve the planet. One alternative is the so-called circular economy. Here we explain what the circular economy is and why your business should consider switching to this model.

What is the circular economy?

The circular economy is a closed-loop economic system focusing on reusing, repairing, refurbishing, remanufacturing and recycling items and services instead of disposing of them. There are seven key elements, including rethinking business models, designing for the future, and preserving and extending existing products and services. This aims to reduce the volume of resources used and avoids creating waste, pollution and carbon emissions.

This sustainable model considers the full life cycle of products and aims to design these to ensure we get maximum value from the natural resources used. All potential waste should fuel another process. For example, London waste management company Bywaters offer food waste collection as part of its recycling services. During the decomposition process, the gases given off can be used to produce energy which helps to provide electricity to the UK. A circular system aims to eliminate waste, keep materials and products in use, and power the economy with renewable energy.

The benefits of a circular economy

A circular economy benefits businesses, citizens and the planet by promoting resource efficiency, encouraging eco-friendly product innovation and supporting green companies. Many industries including hospitality, fashion and technology will benefit from this economy model, increasing performance and reducing costs. This will help to make non-green industries green which will boost GDP by nearly 1% and create two million additional jobs.

A McKinsey study in collaboration with the Ellen MacArthur Foundation revealed that the circular economy could boost Europe’s resource productivity by 3% by 2030 and reduce CO2 emissions by as much as 48% by 2030 and 83% by 2050. While it could also help save EU countries €600 billion. What’s more, businesses will benefit from reimagining its products, packaging and services to meet the demands of a sustainable environment, and consumers will be purchasing better products meaning they won’t need to keep paying to replace them.

Why businesses need to adapt now

The UK government has introduced laws on greenhouse gas emissions, aiming to reach net zero by 2050. This involves things like introducing greener transport, carbon efficient agriculture technologies and the Climate Change business tax. As well as ensuring emissions are offset by measures like planting trees or using carbon capture and storage. As a result, it makes sense for businesses to adapt now rather than later when restrictions and laws may be stricter.

Using the circular mode will help create a consistent supply chain that is beneficial for both your business and the planet. For example, Katie Leggett, sustainability manager at drinks company Innocent told The Telegraph: “The benefit to the business may not be short term but may instead be for the planet, and the knock-on impact associated with that. For example, less extreme weather means more predictable harvests and therefore more consistent supply across the global agricultural system.” Adapting your operations is worthwhile in the long run, helping to reduce environmental damage and costs, innovate products and services, and protect against reputation damage.

Failing to pay attention to the impact of consumerism on climate change may impact your reputation as customers may be less likely to do business with you. Considering 25% of UK consumers want to shop more sustainably, this is a great opportunity for your business to build and retain its loyal customer base. It will enable you to stay relevant and ahead of the competition in an ever-changing consumer market. In fact, taking action now will enhance your branding and place you as a sustainable company.

Cost-effective tips for buying a car

Sam Allcock
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Cost-effective tips for buying a car

When it comes to major life purchases, there are few more exciting than a new car. Whether you’ve just passed your test and you’re searching for that first set of wheels or you’re a true petrolhead who’s seeking the latest addition to your collection, that feeling of anticipation never goes away.

And it seems there are plenty who agree. Data from the Society of Motor Manufacturers and Traders reveals there were more than 1.3 million new car registrations by the end of October 2020. Of course, that figure does not take into account any second-hand vehicles that may have changed hands. Meanwhile, the overall number is down more than 30% on the same stage last year – a discrepancy that can be attributed largely to the coronavirus pandemic and the ensuing lockdown.

There’s no denying that buying a new car represents a major financial commitment, but there are ways you can mitigate that cost and perhaps save yourself some significant sums of money.

Shop around

As with any large purchase, it often pays to weigh up all your options, rather than plump for the first model you see. There are many different ways to buy a car – privately, through a dealership, online or at an auction – and you need to work out which is going to offer you the best deal. It may also be worth widening your search in a geographical sense, as there may be greater value to be found in neighbouring towns or cities.

Buy second hand

This may not be desirable for everyone and it might seem an obvious point. After all, a used Audi A3, for example, is going to be thousands cheaper than a brand-new model that’s just rolled off the production line. But there is great value in buying second hand because new cars tend to see their value depreciate rapidly and you could soon find that your wheels are worth a fraction of what they were when you first made the purchase.

Think green

Beyond the initial price, you also need to think about the bigger picture and the other running costs associated with owning a car. When it comes to fuel, for example, you might want a model that tops the efficiency charts. That way, you’ll get more miles for your money when you fill up and it’ll be better for the environment too.

Consider insurance

There’s no denying that for younger drivers, insurance premiums are often higher because they’re deemed a greater risk. But there are steps you can take to try and reduce the price of your cover. Choosing a less powerful car, taking extra driving certificates, adding a black box and including other named drivers can all assist you in securing a slightly cheaper policy and ensuring the whole car-buying process is more cost-effective.

Five Reasons why Customer Reviews are Important for Small Businesses

Sam Allcock
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Five Reasons why Customer Reviews are Important for Small Businesses

It is hugely important for small businesses to build product reviews. These reviews get the business out there – people often look at reviews before buying, after all. A small business relies on these reviews for a lot of its custom.

People Read Reviews

The biggest change the internet has brought to people’s lives is change. Instead of being limited to their immediate area, they can now buy things from all over the world! People can now compare and contrast before they buy what’s on offer. They read reviews of the various businesses that offer that product! A small business needs reviews because that is the only way they will be seen. Customer reviews bring the business to a whole new level of visibility! If there are no reviews, no one will see what the business offers. They will get no new custom.

People Now Get Suspicious of No Reviews

Strange as it may sound, people are so used to seeing reviews for almost anything online that they get suspicious if they don’t see any. Even one review can be enough. No reviews will make people pass over your wares for somebody who has reviews. Reviews ae therefore essential for drawing people into your business. They make people stop and think. They make people come into your site, however briefly. The more people who come to your site, the more likely it is that some of them will stop and shop there.

You need a Healthy Mix of Good and Bad Reviews

People are automatically wary of reviews that can seem too extreme. If you have all negative reviews, then people will assume that your product is terrible. But if you have all positive ones, then they will still avoid you. People now assume that positive reviews with no negative ones mean that you have bought all the positive reviews. A small business therefore needs as many reviews as possible. It could unintentionally be caught in the trap of having too many of either kind of review, which can affect sales.

Small Businesses Rely on Word of Mouth

Small businesses often don’t have the marketing budget that big ones do. They have to rely on word of mouth to a far greater degree. In the modern world, this now includes product reviews. If a business has no reviews, this will have a huge effect on sales and profits. Even one review can mean a product turns up in an internet search. Word of mouth leads to more people using the business and leaving reviews. Then the cycle repeats itself with other products, and other areas of the business.

Visibility is Key

Reviews mean visibility for small businesses. Think about it. When people search for reviews, the sites that have the most reviews come up first or second in the results. If a small business has no reviews, it won’t turn up in the search results at all! No results means that no one will know about the products. No one knowing means no sales. Reviews are absolutely vital for putting a small business on the map. Most sites now put reviews on their own site. When somebody searches for reviews, they are then taken directly to the site itself. If a small business does this, it could mean more sales.

Benchmark International: How Could CGT Changes Affect Mergers and Acquisitions?

Claire James
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0
Benchmark International: How Could CGT Changes Affect Mergers and Acquisitions?

With amendments to Entrepreneurs’ Relief introduced in 2020 and rising media speculation over potential changes to Capital Gains Tax (CGT), this article investigates the impact on mergers and acquisitions.

Entrepreneurs’ Relief

Under previous legislation, Entrepreneurs’ Relief provided a generous reduction in tax liabilities, reducing CGT rates from 20% to 10% on the first £10 million of gains realised through the disposal of qualifying business assets.

However, on the 11th March 2020, tax-saving opportunities diminished significantly when the Entrepreneurs’ Relief lifetime limit was reduced from £10 million to just £1 million.

It must be remembered that, even at the higher rate of 20%, CGT remains substantially less than personal tax. Business asset disposals that qualify for Entrepreneurs’ Relief also attract less tax than a direct sale of business assets, which could attract 19% corporation tax as well as an additional 38.1% dividend tax.

Entrepreneurs’ Relief is available to individuals rather than companies. Therefore, where a disposal of business assets qualifies, each individual shareholder will only be taxed the lower Capital Gains Tax rate on the first £1 million, rather than it being applied to the company as a whole.

Announcing Entrepreneurs’ Relief amendments in his 2020 Budget, Chancellor Rishi Sunak indicated that 80% of small businesses would be unaffected by the changes. Sunak explained that although he wanted to encourage risk-taking entrepreneurs, he had also heeded representations that the tax break should be abolished completely, hence the reduction.

Even with the rate of CGT limited to just 10% on the first £1 million of gains, Entrepreneurs’ Relief still offers significant tax saving potential, particularly in terms of mergers and acquisitions.

As part of the legislative changes, Entrepreneurs’ Relief was renamed Business Asset Disposal Relief in the 2020/2021 tax year. Individuals must meet certain eligibility requirements, satisfying defined criteria throughout the ‘qualifying period’ – a two-year timeframe ending at the date of asset disposal.

Throughout the qualifying period, the stakeholder must:

  • Have been a company employee, officer, or sole trader
  • Have held a stake of 5% or greater of the company’s share capital, as well as 5% of voting share capital
  • Have remained within their individual £1 million lifetime disposal limit

Eligibility also depends on whether an individual is disposing of shares within a business or disposing of the entire business itself. Although both instances can qualify for relief, there are notable differences in eligibility criteria.

In the case of a disposal of shares, the company must be a trading company, or a holding company of a trading group, trading throughout the two-years preceding share disposal.

Proposed Changes to CGT

With the UK economy reeling from the continuing COVID-19 crisis combined with Brexit uncertainty, analysts indicate that Rishi Sunak could turn to CGT to help meet the potential £391 billion deficit created by the coronavirus pandemic.

As Alistair Darling pointed out in a recent radio interview, the only popular tax is one that everyone thinks is being paid by someone else. In 2018/19, just 276,000 individuals paid CGT, but from that low number, the UK Government generated an impressive £9.5 billion in revenue. As a global mergers and acquisitions specialist, Benchmark International always recommends that clients seek professional advice from qualified tax experts. Nevertheless, in terms of benefiting from the tax-saving potential of Business Asset Disposal Relief, it may be a prudent to act sooner rather than later, to avoid missing out on tax relief.

Business travel to Holland? Consider a car rental

Claire James
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Business travel to Holland? Consider a car rental

Travelling for business is often considered intensive and tough. Running from meeting to meeting, arriving at your hotel late and start preparing for your next day. The hassle already starts when you leave your home. Rushing to the airport, queuing for security and waiting for the plane to take off… not the best way to start a hectic week of business meetings. Luckily there are innovative companies that are looking to take some of that stress away. Car rental Holland is one of these examples that show how it should be done. Let’s look at how they are making business travel great again.

Car rental Holland: click and go

You can book your car via the Internet and select your preferred method of pick-up. There is a special valet rental option that is often enjoyed by business travellers. When you arrive at Amsterdam Schiphol airport and head to the exit of the terminal, you will be welcomed by a car rental representative. He/she will guide you to the car that will wait for you directly outside of the terminal. After a quick check you can immediately drive off to your meeting or hotel.

Transparent pricing

With the emergence of the Internet and price comparison websites, it is important to be transparent. This is exactly what car rental Hollandis striving for. Companies that offer car rental services are open about pricing and potential additional fees. With a quick search on the Internet you know exactly what you can expect. Pricing is also dependent on your needs. There are cars that are small in size, but you could also choose a more convenient larger car. You can filter on these preferences and find the exact car that suits your needs.

Service of a taxi but at a better price

Taxi services in Holland are very expensive. For a short ride you easily spent more than 30 euros. This makes the use of these services very unattractive for travellers that come to the country. Public transport is another option that can be considered. Pricing is attractive and the infrastructure is sufficient. The only difficulty is the penetration throughout the country. Some places are quite hard to get to, requiring a taxi from the train station or ride a bicycle to reach your destination. This makes renting a car the best alternative for business travellers visiting the country.

Airports to consider in The Netherlands

The airport of Amsterdam is not the only option to consider. There is also rent a car Eindhoven airport that poses as an appealing option for business travellers. The airport is mostly utilised by low-cost carriers, making it possible to travel for competitive prices. Since the fixed costs of rental companies here are also lower, the prices of a rental car are also more appealing. If you are flying from within Europe, it can be an interesting alternative for Amsterdam’s Schiphol airport.

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