SBC Business Magazine New Year 2024 Issue 12

A word from our Chief

WELCOME TO SBC MAGAZINE!

Welcome to the latest edition of SBC magazine, HAPPY New Year, have you set any resolutions or goals for the year ahead?

We have got so much planned for our 2024, we will be exhibiting at the ExCeL 3 times at the Business Revival Series, The International Frachise Show and returning to The Business Show. We believe for brand awareness and to start coversations that exhibitions are a great source of business.

We will be growing this magazine over the next 12 months and printing the editions when we are exhibiting so we can give them out to people.

You and your business growth is important, let us help you by reading our advice and tips throughout the magazines, you are also welcome to come along to our networking meetings either online or in person.

Do you have any ideas that you think we should include in future magazines or on our website? Get in touch and tell us how we can improve.

We also have some articles from members of Simply Business Club, take a look and let us know what you think.

01843 627 001

info@simplybusinessmagazine.co.uk

www.simplybusinessmagazine.co.uk

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Would you like us to cover a certain topic or perhaps add a regular section with updates, perhaps from a certain

Exciting

The Empowering Journey: Unveiling the Benefits of Running Your Own Business

Embarking on the entrepreneurial journey, running your own business, is an exhilarating and empowering endeavor. While it comes with its challenges, the rewards are often profound. In this article, we delve into the numerous benefits that entrepreneurs experience when they take the leap to establish and manage their own business.

Freedom and Autonomy:

One of the most enticing aspects of running your own business is the freedom it affords. Entrepreneurs have the autonomy to make decisions that align with their vision and values. This independence allows for creative expression, strategic planning, and the flexibility to adapt to changing market dynamics.

Passion Pursuit:

Starting your own business often stems from a deep passion for a particular industry, product, or service. When you’re doing what you love, work becomes more than just a means to an end; it becomes a fulfilling and purposedriven journey. The ability to turn your passion into a profession is a unique and rewarding aspect of entrepreneurship.

Financial Control:

Entrepreneurs enjoy greater control over their financial destinies. While the initial phases may be financially challenging, the potential for unlimited earning is significant. Successful businesses can lead to financial

stability and the ability to invest in personal and professional growth.

Innovation and Creativity:

Running a business encourages innovative thinking and creativity. Entrepreneurs constantly seek solutions to challenges, introducing new products or services, and adapting to market trends. The entrepreneurial environment fosters a mindset of continuous improvement and the pursuit of innovative ideas.

Flexible Work-Life Balance:

Achieving a healthy work-life balance is often a struggle in traditional employment settings. However, running your own business allows you to set your own schedule. While the early days may demand extra effort, the long-term goal is to create a business that works for you, affording the flexibility to prioritize personal and family commitments.

the entrepreneurial journey contribute to personal growth, resilience, and adaptability.

Impact on Community:

Running a successful business positively contributes to the community. It creates job

opportunities, stimulates economic growth, and, in some cases, addresses societal needs through innovative products or services. Entrepreneurs become integral parts of the social fabric, making a lasting impact beyond their immediate business ventures.

Building a Legacy:

For many entrepreneurs, the desire to create a lasting legacy motivates their efforts. Building a successful business that can be passed down through generations or sold as a valuable asset is a fulfilling way to leave a mark on the business landscape.

Conclusion:

Learning and Personal Growth:

Entrepreneurship is a continuous learning experience. From managing finances to marketing strategies, entrepreneurs wear multiple hats and develop a diverse skill set. The challenges encountered on

Running your own business is a journey that goes beyond the balance sheet. It’s about freedom, passion, financial control, creativity, and personal growth. While challenges are inevitable, the rewards of entrepreneurship are numerous and often extend far beyond individual success. The ability to shape your own destiny, contribute to the community, and leave a lasting legacy makes running your own business an empowering and gratifying pursuit.

A GLIMPSE INTO THE BUSINESS INNOVATION EXPO

A great show coming to the ExCeL - 13 & 14th March 2024

In the fast-paced world of entrepreneurship, staying ahead of the curve is not just an aspiration but a necessity. The Business Innovation Expo, an annual event running this year on the 13th & 14th March at London, ExCeL, is the beacon guiding businesses into the future. As we explore the key highlights of this transformative expo, we’ll discover how it fosters collaboration, sparks creativity, and propels businesses into a new era of innovation.

Uniting Minds, Igniting Ideas

At the heart of the Business Innovation Expo lies a dynamic environment where minds converge, ideas collide, and innovation is born. The expo serves as a melting pot for entrepreneurs, industry leaders, and visionaries from various sectors. This unique congregation fosters an atmosphere ripe for collaboration, where the exchange of ideas becomes the catalyst for groundbreaking innovations.

Entrepreneurs find themselves in an immersive experience where they can interact with like-minded individuals, share insights, and gain inspiration from diverse perspectives. This cross-pollination of ideas is a cornerstone of the expo, creating a ripple effect that extends far beyond the event itself.

The Power of Networking

One of the expo’s standout features is its commitment to networking opportunities. Attendees have the chance to connect with industry experts, potential investors, and fellow entrepreneurs. These connections are invaluable, serving as a bridge between innovators and the resources necessary to turn ideas into reality.

In the rapidly evolving business landscape, networking is not just a formality but a strategic imperative. The Business Innovation Expo provides a platform for professionals to build professional relationships with like minded business people through tried and tested business card exchange and also through their ‘Speed Networking’ feature which is being run by 4 Networking. This fast-paced experience allows visitors to meet with and pitch their business to 10s other visitors in just minutes maximising the connections made in a short time.

Showcasing Cutting-Edge Technologies

No business expo would be complete without a showcase of the latest and most transformative technologies. The Business Innovation Expo excels in this regard, offering a curated exhibit of cutting-edge solutions that have the potential to revolutionise industries.

From artificial intelligence and blockchain to sustainable technologies, the expo provides a glimpse into the future of business. Entrepreneurs can explore firsthand how these innovations can be integrated into their

operations, fostering efficiency, sustainability, and a competitive edge in the market.

Fostering Diversity & Inclusion

Innovation thrives in diverse and inclusive environments. Recognizing this, the Business Innovation Expo is committed to fostering diversity and inclusion within its programming. The expo actively seeks out perspectives from underrepresented groups, providing a platform for voices that might otherwise go unheard.

By championing diversity, the expo not only reflects the rich tapestry of the business world but also cultivates an environment where a wide range of ideas can flourish. This

commitment to inclusivity ensures that innovation is not limited by preconceived notions, unlocking the full potential of creativity from every corner of the business community.

Beyond the Expo: Nurturing a Culture of Innovation

While the Business Innovation Expo is an annual event, its impact extends far beyond the days of the gathering. The expo serves as a catalyst for the creation of a culture of innovation within businesses. Attendees return to their organisations armed with newfound knowledge, fresh perspectives, and a renewed sense of purpose.

Businesses that prioritise innovation are better equipped to adapt to change, navigate challenges, and capitalise on emerging opportunities. The Business Innovation Expo, through its multifaceted approach, contributes to the long-term success of businesses by instilling a mindset of continuous improvement and forward-thinking.

The Business Innovation Expo stands as a testament to the power of collaboration, networking, and forward-thinking in the world of business. By uniting diverse minds, showcasing cutting-edge technologies, and fostering a culture of innovation, the expo not only provides a snapshot of the future but actively shapes it.

As we reflect on the impact of the Business Innovation Expo, it becomes clear that this annual event is not just a gathering of businesses; it’s a celebration of the entrepreneurial spirit and the limitless possibilities that lie ahead. In the ever-evolving landscape of business, innovation is not just an option—it’s the key to unlocking a brighter, more dynamic future.

Britain’s Biggest International Franchise Show!

Welcome to the International Franchise Show, host to the UK’s biggest selection of the most exciting franchise opportunities from around the world! Returning on the 12th & 13th of April at the ExCeL in London, thousands of entrepreneurs and business owners will get FREE access to over 250 exhibitors, 60 seminars, 1-2-1 personal advice, interactive

features, expert guidance and more. This show promises to be the biggest and busiest yet, boasting limitless choices to start, develop, or invest in a franchise.

Operated by Comexposium, the third largest events organiser in the world, the International Franchise Show has been connecting thousands of budding entrepreneurs with their perfect franchise opportunity for over 14 years. The show also couldn’t be in a better location! The ExCeL has 5 international airports all within an hour’s commute, deeming London as ‘the gateway to Europe - the most accessible city in the world’.

The International Franchise Show also plays host to over 50 international brands across 25+ sectors, offering franchise opportunities from under £10K. There is sure to be something for everyone! Why not attend and see if starting or investing in a franchise could be for you? The most recent Natwest survey in 2019 estimates that the franchise industry is worth £17.2 billion in the UK so it may well be worth dipping your toe into the water. No matter your passion you are sure to find a franchise that is your perfect match. You will come away, at the very least, having gained a wealth of tips, tricks, and knowledge from franchise experts who have been in the game for years or have been met with exponential success.

This year there are talks from NatWest, Specsavers and Tutor Doctor, amongst many other incredible brands from across the globe. There are also such features as The Finance Clinic where you can find expert advice on what finance options are available for you. Plus, there’s The Supplier Zone where a range of businesses showcase their products and services to help get your franchise off the ground and running efficiently. Finally, there is a US Pavilion this year for US brands looking to expand their presence in the UK. Attend the show and explore franchises from every industry, all with a business model that has proven to be successful. Don’t miss the opportunity to access a wealth of information all in one place.

Get your completely free ticket here and visit on April 12th & 13th 2024, at the ExCeL in London.

SBC are proud partners

If you have read SBC Magazine or attended a Simply Business in the past you will know that we love networking and getting involved in exhibitions like the International Franchise Show.

When we were given the chance to partner with the IFS 2024 we decided that it was a great opportunity to showcase SBC and our members at the show. Franchising Simply Business Club is something that could happen and we will certainly look at the different options

available to us from the many franchisors who will be exhibiting and talking at the show.

Available on Friday 12th and / or Saturday 13th April? Come along and check out the amazing stands, talk to franchisors about the benefits of taking on a franchise and starting your own business.

Whilst attending the show come over to our stand and say hello to us (stand no unknown at time of writing)

Boost Your Business:

5 Top Office Design Tips That Will Help Elevate Employee Productivity

Effective office design contributes to a comfortable and functional work environment and can positively impact employee morale and job satisfaction, contributing to overall retention and a healthier workplace culture.

Studio Alliance office design experts have provided five practical tips for businesses seeking to enhance productivity through office design.

1, Designate Tech-Free Zones:

Establish specific areas within the office where electronic devices are prohibited, allowing employees to disconnect and engage in mindful activities temporarily. This intentional break from constant digital connectivity rejuvenates focus, reduces digital fatigue, and contributes to a more balanced and energised workforce.

2, Light and Greenery:

Exposure to natural light and the presence of greenery have been linked to improved mood, well-being, and productivity. Natural elements in the office environment can reduce stress and fatigue, increasing employee focus and creativity. Maximise natural light by positioning workstations near windows and using light-coloured, reflective surfaces. Integrate indoor plants and greenery to bring a touch of nature into the workspace.

3, Noise Management:

Excessive noise levels can significantly distract and hinder concentration. Creating a balanced acoustic environment can help employees maintain focus, reduce stress, and enhance overall productivity. Use noise-absorbing materials such as carpets, curtains, or acoustic panels to minimize sound reflections. Designate quiet zones for tasks requiring concentration and provide noise-cancelling headphones for employees who need to tune out distractions.

4, Incorporate Ergonomic Furniture:

Ergonomic furniture is designed to support the body’s natural movements and can significantly impact employee comfort and well-being. Comfortable employees are more likely to stay focused and productive throughout the workday while reducing the risk of musculoskeletal issues. Invest in adjustable chairs, sit-stand desks, and ergonomic accessories like keyboards and mouse devices.

Social Spaces for Informal Interactions:

Integrate social spaces within the office to support informal interactions. These areas serve as hubs for casual conversations, fostering community and strengthening colleagues’ interpersonal relationships. Such social interactions contribute to a positive work culture and overall job satisfaction.

“Productivity and morale are heavily influenced by office design. To generate a positive reaction towards the new ways of working and, ultimately, employee satisfaction, the design process should be less about the space and more about the people. Offices designed to support an agile and activity-based working style offer a variety of spaces that encourage ad-hoc meetings, exchanges of ideas, spaces dedicated to teamwork, and social spaces that support informal interactions. Giving the employees the possibility to choose the perfect place for a certain task empowers them to build a sense of comfort, freedom and enjoyment for being in the office daily, which is key for productivity.”

Diana Calfa, CEO of Morphoza, one of Studio Alliance’s members

Maximizing Efficiency: The Untold Benefits of a Serviced Printer Contract for Your Business

In the fast-paced world of business, maintaining a streamlined and efficient workflow is paramount. One often overlooked yet crucial aspect is the management of copier printers, which play a central role in daily operations. Investing in a serviced printer contract brings a myriad of benefits that not only ensure the smooth functioning of your copier printers but also contribute to overall business productivity. Let’s explore why having a serviced printer contract is a strategic move for businesses:

Minimized Downtime, Maximized Productivity:

With a serviced printer contract, you have access to timely and regular maintenance. This proactive approach minimizes the risk of unexpected breakdowns, reducing downtime and ensuring that your copier printers are consistently operational. This translates directly into increased productivity for your business.

Cost Predictability and Control:

Serviced printer contracts often come with fixed monthly costs. This predictability allows for better budgeting, eliminating unexpected expenses associated with sudden breakdowns or emergency repairs. By controlling costs, businesses can allocate resources more efficiently and focus on strategic initiatives.

Expert Technical Support:

A serviced printer contract typically includes access to a team of skilled technicians who specialize in copier printers. This ensures that any technical issues are promptly addressed by professionals with in-depth knowledge of the equipment, leading to quicker problem resolution and minimized disruptions.

Regular Firmware and Software Updates:

Copier printers, like any technology, benefit from regular updates. A serviced printer contract often includes the installation of firmware and software updates. This not only keeps your equipment running at its optimal performance level but also ensures compatibility with evolving technology standards.

Extended Equipment Lifespan:

Regular maintenance provided by a serviced printer contract helps extend the lifespan of your copier printers. By addressing potential issues before they escalate you not only protect your initial

investment but also delay the need for costly equipment replacements.

Focus on Core Business Activities:

Outsourcing printer management to a service provider allows your internal team to concentrate on core business activities. Instead of troubleshooting printer issues or handling maintenance tasks, employees can channel their energy towards strategic projects, improving overall business efficiency.

Customized Solutions for Unique Needs:

Serviced printer contracts can be tailored to meet the specific needs of your business. Whether you require additional support during peak times or have unique printing requirements, a customized contract ensures that your copier printers are aligned with your business goals.

In conclusion, a serviced printer contract is not just a support agreement; it is an investment in the uninterrupted flow of your business operations. By proactively managing your copier printers, you pave the way for increased productivity, cost control, and a focus on what truly matters – the growth and success of your business.

services, entering new markets, or adopting innovative strategies, the new year provides a canvas for entrepreneurs to paint their visions.

Starting a new venture or implementing novel initiatives requires a supportive network that can offer guidance, collaboration, and valuable insights. This is where business networking comes into play, acting as a catalyst to connect like-minded individuals who share common goals and aspirations.

The Power of Business Networking:

1, Expand Your Reach:

Networking events, both online and offline, provide a platform to meet a diverse range of professionals from various industries. By actively participating in these events, entrepreneurs can expand their network, opening doors to new clients, partners, and mentors.

Embracing the New Year: Unleashing Business Potential through Networking

As the dawn of a new year unfolds, it brings with it a myriad of opportunities for entrepreneurs and business professionals to reevaluate, reset, and forge ahead on the path of success. One powerful catalyst for personal and professional growth is business networking. In this article, we’ll explore the significance of starting afresh in the new year and how leveraging business networking can propel individuals towards greater success. show, come and join me and tell me about your business.

Embracing Change and New Beginnings:

The new year is synonymous with fresh starts and the chance to set new goals. It’s an ideal time for business owners and professionals to reflect on their achievements and shortcomings from the previous year, identifying areas for improvement and growth. Whether it’s expanding

2, Knowledge Sharing:

Engaging with fellow entrepreneurs in a networking setting allows for the exchange of valuable insights and experiences. Learning from others’ successes and challenges can provide fresh perspectives and inspire innovative approaches to business.

3, Collaboration Opportunities:

The new year is an opportune time to explore collaborative ventures. Networking enables individuals to identify potential collaborators or partners who can contribute complementary skills and resources, fostering the development of mutually beneficial projects.

4, Personal Development:

Business networking is not just about promoting one’s business; it’s also a powerful tool for personal development. Interacting with diverse individuals helps enhance communication skills, builds confidence, and provides exposure to different business philosophies. like-minded

Promoting Yourself through Networking:

Authenticity Matters:

Be genuine in your interactions. Authenticity builds trust, and trust is the foundation of strong professional relationships. Share your story, values, and goals, and listen to others with genuine interest.

Showcasing Expertise:

Position yourself as an expert in your field by actively contributing to discussions, sharing relevant insights, and offering solutions to common challenges. This establishes credibility and makes you a go-to resource within the network.

Engage in Reciprocal Support:

Networking is a two-way street. Actively support others by providing referrals, advice, or testimonials. The more you contribute to the success of others, the more likely they are to reciprocate.

Conclusion:

As we step into the new year, let it be a journey of exploration, growth, and collaboration.

Do you have any Business Networking stories that you would like to share with our readers?

We are looking for inspirational stories from people who attend all different type of networking settings, tell us how you got into it, why you chose to frequent a specific one or two groups, what you are looking for from your efforts and how you try to help other.

Interested in telling your story? Email over the above info and we will include some stories in future editions of SBC magazine.

info@simplybusinessclub.co.uk

Until next time, keep supporting each other because a rising tide lifts all boats.

Utilizing business networking as a catalyst for personal and professional development can lead to exciting opportunities and propel individuals towards success. By embracing change, expanding networks, and actively promoting oneself within these networks, entrepreneurs can unlock the full potential of the new year and pave the way for a prosperous future.

Joining Simply Business Club has given us a great opportunity to meet other business within Kent and hear about the various industries of other members. Its quite a relaxed atmosphere too so you feel like your making friends as well as business contacts and meetings are flexible to your work schedule. All in all its been great for our business not only broaden our client base but also utilise services from others too. We would highly recommend coming along and trying it out!

David Meares Virtec IT Solutions

Book a meeting now by scanning this QR code don't forget to use the promocode NEWVISITOR for your first 4 visits

Networks To Success!

Written by Suzi Fish

Each month we want to share some our members thoughts, this month we chose to share an article from Suzi who recently re-joined the club.

Networking is a great way to build your business – but only if you avoid some of the classic mistakes that will kill your networking in a few short minutes. Here’s some of the mistakes to avoid to ensure networking is your route to business success.

1. Not preparing your pitch:

We’ve all listened to a boring, mumbling pitch that goes on and on, never gets to the point or even explains what someone does. Create a short snappy pitch that describes what you do, what you offer and the benefits of your product or service, with a memorable opening that grabs attention. Add a personal, relatable story about how what you do has made a difference for someone, or how you’ve solved a common problem tailored to your audience, and what you are looking for from your networking colleagues. Your aim is to not tell all, but to encourage them to want to approach you to know more, and for them to know who they can refer to you. Once you have a good pitch, work on varying it so that you are giving a different pitch each time.

2. Not standing out from the crowd:

What’s your unique selling point (USP)? What differentiates you from everyone else? What makes you stand out from your competitors? Alongside building relationships, go above and beyond in your customer service and deliver real value. This will make you memorable and customers will want to buy from you. And remember to ask for a testimonial for your website and to share at the next networking meeting.

3. Sharing your woes:

No one wants to hear that your business is struggling – and no one wants to buy from a struggling business. However, do let them get to know you, share your vulnerability and lessons you’ve learned along the way, and ask for advice, as these will help you become relatable and build connection.

4. Being pushy:

Be passionate – but not pushy. Listen to others, be polite, friendly, approachable, and do share your passion because people will buy into that. But avoid being evangelical and desperate as that turns people off. Remember, your product/service isn’t going to be for everyone and that’s ok, so know when to walk away; but always keep the door open for them to approach you again in the future when the time is right for them, or for them to be able to refer you to others they may know.

5. Not being interested in others:

Networking is not about selling. It’s about building relationships and finding out how you can help and support others. Show genuine interest in your fellow networkers and what they do before even mentioning what you do. Ask after them, find out what they are up to, how you can help them. Then, by remembering little details, like a pitch they’ve gone for, or where they’ve been on holiday, and mentioning it the next time you’re in contact, or even sending them a Facebook or LinkedIn message on their birthday, you start to build rapport and connection. Because without connection, people will quite simply not buy from you or refer you. It takes time - but the payoff makes it worthwhile.

6. Assuming:

Don’t pre-judge that just because you’re not interested in what someone does, that they are not worth talking to. There’s a good chance you will miss out on a potential friendship, support, advice, a referral, or maybe they also do something else, or have experience of, or know someone that does something that is relevant and exactly what you are looking for or in need of! We all have our own networks and circles of friends and by not getting to know someone you could miss out on the most amazing connection and referral, or the next big opportunity!

7. Not following up:

Let’s face facts, unless you’ve got something people are looking for at that exact moment in time, it’s rare they will get in touch! So, it’s up to you to take their contact details to continue the conversation either via zoom or in person over coffee, to explore how you can help and support one another. Get their permission to go on your mailing list, invite them into your Facebook group, and connect on LinkedIn. These are all ways for them to remember you and for you to remain at the forefront of their mind when they are ready to buy your product/service or refer you. Remember, connections are made at the meeting, relationships are built outside of it, and “the fortune is in the follow up”.

The key to remember with all networking is relationships first, business second, be authentic, and go above and beyond. Find a network of people you respect and can learn from, you never know what may come out of it. In the right group, any connection might just be the next big opportunity.

Zoe Bowles - Director of Sales and

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EMBRACING THE TRANSFORMATIVE POWER OF AI IN IT: A WORLD OF OPPORTUNITIES

In the dynamic landscape of Information Technology (IT), Artificial Intelligence (AI) emerges as a game-changer, offering a myriad of benefits that propel businesses into a new era of efficiency, innovation, and growth.

One of the paramount advantages of AI in IT is the optimization of processes. Automation powered by AI enables routine and repetitive tasks to be handled with precision and speed, freeing up human resources to focus on more strategic and creative aspects of their work. This not only enhances productivity but also reduces the likelihood of errors, leading to improved overall system reliability.

AI’s predictive analytics capabilities are another jewel in its crown. By analyzing vast datasets, AI algorithms can identify patterns and trends, providing invaluable insights that enable businesses to make informed decisions. This predictive power is particularly beneficial in IT for anticipating potential system failures, optimizing resource allocation, and strategizing for future growth.

In the realm of cybersecurity, AI acts as a vigilant sentinel. With the ability to detect anomalies and patterns indicative of potential threats, AI enhances the overall security posture of IT systems. The rapid identification of security breaches and proactive response measures contribute to safeguarding sensitive data and maintaining the integrity of IT infrastructure.

Customer experience takes center stage with AI-driven advancements. Chatbots and virtual assistants, powered by AI, offer round-the-clock support, resolving queries and issues promptly. This not only ensures enhanced customer satisfaction but also allows IT professionals to focus on more complex tasks, knowing that routine inquiries are handled efficiently by AI-driven systems.

Moreover, AI plays a pivotal role in the evolution of the Internet of Things (IoT). The seamless integration of AI into IoT devices enhances their functionality, enabling real-time data analysis and decision-making. This synergy between AI and IoT creates a more responsive and intelligent network of interconnected devices, fostering a connected ecosystem that drives innovation in IT solutions.

The collaborative nature of AI further cements its position as an ally for IT professionals. AI systems can work alongside human counterparts, aiding in problem-solving, data analysis, and decision-making. This collaborative approach not only boosts efficiency but also augments the skill set of IT teams, creating a workforce that is adaptive and resilient in the face of evolving technological challenges.

In conclusion, the benefits of AI in the realm of IT are truly transformative. From process optimization and predictive analytics to bolstering cybersecurity and enhancing customer experience, AI presents a world of opportunities for IT professionals to explore and leverage. Embracing AI is not just a technological choice; it is a strategic decision that propels organizations into a future where innovation and efficiency go hand in hand, ensuring a positive and prosperous IT landscape.

Making sure your Will is fit for purpose

Written by Sara Sheppard

What do we mean by this? It means that making sure your Will does exactly what you think it does. It is all very well thinking that your Estate is simple and that you can either write your Will yourself, or have a free Will written through one of the charity schemes (you have to be over 55 to do this, and they hope that you will leave them a big legacy – after all they are paying a solicitor to write the Will). Or you may decide to do one of the cheap Wills through an online service or buy a pack from WHSmiths and write it yourself.

However, none of these will take a good look at the size and structure of your Estate, or ask you about your family (not just your spouse and children) but also consider other relatives. None of these will necessarily consider whether additional clauses are needed to protect your business, nor will they consider Inheritance Tax implications.

At SLS Wills and More Limited, our director, Sara Sheppard, has over 34 years experience, not only in writing Wills, but also dealing with Estate once someone has passed away, and as a result, she has dealt with many difficult situations where there was no Will, or the Will was no longer fit for purpose.

When considering your Will, think about:

1. Who should be your Executors and Trustees? These should be people that you can trust 100% - they must be financially aware and if at the time of dealing with your Estate, they are bankrupt, then they cannot act as your Executor. Are they likely to be in a position of a conflict of interest? Your beneficiaries can be your Executors, but they might just want to make sure that their interest as a beneficiary is protected rather than those of anyone else. It is for this reason that some people consider appointing professional Executors. Sara can help and guide you as to the options available to you.

2. Do you need guardians for young children? If your children are under 18 when you die, and you have not appointed guardians, then the Courts will decide who gets to look after them and who will have parental responsibility. There is no automatic solution for the care of your children. According to Child Bereavement UK (https://www. childbereavementuk.org/deathbereavement-statistics) 111 children lose a parent EVERY day.

3. Do you have a business? Is it a limited company, partnership or are you a sole trader? What will happen to it if you still owned the business when you die? We need to consider whether there are other shareholders and is there a shareholders agreement in place. Will your business be entitled to

01304 577 998 www.slswillsandmore.co.uk

Business Property Relief (BPR) for Inheritance Tax purposes? Not every business is, and only your Accountant will be able to tell you as it not certain if your business will have BPR. Should you appoint a separate Business Executor to deal with your business or are your main Executors capable and qualified to do so?

4. Do you want to protect your family home so that it can pass to your children, even if your spouse remarried? If your spouse remarries, then the Will they would have made with you is automatically revoked on their marriage, and your children could be disinherited very easily.

5. Are you currently separated from your spouse, but not yet divorced? Did you know that your spouse is still entitled to your Estate under your Will or under the laws of intestacy if you died before the Decree Absolute is issued? We would recommend that a new Will is made upon separation, and then reconsidered on divorce. Are you doing the divorce yourself online? Are you aware that unless you have a binding agreement stamped by the Courts, your ex spouse could still be entitled to some of your Estate. An informal agreement between you does not necessarily mean that they will get nothing – particularly if they decided to challenge your

Will because you are still paying maintenance to them.

We recommend that you review your will every 3-5 years or if you have a life changing event

6. Are any of your beneficiaries vulnerable, or do they lack the ability to manage their finances? We do not recommend leaving them out of your Will on the basis that other family members will look after them – there is nothing to legally enforce your wishes unless there is something in your Will – we recommend considering a form of trust that will ensure that your vulnerable beneficiary will be protected.

7. Are there assets which should be placed in trust now to keep them out of your Estate for Inheritance Tax purposes? You would be surprised how many times we see clients who have not thought about making sure life policies and pensions are going to pass to their beneficiaries direct, rather than under a Will – this is quite important to consider, and as we work with a number of financial advisers we can recommend you to someone who will be able to advise on these aspects.

8. Making sure your funeral wishes are recorded is becoming more important. There are more reports of family disagreements arising due to the lack of recorded wishes, which can then cause rifts, and this is before they even start talking about money…. We can help with this, and would advise you to seriously consider a pre-paid funeral plan as well. Paying for your funeral now at today’s prices means that you have control over what

Having an estate planning consultant make your Will could save your estate £thousands

happens and your family will not have to struggle to find the money – there is no guarantee that there will be enough money in the bank, that they will even release it, and that over 50’s life policy may not be enough either. Prepaid Funeral plans are set to become regulated by the Financial Conduct Authority as of July 2022, so we would advise that you should only consider plans from already regulated providers. We at SLS Wills and More Limited can help guide you with some of the bigger providers who are already regulated.

9. If you have made your Will already, did you sign and date it in the presence of 2 witnesses? We have seen so many homemade Wills, where it has not been signed and witnessed properly, or amendments have been made which are not initialled properly. Do you even know where your Will is kept?

We also recommend that your Wills are reviewed every 3-5 years, or if you have a life-changing event (birth, marriage, inheritance, retiring), so for our existing clients we offer a short call just to check that nothing has changed. For others, we will review your existing Will and let you know if you should consider making a new one and will let you know how much our charges are.

Having your Will made by an Estate Planning Consultant may cost you a few hundred pounds, but you will have peace of mind that it will protect your family and your assets, and could save thousands of pounds when you die. Make sure your Consultant is either a member of Society of Will Writers, Society of Trust and Estate Practitioners or Institute of Professional Will Writers, as they will be trained and regulated to high standards.

We are more than happy to help, so please visit our website www.slswillsandmore.co.uk for more information, or call us on 01304 577998 to make an appointment.