SEO, or ‘search engine optimisation’ is fast becoming one of the most important marketing and lead generation channels for businesses across the UK and the wider world. With more and more businesses recognising the power of the likes of Google, Bing, Yahoo and increasingly, the Chinese equivalent, Baidu, generating leads by way of online search engines in more powerful than ever.

There are more than a few benefits to both marketing your brand or business online via SEO, as well as pushing and optimising your website for products and services you offer and sell online via this incredibly powerful channel. Whether you are selling Juice Cleanses in the UK, furniture or something else, absolutely anything and every service and product has a place online in the world of SEO and search engine marketing.

Targeting What Works

Unlike many forms of traditional advertising, such as TV, Radio and Billboard advertising, featuring your offering, be it a service or product online and via search engines allows you to hone in on your ideal and target audiences. For example, if you are selling car insurance, you will want relevant people, your captive audience to see your offering by way of your website. Hence, you will target keywords and search terms relating to cars, driving and vehicles.

However, not only can you target your intended audience, but you can (to an extent) tailor what the search engine in question actually presents to them. For example, a particular type of product is likely to have its own dedicated ‘landing page,’ which is a page designed to rank for specific terms, targeting precisely who you are looking to present your website’s offering to.

Lower Costs and Greater Return on Investment

It is no secret that advertising in a primetime TV or radio advertising slot can cost you many thousands, sometimes even tens or hundreds of thousands of Pounds. However, when it comes to SEO and search engine marketing, the costs are significantly cheaper. Even in competitive industries such as loans, mortgages and insurance, you will spend far less than you would for an equivalent campaign via another traditional channel. With SEO, you are only likely to need to pay for:

• An SEO consultant (usually charged by the hour)
• Website hosting
• Website design (unless you can do this yourself)
• Any required website development

Moreover, when it comes to SEO, because you are targeting almost precisely who you want to and because you have paid far less to expose yourself to these audiences, your return on investment (ROI) will be much less than for other channels. This in turn means that your cost per acquisition (CPA) per client is significantly lower.

Anyone Can Do It

Unlike many other marketing channels, there is no exclusivity with SEO. This is because who ranks and is found where, is determined by algorithms rather than decision making people in offices. This means that a new business in reality has as much chance of succeeding online with the right work, as a multi-million Pound corporation does.

Have you got a final salary pension? If you do, you should consider yourself very lucky! Just 19 companies on the FTSE 100 stock exchange still offer them so they are a bit of a rarity these days. 

Recently, lots of people have been rushing to cash in their final salary pension but why is that?

What is a final salary pension

Just in case you didn’t already know. A final salary, or defined benefit, pays a guaranteed retirement income for life, based on how much you earned and how long you worked at the company for. Pay outs can be generous, and it’s certainly a more reliable prospect than the alternative defined contribution schemes which rely on stock market returns to fund your retirement.

But a final salary pension generally doesn’t offer the flexibility of a defined contribution plan. And that’s tempting people to cash them in.

In 2017, the amount transferred from final salary pensions to defined contribution plans rocketed up from £7.9bn to £20.8bn. That’s 92,000 transfers at an average of £250,000 each.

What does cashing a final salary pension in mean?

Essentially, you’re transferring money out of your company plan and into a personal pension pot. You can then invest it wherever you like. Or, if you’re over 55, you can simply withdraw cash from the new pot and spend it on whatever you like.

Why are more people cashing in now?

In 2015 pension freedoms were introduced by the government. It gives those over the age of 55 the flexibility to take their pensions as cash instead of an annuity. An attractive option for people who do not want to be tied down to an annual income. 

In addition, transfer values being offered on defined benefit pensions have been at record highs. A combination of low interest rates and low gilt yields has caused this rise in transfer values. When interest rates fall, it can become more expensive for companies to buy the investments which pay pensioners their guaranteed incomes. So bosses are keen for workers to cash in, and offer bigger incentives to get them to do so.

People are being offered sums far above their annual pension to transfer, making it an appealing offer.

However, yields have begun to rise from these historical lows, and we’ve seen the first interest rate rise for a few years. The impact may be that schemes begin to reduce the amount they offer people to transfer. So now could be the right time to take advantage of the offers, before they start to drop. 

But just because you can doesn’t mean you should!

When might it be a good idea to cash in a final salary pension?

Immediate access to a lump sum of money might be too tempting for some people to resist. But that alone is a very poor reason to make the leap, particularly if you don’t have any other guaranteed incomes. 

However, there are some circumstances which may mean this is something to consider.

• If you have children(or other beneficiaries), they stand to receive nothing under a defined benefit scheme. They can, however, inherit funds under a defined contribution scheme tax-free if you die before you’re 75. If you die after 75, the fund will still pass on, but will be subject to tax.  
• If you’re sick,a lifetime income isn’t much use to you if you’re not going to live long enough to receive it. A transfer might be a better option if you’re a heavy smoker with a family history of heart disease!  
• If you’re worried about the scheme collapsing. Pensions schemes are costing companies as much as 40% of payroll, three times more than 30 years ago. This has led to lots of pension schemes in the red. If an employer goes bust, the Pension Protection Fund steps in to compensate, but pay outs are likely to amount to less than they would have done. As BHS employees, and more recently Carillion employees, found out to their detriment.  
• If you need more flexibility. Under a defined contribution scheme you can spread withdrawals and reduce your tax bill. But you are also responsible for making sure you don’t run out of money.  
• If you need access before you’re 65 (the age at which most final salary schemes will start to pay out) – with most defined contribution schemes, you can access funds at 55.

Why might you be better off sticking with your final salary pension?

• With no guaranteed income for life, you put yourself at risk of running out of money before you die.  
• With a defined contribution scheme, you’re at the mercy of the stock market. The value of your fund could fall, leaving you with less to live on. A final salary pension doesn’t have this risk.  
• With final salary pensions, pay outs rise with the cost of living, so you have some protection from inflation.  
• If you have a spouse (particularly one who’s younger and fitter with no retirement income of their own), a final salary scheme may hold value for them too, typically 50% – 75% of the original value.  
• There’s no going back! Once you’ve transferred out, you can’t transfer back in, so it’s not a decision to be taken lightly!  
• If you’re offered more than £1.03 million to transfer, this will push you over the lifetime pension limit and you’ll be charged 55% tax on anything over that value – something to bear in mind.

What next?

The best thing to do it get some advice!  The FCA has made this a condition of being able to transfer a fund worth more than £30k. Transferring from a defined benefit scheme to a defined contribution is irreversible, so it’s worth it no matter what the size of the fund to avoid making a mistake you will later regret.

Everyone’s circumstances are different. Getting advice means you can be confident you’re doing the right thing for you and your family.

Sync The City is an annual event that brings together budding entrepreneurs and developers to pitch and build a start-up in just 54 hours. This year our Director Paul Grenyer was a mentor for one of the teams and they had great success with their idea ‘Seren’, taking home one of the prizes! Paul says “John Fagan has asked me to be involved with every Sync the City since it started five years ago, but this is the first time I’ve been in a position to commit to the 2.5 day event. Originally I was providing technical support via nor(DEV): but Sync the City were short of mentors so I was embedded into team Seren. I had to put my work for Naked Element on hold but I was more than happy to do so to be part of the event. My only regret is that I wasn’t able to do it sooner!”  Lily Beel, a trainee solicitor at Leathes Prior, explains the idea behind her winning pitch, saying “the general idea was to connect those beginning to suffer from mental health conditions with those who have recovered/are in recovery. The waiting time to be seen through the NHS is 9 months for mild/moderate conditions – which means that people are likely to get worse during that period. If they had someone to talk to, who had been through similar mental health issues, it might stop them from reaching a crisis point and harming themselves or worse.”  “I pitched it by providing figures received from different organisations about mental health and how long it takes to be seen. I explained that it would be good to have venues which allow people to connect and chat (whether about their mental health directly or about other subjects)” Lily and the team of eight worked together under Paul’s mentorship, to build the business start-up, but the process was not without its obstacles. “It was particularly difficult to work out how to reach those suffering and how to fund the charity. We overcame this hurdle using research and speaking to people. Contacts are invaluable – as you are limited to 54 hours, you need all the help you can get!” But this wasn’t the hardest part of the process, as Lily had never taken part in Sync the City before, let alone made a business pitch, she found the idea of doing this in front of everyone a daunting prospect. “I wanted to make sure I got the point across as I feel really passionately about mental health and feel that more needs to be done – it was hard to keep my emotions in check when I was pitching. We had a performance workshop beforehand and my team were incredibly supportive, which really helped.” “When we came out of the workshop with the performance coach” Paul adds, “I was really pumped up, as I knew Lily had something special and the drive and talent she exhibited had the potential to go a long way.” Between Lily, her amazing team and the support of Paul and all the other mentors and experts, team Seren took home the People’s Choice prize and £1000 between them! Paul says “I put winning down to the amazing drive and determination of Lily BeeI and to listening to the other mentors and following their advice.” “Sync The City is so important to Norwich and the tech community for so many reasons,  but mostly because it helps get new ideas off the ground and is great for the tech community, especially the collaboration with the UEA which brings so many business and computer science students to the event.”

Asset Finance – Why Choose Chatsbrook?

Here at Chatsbrook, we support businesses through our bespoke finance packages. We whole-heartedly believe that nothing should stand in the way of your business ambitions.

At the beginning of consultations, we attentively listen to your requirements, so we can consistently deliver tailor made funding solutions that transcend all expectations.

Asset finance is useful for when you need to free up cash flow, or if you want to expand areas of your business. For instance, you may be interested to know that we could offer finance for materials that you already buy in bulk. Our expertise of asset finance has nurtured hundreds of businesses by providing a means to become more efficient and sustainable.

Our clients Richard Pike Associates financed new software and hardware to help with their building, design and planning processes. The benefits reaped by new equipment is exponential as not only does it modernize their business, but it helps to provide a flexible and efficient service to customers.

Keeping up with the changing markets and technological progression can allow you to maintain a competitive edge. If you decide to work with us, you will be consistently supported from the offset. It is important that our clients not only continually receive the most competitive rates on the market, but the best service too. Our competency serves to advise you on ways to make strong, financial decisions so that your business can continue to grow.

Having financed a range of assets for many businesses, we not only have a wealth of knowledge, but our vast panel of lenders means that we provide finance perfectly suited to your industry. Our client The honey b company were able to finance a new Ford Ranger to help with the day-to-day running’s of their business- sometimes a new vehicle is all you need to improve overall efficiency.

We always go the extra mile for our clients. This can even involve sourcing, supplying and financing vehicles in certain cases. Our ethos of honesty and transparency means that we offer businesses a stress-free, seamless and attentive service whilst they still remain in control.

Smarter solutions are just around the corner, all you need to do is get in touch with our experts today call Chatsbrook now on 01603 733500 or email info@chatsbrook.co.uk.

Making Tax Digital can be simple to set up and will have positive effects on businesses in terms of time and cost savings, according to a leading firm of chartered accountants in the region.

Martin Bugg, of Larking Gowen, says businesses need to act now if they haven’t already started the process of moving their VAT returns onto software.

“Larking Gowen is Making Tax Digital ready and fully accredited for two of the leading software packages, QuickBooks and Xero,” says Martin.

 “As a Platinum Partner with QuickBooks, we have an excellent working relationship with them and first-rate support for all our clients,” he continues.

 “This includes providing our clients with the newly released Welcome Hub for QuickBooks online, which delivers free up to date training and support on the software, together with an email series of training material.

 “Larking Gowen is one of a small number of firms in the UK to offer this support free of charge to its QuickBook clients,” says Martin.

 By 1 April 2019, most VAT registered businesses in the UK must submit VAT digitally, and by 1 April 2020, other businesses need to get on board.

 “With our help, getting the software and transferring your company data onto it can be a straightforward process,” says Martin.

 “We start with a conversation to find out where any difficult issues are, and where efficiencies can be made. We can then recommend the software package that is most appropriate to your business,” he says.

 In a ‘one-stop shop’ service, Larking Gowen can then convert their client’s data into the software.

Once set up, the client can receive ongoing support and checks, if they need it, to make sure they are using the correct VAT codes in each part of their return.

 “Making Tax Digital is something all businesses have to come to terms with, but it delivers a number of positives which make the process worthwhile.

 “By using MTD, you are in effect buying your time back. The time savings you make can be used to generate more income for your business.

 “In addition to this, you have the benefit of seeing your business in the here-and-now rather than historically, which is a great benefit to decision-making. You can get your accounting data on the move, either on a phone or tablet.

 “My clients can see the impact of any business decision much more quickly, and can follow up or reverse it as necessary,” explains Martin.

 As well as the main packages, Larking Gowen can provide a number of ‘bolt-on’ packages, such as Chaser (automated credit control system) and Receipt Bank (which manages your receipts) which can bring further automation and therefore more efficiencies to a business.

 “We have also found bringing these services to our clients and talking about efficiencies, connects well with our business advisory offering, which can have a tangible effect on growth and profits.”

 For more information, please call Martin Bugg on 01603 624121 or visit www.larking-gowen.co.uk

“Understanding your consumer in any industry is vital; especially when they’re irrational.”

The ‘perfectly rational’ individual wakes up in the morning in complete darkness…

He gets dressed for work but never turns the light on because he knows exactly where all of his clothes are. He rationalises to turn the light on would be irrational. Spending an extra penny on lighting would take away an unjustifiable figure from his concise and dotted budget.

He drinks a cold coffee for the same reason. Boiling a kettle is one of the least energy efficient appliances in the home. The caffeine is just as strong as if the drink was slightly cooler than 100 degrees. He thinks the potency of caffeine is not related to the temperature of the drink, so why boil the kettle?

After he is dressed he heads to work. He does not need to travel to work because he sleeps at his desk. If you asked him why he would say that to own or rent is irrational; “when it is possible to sleep at work why waste the paycheck on a house and commute?”

Does this sound like someone you know? Human beings are not one hundred percent rational. We are emotional beings.

As science fiction author Robert A. Heinlein once said: “man is not a rational animal; he is a rationalising animal.” In other words, we always try and explain our behaviour without knowing why we do it.

In the 1970s, Daniel Kahneman and Amos Tversky highlighted just how irrational human beings can be. These two academics helped develop the idea of “cognitive biases,” showing that humans systematically make choices that defy clear logic. A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment.

An example of this deviation occurs every morning for some people. How many of us are guilty of skipping breakfast. Is breakfast not the most important meal of the day? Not eating in the mornings knocks our capacity to function throughout the day. Breakfast kick-starts the metabolism, helping you burn calories and helping us perform efficiently throughout the day. So why do we do it? Because we don’t have time in the mornings or we are too rushed or… and so on. Little things get in the way and we end up making poorer choices because of it.

These seemingly insignificant irrationalities can have a big impact on our perceptions of our customers. Understanding the customer is crucial in any industry; especially when they’re irrational. Knowing the exact problem your customers are trying to solve, and what shortcuts they might take to solve it is what is demanded by today’s consumers.

Take any everyday consumer product such as washing up liquid or toiletries, consumers generally have a preference for a small number of ‘trusted brands’. Knowing what makes a brand ‘trusted’ and why someone would pick one trusted brand over another is crucial insight in today’s competitive world however irrational the thought processes are.

Behavioural economics is a research field that uses psychology to understand more accurately how people make economic decisions. The insights provided by academics can be used by businesses to work with people’s irrationalities rather than against them.

One of the ideas within behavioural economics is framing. In a nutshell, framing is the difference between painting something in a positive or a negative light. This taps into our biological desire for immediate gratification or loss aversion (depending on if the frame is positive or negative) making us more likely to shift our decisions a particular way.

At the heart of behavioural economics lie nudges. These small hints, tweaks or changes are used to ‘nudge’ very specific behaviours in order to create larger lasting changes over time. This can be as simple as putting fruit before a chocolate sundae on a lunch menu or having to enter your pin rather than tap your card.

Putting fruit higher on a lunch menu means the reader has to actively reject the healthy option before they can accept an unhealthy one as their eyes scroll down. Entering your pin rather than using contactless creates friction. That friction that creates a half a second pause can be enough to make you think, “do I really need this?”

In theory, the wealth and range of products available means people should be able to have their exact needs met more so than ever before. In practise, people become overwhelmed and resort to rules of thumb; some businesses don’t understand that people don’t have the time the energy or the desire to seek out the best option.

While having a fleet of behavioural scientists might be a bit excessive for your company, taking a behavioural approach to your products and services could be the difference between a happy customer and one that is misunderstood.   

A couple of weeks ago I was honoured to be asked to judge and present the overall winner of the DevelopHER Awards 2018. There are a number of categories in the awards, including TechStar which I also judged, and the overall winner is chosen from the winners of the other categories. I believe that the best developers start writing code at an early age and continue throughout their lives and on through their careers. As well as learning all they can, all the time, they give back to community around them and help other people develop as well. Federica Freddi, who also won the Emerging Talent award, is clearly passionate about software development and is fully deserving of the DevelopHER award and I couldn’t have been more delighted to be able to present her with it on the night. Federica told me “It is fantastic to see so many women recognised for their contribution to our industry. It is a huge honour for me to be able to represent so many talented people that are making the difference in tech. As an Emerging Talent, I still have a long way ahead and I don’t know what awaits for me in the future, however I am sure I will never forget to stop along the way to give back to people and help the next generations of tech stars to grow too.” I am hoping we’ll see Federica back in Norwich very soon.