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Being smart in business – what we've shared and what you've said...

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While we can connect you with some very fine advisers in the UK, and we collaborate with them to provide you with great materials, Farillio itself is not a law firm. We do not directly provide legal advice ourselves. All resources are available for you to use (according to our terms and conditions), but those resources are not legal advice to you and neither are they a substitute for you taking legal advice from a lawyer.

©2017 - 2020 Farillio Limited.

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It takes real smarts to be an entrepreneur... and it's part of our mission to get you feeling as smart as possible in your small business.

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But how can you be smarter in business?

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Well, there are lots of ways:

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Tips, guidance and tools for all of this (and more!) is available to all Farillio members for just £8+VAT a month.

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But for those who aren't members just yet...we want to help you too...*, and that's why we pack our Twitter account (psst!...you can follow Farillio on Twitter here!) with must-know info to help every small-business owner get, what we like to call, the #FarillioFeeling.

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So, without further ado – here's what we've shared about being smart in business...

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Be smart about your business' finances

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Did you know you could be entitled to tax relief on some of the equipment you buy for your #smallbusiness? Get a sneak peek (or sign up for full access!) to the guide to #capitalallowances here: https://t.co/3rworyAOTf pic.twitter.com/dVYVCcfgPE
— Farillio (@farillio) 1 October 2018
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Yep, that's right! Tax season needn't be full of stress...your tax bill may be able to be reduced by capital allowances. After all, being smart is all about learning about and gaining what you're entitled to as a small-business owner.

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Find out if you're eligible in the guide to capital allowances.

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Wow – according to @experian, #freelancers' invoices are paid on average 18.5 days after their due date! Learn how to prepare for (and prevent!) late payments to your #smallbusiness in the guide to calculating late-payment interest on your invoices: https://t.co/orfCnbvK3h pic.twitter.com/b0qz2Gku3K
— Farillio (@farillio) 19 October 2018
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18.5 days! Astonishing, isn't it?! If you've ever had to send that email or that phone call, or that letter chasing payment for your invoice, you'll know it's not only frustrating to not get paid on time, but can really make a negative impact on cash flow.

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There are lots of ways you can encourage your clients to pay you on time – in fact, we have an invoicing with success guide that shares some with you – but one way is to start adding late-payment interest to invoices; and we have a guide for that too! :)

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Be smart with your confidential info

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How can you handle your confidential information smartly in your #smallbusiness? Find out in today's video! And access the guide to confidentiality (and confidentiality agreement templates) over at: https://t.co/7xTsbnXDEz pic.twitter.com/uCcUquMrvl
— Farillio (@farillio) 16 October 2018
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Are you super careful with your confidential information and trade secrets in your small business? And how about those you work with? Are your employees, shareholders, suppliers, clients also aware of the rules and best practice around data handling and confidentiality?

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While this video highlights 5 main tips, there's much more info (and confidentially agreement templates for you to use!) over on Farillio – take a sneak peek at the guide to confidentiality to get started.

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In this Jargon Buster, we're talking NDAs (non-disclosure agreements)...which are also often called confidentiality agreements!
Any legal terms baffling your #smallbusiness? Let us know in the comments, and they could feature in our next Jargon Buster! pic.twitter.com/W9xR3OxRvZ
— Farillio (@farillio) 18 October 2018
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So, non-disclosure agreements (aka confidentiality agreements) essentially provide protection to your #smallbiz – they're just SO important if you're sharing info with others. But what should they contain? Watch today's Q&A to find out! pic.twitter.com/yI8VcpjiTS
— Farillio (@farillio) 19 October 2018
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Be smart – keep learning

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This week's #wednesdaywisdom to help you be smart in your #smallbusiness comes courtesy of @sianwinfield of @costartupandgo ...hear more from Sian on business success, hiring tips, and much more, in her #MVPtoVIP interview here: https://t.co/N9S9eEozxV pic.twitter.com/buUPyEs30m
— Farillio (@farillio) 3 October 2018
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We just love this quote from Sian's #MVPtoVIP interview – where she talks to us about her own experiences of launching running a business. Being smart is an ongoing task for entrepreneurs – and as Sian says, every learning opportunity (whether planned or not!) will help to shape your business and get you to where you want to be.

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Be smart with organisation

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Our latest #MVPtoVIP interview is with @daclutter founder of Dclutter – a #smallbusiness that makes it quicker and easier to find your files, enabling you to spend less time on file admin! Now that's smart!
Read the full interview at https://t.co/yQ62xipaT0 pic.twitter.com/njRcaiVbAt
— Farillio (@farillio) 5 October 2018
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Dclutter is such a cool business tool – if you've ever had a file (whether a written document, image, pdf, spreadsheet, anything) and found it difficult to file away because it fits into a few different folders – you'll love Dale's invention.

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Not only that, but he's a dab hand at getting everyone in a team on the same page when it comes to where and how data is stored...which not only helps to make a smarter, more organised office – but it helps with GDPR compliance too!

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And look how smart this is!...

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Our latest #MVPtoVIP interview is with Fran Mahoney, founder of @wild_survivors – a small but ambitious #conservation charity that protects elephants & farms with bees...how smart is that?! 🐝 🐘🌱 Find out how they do it & discover more about them at https://t.co/muqmXDoojS pic.twitter.com/eRe0GDR8Hw
— Farillio (@farillio) 9 October 2018
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It was so interesting to chat with Fran about her innovative organisation Wild Survivors – who knew that bees could help to save elephants?!

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Take a look at the full interview to read the awesome business tips Fran shared with us, including her views on work-life balance, time management, and more!

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Be smart with your contracts

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Not only is it smart to make use of contracts within your #smallbusiness, but it's also important that you're signing them carefully and properly. So, here are 4 tips to keep in mind next time you sign a contract... pic.twitter.com/c6D2BzXWhz
— Farillio (@farillio) 6 October 2018
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Really, having a contract isn't enough – you need to have properly signed contracts for them to count.

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There are 4 main things to look out for:

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  1. Check company names, addresses and other identifiers
  2. Ensure the contract is signed by those who are authorised to do so
  3. Check cross-references identify the right places in the contract
  4. ALWAYS ask what something means if you're not sure
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Considering these 4 things each time you sign a contract will help prevent your contracts being incorrect or even working against you. Take a look over on Farillio's resources, where you can access even more detailed guidance on how to sign a contract properly.

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In this Jargon Buster, we're talking #IR35! For more info, read our guide: Contractor or employee? Essential facts affecting #freelancers and #contractors (including IR35) here: https://t.co/lmqCI6ZOSe

Any legal terms baffling your #smallbusiness? Let us know in the comments! pic.twitter.com/SAVPYj1hJZ
— Farillio (@farillio) 25 October 2018
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And if you're a freelancer, be certain that your contracts are in line with IR35 regulations – this is essentially the law that says that HMRC can investigate and penalise both the freelancer and client if the freelancer's contract and/or working situation matches too closely with that of an employee.

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Not certain how to check if IR35 applies to your work as a freelancer? We have a guide to the essential facts affecting freelancers and contractors, including IR35, and also have editable contract templates you can use to give both you and your clients peace of mind!

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Be smart with your intellectual property

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Practically every #entrepreneur has #intellectualproperty – from your logos & slogans to your designs & inventions – and it's so important to be smart & protect it. Learn more with a sneak peek (or sign up for full access!) to the intro guide to IP here: https://t.co/FLhwErBJKZ pic.twitter.com/zNfpP0bMVC
— Farillio (@farillio) 9 October 2018
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While all businesses of all shapes and sizes have intellectual property, not all business owners know how truly valuable that intellectual property can be if it's protected.

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In this introductory guide to intellectual property, we focus on the key facts about copyrights, trade marks, design rights and patents – teaching you what they are, why they matter, and how you can use them to protect IP in your business.

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Learn what IP can do for your #smallbusiness with this quick Q&A!
Want to know more? Join us at https://t.co/kYuwIWBiRY to access to heaps of support for protecting your IP 👍 https://t.co/tvzugry9W4 pic.twitter.com/G69qnaZzid
— Farillio (@farillio) 8 October 2018

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While having your #smallbusinessadventures, make sure you're being smart too – especially by protecting your IP!

Copyrights, trade marks, design rights and patents...they're all types of IP protection...but what do they actually protect? Watch our Q&A to find out :) pic.twitter.com/drosIT3rh2
— Farillio (@farillio) 11 October 2018
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Be smart by insuring your business

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Part of being smart as a #smallbusiness is to be insured. But what types of business insurance are there, & what do they protect you from?
Watch our Q&A to find out, & join https://t.co/kYuwIWBiRY to access the full guide – cowritten with insurance experts @digitalrisks! pic.twitter.com/weJng3kDZR
— Farillio (@farillio) 18 October 2018
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There are quite a few types of business insurance, and it's important to work out which ones are needed for your business as soon as possible. You see, insurance not only gives you protection should you need it, but it also shows your customers, suppliers, investors, employees, or any other stakeholders, that you're aware of business risk and are being smart about preventing it.\r\n

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In fact, insurance is useful on many ways – and, teaming with our expert partner Digital Risks, we wrote a guide to why insurance is so important for small businesses.

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Cyber insurance is important for all online #smallbusinesses. At https://t.co/kYuwIWBiRY, insurance experts @DigitalRisks have collaborated with us to help you know what you need enable you to feel smart & secure in your #smallbusinessadventures: https://t.insurco/sNrNpJ7K9h pic.twitter.com/YVSh9wCDqa
— Farillio (@farillio) 8 October 2018
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Be smart with the business tools you use

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Being smarter in biz is SO much easier with the right #businesstools to help you... do you have any faves?
We love @enclaverlabs @daclutter @costartupandgo @sumup @geckoboard @hike_seo! Read this month's #FarillioFaves blog to find out why: https://t.co/99wMl5Vada 💡 💡 💡 pic.twitter.com/fT2OeRV118
— Farillio (@farillio) 16 October 2018
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At Farillio, we're always looking for ways to be smarter in the way we work – an that often involves trying out nifty tools that can help us to do so. To fit in with our Farillio Feeling of Be Smart, we picked some of our fave tools and shared them with you in this blog post: 7 tools for being smart in business – #FarillioFaves

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Be smart with your network

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Our latest #MVPtoVIP interview is with Carolyn Dailey, founder of @Creative_Entrs. They provide a 360-degree platform to connect #entrepreneurs in the #creative sector to the resources, networks & inspiration they need! Read the full interview at https://t.co/uYJ1q7IJ0w pic.twitter.com/pwiTQKVTJO
— Farillio (@farillio) 25 October 2018
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After chatting to Carolyn Dailey in a recent #MVPtoVIP interview, we were inspired to hear about the way Creative Entrepreneurs came about.

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After discovering that there wasn't much in the way of support for those in the creative industry, Carolyn decided to create a platform that would connect creative entrepreneurs to the networks, inspiration and resources that they need.

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So now, thanks to Carolyn's smart thinking, entrepreneurs from the creative industry are able to learn, create and network with each other with ease!

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And now, it's over to you...

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We've been chatting to you, the small business community, to find out what you think about the Be Smart #FarillioFeeling.

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If you've been following along with this month's posts, you'll know that October's #FarillioFeeling is Be Smart!
Is there anything you need help with for being smarter in your small business?
Let us know in the comments below! 😊 pic.twitter.com/vxpa0wftLo
— Farillio (@farillio) 27 October 2018
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First up is Stacy O'Brien from Tilly & Sage and Rosie Johnson from Rosie Johnson Illustrates on how they're smart in business....

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What were you smart about when starting out?

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Stacy O’Brien | Tilly&Sage: Creating a brand that was true to myself - it’s so easy to be swayed by current trends and influences or competitors in the market, especially when you start up. I was keen not to do this with Tilly & Sage, I decided how I wanted the brand to be viewed by my target market and I like to think I’ve stuck to it.

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Rosie Johnson | Rosie Johnson Illustrates: I talked to lots of people I respected about the industry and researched what was already out there. I thought about what I loved doing most and tried to make that the thing I could do most of!

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What do you do now to be smart in business?

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Stacy O’Brien | Tilly&Sage: I write lists! I always have multiple orders on the go, many of which are bespoke, so writing lists is essential for me. It also helps me to be realistic with what I can achieve on that given day. Instead of looking at the 100+ outstanding orders in my store and feeling stressed about getting them all out, the lists let me break them down into manageable chunks.

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Rosie Johnson | Rosie Johnson Illustrates: The tools I love most are MailChimp for the newsletters and the 1tap receipts app, as I’m hopeless at keeping on top of my accounts without it! I absolutely love the Build Your Brand toolkit from The Creative Business Network and Lauren Aston Designs – it’s a really succinct guide to helping small businesses drill down into the fundamentals of their brand.

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What's your fave business book?

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Stacy O’Brien | Tilly&Sage: I much prefer listening to podcasts than reading books, I can multi task then and work at the same time! The Conversations of Inspiration series by Holly Tucker is my current favourite. \r\n

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Rosie Johnson | Rosie Johnson Illustrates: I love everything by Adam J Kurtz. It’s not exactly business advice per se, but his work is inspirational for those of us working in a creative line.

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How do you most like to learn new things?

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Stacy O’Brien | Tilly&Sage: It depends on what I’m learning. If it’s a practical skill then I definitely like hands-on courses where someone is there teaching me. However, the world is your oyster when it comes to e-learning these days as there are so many affordable courses to do online.\r\n

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Rosie Johnson | Rosie Johnson Illustrates: I like learning in loads of different ways - podcasts, blogs, face-to-face, networking meetings!

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Who's your business role model, and why?

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Rosie Johnson | Rosie Johnson Illustrates: Helen Bottrill, founder of the Creative Business Network. A true supporter of small businesses and one of the most empowering, provoking, genuine people I’ve ever met. She held a creative conference this autumn called Creatival and invited inspiring speakers and put on incredible workshops that have totally transformed the way I think about my business.

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What skill would you most like to learn next?

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Stacy O’Brien | Tilly&Sage: Floristry. I love flowers, they make me happy! It’s not something I want to pursue business wise but definitely a skill I’d like to have. \r\n

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Rosie Johnson | Rosie Johnson Illustrates: Loads! I’d love to learn more about book layout and publishing to pitch more professionally for picture book illustration work.

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We then got chatting to business owners about what they'd do differently if they were starting their business again, what they would have been smarter about.

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And we got such an amazing response, we wrote a blog about it!

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What would you do differently if starting your biz again? 🤔
A bunch of awesome entrepreneurs answer just that – so we can learn & be smarter in our own businesses! https://t.co/FYuWa5LVev

Big thanks to @lalaandpom @cakedropldn @DIFTK @tillyandsage @AlbieandSeb @getdinghy! pic.twitter.com/MZALxhcWKY
— Farillio (@farillio) 26 October 2018
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A major pattern we noticed over the month was that even if small business owners had made mistakes along their business journey, and even if they could have been smarter in business, it doesn't mean that those mishaps were a huge hindrance to their overall success.

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Another interesting insight is that throughout the entire month, not one person we spoke to said they hadn't ever made a mistake in their business – and the key thing to note is every one of those people have a thriving, exciting business they can be proud of. Proving once again, that mistakes in business needn't be a reason to give up.

And it's not just us noticing this, our friend over at Freelance Heroes, Ed Goodman, (check out his #MVPtoVIP interview here!) shared an inspiring insight about this very topic.

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Which brings us to our last (but by no means least!) contribution from you, the community on the theme of being smart in business...

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After reading @edagoodman tweet this morning about growing from our mistakes we had to share a quote from our interview with Simon Hunt 🙌 If you fail, always remember that you were brave enough to try and you will be brave enough again 🌿#BeBrave #SmallBusiness #TuesdayThoughts pic.twitter.com/TDewrjv3HY
— Farillio (@farillio) 30 October 2018
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And that's all for this one – hopefully you've now got the Be Smart #FarillioFeeling! And thanks again for being part of the Farillio community; we just love how exciting and supportive small businesses are, and we can't wait to chat to more inspirational business owners for our next #FarillioFeeling: Be Collaborative... stay tuned!

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*P.S. If you're not yet a member, we'd love for you to join us! Take a look at what Farillio can do to help your small business by signing up for your own Farillio account.

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