STAR ALLIANCE CHIEF EXECUTIVE BOARD MEETING HOSTED BY AVIANCA IN BOGOTA

Implementation of Alliance’s Digital Strategy continues

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Star Alliance member carrier Avianca recently hosted the Star Alliance Chief Executive Board meeting (CEB) in the Colombian capital using the occasion also to begin celebrating its 100th anniversary year, underlining its position as the oldest airline in the Americas and the second oldest airline in the world.

On behalf of Avianca, CEO and Executive President Hernan Rincon said: “It was an honour for Avianca to host the Star Alliance CEB meeting in Colombia. With passenger numbers in Latin America expected to double in the next decade, the presence of the top executives of the 28 airlines served as an important reminder to the governments in this region of the continued need to invest in infrastructure to support this development. As a Star Alliance member carrier, Avianca is playing its role by connecting the region with the global airline network”.

During the meeting, the CEB endorsed the business plan for 2019 which was presented by Star Alliance CEO Jeffrey Goh. This foresees the continuation of the Alliance’s strategic shift from membership growth to improving the seamless travel experience, with a special focus on those customers who fly on multi-carrier journeys.

The CEB noted the progress in the development of digital capabilities using the Digital Services Platform (DSP) including advanced seat selection which was enabled earlier in the year for United customers to select seats on Singapore Airlines flights booked via United’s online sales channels. This functionality is set to be progressively expanded to other Star Alliance member carriers.

As part of its digitalisation strategy Star Alliance has now also implemented “online redemption”. This new functionality permits customers to see the availability for mileage redemption tickets online via their respective Frequent Flyer Programme (FFP) website for flights operated by Star Alliance member carriers. Up to now, this was very often only possible for flights operated by the same airline as the FFP.

“With online redemption we have digitally enabled a key Alliance customer benefit, while at the same time increasing the flight options available for passengers to redeem their miles”, said Jeffrey Goh, CEO Star Alliance.

Complementing the digital developments, Star Alliance continues to cooperate with airports to ensure the best possible Alliance experience can be delivered on the ground. For 2019, Asia will remain as the one of the focus areas for airport projects, as airport expansions continue. Additional space and capacity at Beijing’s Capital Airport will enable the Alliance to grow and improve the travel experience. Along the same lines, with the expansion and redevelopment at Hong Kong and Seoul – Incheon, Star Alliance customers using these airports will also notice enhancements to their journeys.

Following the successful expansion of the Star Alliance Connection Service in 2018, the board approved adding passenger assistance to the existing baggage expedite at London – Heathrow and Newark, as well as the introduction to this service at Brussels in 2019.

Additional investments in the Alliance’s lounge product will also be made. Following the opening of a Star Alliance Lounge in Rome, a further new lounge will be available in Amsterdam by early March 2019, with the existing properties in Paris – Charles de Gaulle and Nagoya slated for refurbishments. Further locations are also under consideration.

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Leading art shippers Gander & White to expand Palm Beach fine art facility

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Gander & White Palm Beach. Image courtesy of Gander & White

Gander & White, one of the world’s leading full-service art shipping companies, is delighted to announce that it is enlarging its Palm Beach facility. The new structure will expand the site on Mercer Avenue by a third – from 20,000 ft2 to 30,000 ft2. The sixmonth project has been initiated due to increasing demand for Gander & White’s services in South Florida, where the operator has had a presence since the early 2000s. The extension is expected to be operational by summer 2019.

Today Gander & White in Florida boasts over 45 employees, 9 fine art vehicles, 50,000 ft2 of operational and climate control storage for fine art between West Palm Beach and Miami.

The concrete extension will be 24ft (7.3m) high, designed to facilitate the secure storage of objects of all sizes. 7,000 ft2 will be dedicated to mixed use climatecontrolled storage as well an expansive viewing room. This 600 ft2 space will allow

clients to view their artworks either held in storage or brought specially to the facility for viewing purposes. The remaining space will be administrative.

The Palm Beach extension adds to Gander & White’s significant operations and fine art storage facilities in Florida, creating a total of 60,000 ft2 between its locations in Miami and Palm Beach. Gilles de Greling, Gander & White‘s Palm Beach director of operations, says: ‘I opened the first office for Gander & White in Florida in 2002 and moved to our current facility in July 2004. That summer we experienced three consecutive hurricanes: Charley, Frances and Jeanne. Six months later we were at capacity. We then looked to expand and chose to open in Miami in 2006.’

This expansion will allow Gander & White to offer an enhanced service to the Gulf Coast of the US and the Caribbean. Already employing some of the finest art technicians in Florida, the operator’s greatest strength lies in its ability to offer the widest range of art logistical services.

De Greling adds: ‘Expansion is long overdue with a constantly growing demand for our services. Our philosophy is to be a resource center, a one-stop-shop for our clients. We can handle their storage needs, estate relocation, hang their artworks, install a 64arm 3-tier Venini chandelier, rig their outdoor monumental sculptures and ship their collection to and from most destinations in the world. We can also recommend a variety of local craftsmen, framers and conservators.’

Gander & White Palm Beach looks forward to opening its new extension and continuing to offer an expert service to an ever-growing client base.

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Absolute Translations warn businesses of global expansion considerations in free book ‘Translations Strategies For Dummies’, partnering with the iconic brand

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Absolute Translations and Dummies collaborate to share industry insight and prevent businesses from making common translation errors that impact international success in their free, downloadable 60-page guide in classic For Dummies style.

Globally recognised translation experts, Absolute Translations saw too many businesses fall flat in global expansion plans and set out to elevate a key factor – the misunderstanding of cultural and language complexities – in their recently released book, Translation Strategies For Dummies.

In the easy-to-understand but information rich guide, the international language professionals explain the different translation techniques and their uses, simplify technical industry jargon, identify when to seek professional help and controversially, when the translation technologies of today should be used.

The book is the first of its kind to explain the intersection of human translation and digital technologies. Not only acknowledging the extra precautions needed to account for search engine optimization and website localisation, but also how human translators and modern translating software work together to achieve premium results.

CEO and Founder of Absolute Translations and co-author of the book, Sergio Afonso says, ‘Business often approach us for guidance after experiencing a failed attempt to translate their legal and marketing content. We wanted to share our insight in an easy-to-understand and accessible format that helps business owners understand what they need to achieve the level of translation they require.’

He continues, ‘Before any business owner considers going global or looking into the translation options out there, I highly recommend reading this free book to ensure you’re informed, understanding and aware of all the fine details involved in this careful process.’

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The 2018 Business Elite Awards Press Release

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U.S. Business News Unveils the 2018 US Business Elite Awards Winners

United States, 2019 – U.S. Business News announces the winners of the 2018 US Business Elite Awards.

Throughout the years the US has been the leading light of the corporate world. It is continuously one step ahead of the game and this evolution at such a rapid pace raises the bar for corporations across the world as they try to keep up. As a means of celebrating the enterprises and business innovators who continue to make this possible, U.S. Business News is delighted to introduce The Business Elite Awards for its inaugural year.

Expressing pride in these deserving winners and the success they have achieved over the past 12 months, Jessie Wilson, Awards Coordinator commented: “The winners of this prestigious awards programme have showcased dedication and innovation, and as such I am honored to be able to share their success with my readers and wish them the best of luck for the future.”

All winners for the awards were the result of months of research and analysis from U.S. Business News’ dedicated awards team. As a result, each and every winner was chosen on merit only, and can take great pride from the fact that they were selected for their success.

To find out more about the best of the best in the legal, please visit the North America News website (https://www.usbusiness-news.com) for a full winners’ list and a link to our winners’ supplement.

ENDS

NOTES TO EDITORS

About U.S. Business News Magazine

U.S. Business News is the definitive magazine for CEOs, top tier management and key decision makers across the US. Created to inform, entertain, influence, and shape the corporate conversation across the nation through high quality editorial, in-depth research and an experienced and dedicated network of advisers, U.S. Business News provides our readership with the most authoritative and current analysis of the major changes effecting the corporate landscape, and the latest deals and topical issues dominating the corporate universe.

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Thinkers who will shape future of business revealed by Thinkers50

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Thinkers50, the global platform for management ideas, today announced its prestigious annual Thinkers50 Radar list, featuring 30 people whose work will shape the future of how organisations are managed and led.

The 2019 Thinkers50 Radar list is broad and diverse, featuring up-and-coming management gurus from 14 different countries, including China, Italy, France, Singapore, Denmark, Canada, America and the UK.

“This is as powerful a group as we have ever identified in our annual selection,” says Thinkers50 co-founder Des Dearlove. “It is a dream team of researchers, advisors, entrepreneurs, and organisational leaders covering enormous ground – from AI to employee engagement, from cognitive diversity to immigration – they are the people to watch in 2019”

People power:

One of the key themes of the 2019 Radar list is the return of the ‘people factor.’ In recent years, much of the focus has been on emerging disruptive technologies like artificial intelligence and blockchain, but for 2019 there was been an emphasis on the human skills required to harness the power these technologies bring. “We were really inspired by people like Lars Thinggaard and the Tech4Life movement, emphasising the importance of societal and human benefits of tech, while Leena Nair is working to reinvent a corporate giant by making Unilever a more diverse and inclusive organisation,” says Thinkers50 co-founder Stuart Crainer. “Disruptive technology is a continuing phenomenon – as demonstrated by Ayanna Howard of the Georgia Institute of Technology – but there has been a significant shift in focus from ‘profit’ to ‘people’.”

Tackling the world’s biggest issues:

In previous years, the emphasis of the work of the thinkers has been on improving organisational and corporate performance. In the 2019 Radar list, however, the same level of imaginative and innovative thinking is focused on solving some of the biggest challenges the world faces today.

“Marga Hoek has demonstrated some fascinating ideas on sustainability, Javier Goyeneche’s fashion company is recycling plastics into clothes in an amazing way and we’ve been impressed by Jeremy Heimans’ campaign for a more open, just, and habitable world,” says Stuart Crainer. “Immigration is often top of the news agenda, so William Kerr of Harvard Business School’s work on the effect immigration has on economies and businesses could have huge impact on government policy and wider society in the future.”

“Thinkers50 is all about scanning the world for the very best in management ideas. We believe there is nothing so practical as a great idea, so we are constantly on the lookout for people who not only originate and articulate ideas, but also put them into compelling practice,” says Des Dearlove. “These thinkers are global, original, and worth watching in the years to come.”

For more information on the Thinkers50, or to view the full Thinkers50 Radar list, go to www.Thinkers50.com

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B2B Solutions for Business Process Outsourcing (BPO) Services are Growing in Big Way

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Corporate executives have long seen the value of outsourcing in time, money and quality of services it provides. An article published by The Wall Street Journal online back in 2013 gives us a snapshot in time of the growing momentum for large corporations to outsource certain aspects of its internal operations. The article said: “Finance and accounting (F&A) was one of the first back-office processes that companies outsourced, and the practice continues to boom: As the market matures, companies contracting for outcomes are exploring fresh ideas and seeking new answers to streamline (other company) processes. They are expanding outsourcing to new areas of finance and accounting, new industries, and new sizes of companies than in the past.” Active companies in the markets this week include Surge Holdings, Inc.(OTC: SURG), First Data Corporation (NYSE: FDC), Accenture plc (NYSE: ACN), Zendesk, Inc. (NYSE: ZEN), Infosys Limited (NYSE: INFY).

As companies look to leverage the power of their data, they are turning to outsourcers with greater expertise and technology resources than they have in-house. Also stated in WSJ article, “An outsourcer is going to have access to state-of-the-art technology, and experts who use those software packages every day. While CFOs of large companies are focused on outsourcing to improve far-flung global operations, smaller companies, who have typically eschewed outsourcing of F&A, are beginning to embrace it as well. Outsourcers have expanded their offerings to the small- and mid-size company segments and developed solutions targeted toward specific vertical industries.”  Now jumping forward to today, a Business News Daily article published January 2, 2019 shows that outsourcing has been applied to more and more operational aspects of both large and small companies in a big way! Call centers are one of the most widely accepted even necessary to the health and efficiency of successful companies.’

Surge Holdings, Inc. (OTCQB:SURGBREAKING NEWS: Surge Holdings the Las Vegas-based Technology, Telecom and Blockchain FinTech Software company announces today the completion of agreement to acquire a 40% equity ownership of Centercom Global, S.A. de C.V (“Centercom“). Centercom is a dynamic operations center currently providing Surge sales support, customer service, IT infrastructure design, graphic media, database programming, software development, revenue assurance, lead generation, and other various operational support services for SURG.  

Brian Cox, CEO of SURG, said, “I am pleased to report the smooth closing of our agreement with Centercom. We now have accessible bilingual human capital to support our strategic plan to grow the right way.  As an example, the Centercom CTO is already at our administrative HQ in Memphis, working directly with our Surge CTO, planning for our next generation data center in advance of new product rollouts such as the SurgePays Reloadable Visa Card for the underbanked.”

The primary Centercom initiatives to support SURG 2019 growth plans are:

Assisting in onboarding SurgePays Portal into over 40,000 retail locations and subsequent ongoing white glove support
Aggressively marketing new “Free Wireless Service” program to substantially grow customer base while beefing up customer service
Launch SurgePays Reloadable Visa Card by end of 1st Quarter
Support our IT infrastructure including database management
Upsell related FinTech products to our existing customer base to increase revenue
Cox further added, “I cannot emphasize enough to our shareholders that the foundation work for my build out checklist has been successfully completed as promised.  Read this and more news for SURG at: https://www.financialnewsmedia.com/news-surg/ 

Other recent developments in the business services industry include:

First Data Corporation (NYSE: FDC) and Fiserv (FISV) this week announced that their boards of directors have unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The transaction unites two premier companies to create one of the world’s leading payments and financial technology providers, and an enhanced value proposition for its clients.

Under the terms of the agreement, First Data shareholders will receive a fixed exchange ratio of 0.303 Fiserv shares for each share of First Data common stock they own, for an equity value of $22 billion. This represents $22.74 based on closing prices as of January 15, and a premium of 29% to the five-day volume weighted average price as of that date. Following the close of the transaction, Fiserv shareholders will own 57.5% of the combined company, and First Data shareholders will own 42.5%, on a fully diluted basis. The all-stock transaction is intended to be tax-free to First Data shareholders.

This highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover™ cloud-based point-of-sale solution. The combined company will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants and billers of all sizes, as well as software developers.

Accenture plc (NYSE: ACN) recently announced that it has helped CAQH, a non-profit healthcare alliance, launch a new technology platform that will streamline professional credentialing and data sharing between delegated health providers and health plans.

The new platform replaces today’s highly manual and redundant processes with an online module that streamlines the roster sharing process between health plans and delegated groups. Provider groups can use the platform to submit a single roster of their delegated providers through a centralized portal, giving plans access to standardized, updated files in one convenient location. In addition to simplifying the process, the platform improves data quality by requiring that all rosters satisfy more than 120 automated quality checks.

Collectively, these capabilities will help the industry improve data quality and consistency while eliminating the highly inefficient processes widely used today. CAQH estimates that the creation of a central system for delegated provider credentialing could save the industry nearly $150 million annually if three-fourths of plans and groups automated credentialing in this way.

Zendesk, Inc. (NYSE: ZEN) recently announced that it will release financial results for the fourth fiscal quarter and full fiscal year ended December 31, 2018, following the close of the U.S. markets on Tuesday, February 5, 2019.  In conjunction with its earnings press release, the company will post a detailed shareholder letter to its Investor Relations website https://investor.zendesk.com.

Zendesk will host a conference call to answer questions at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Tuesday, February 5, 2019. A live webcast of the conference call will be available at https://investor.zendesk.com. The conference call can also be accessed by dialing 833-287-0801 or +1 647-689-4460 (outside the U.S. and Canada). The conference ID is 2737549.

A replay of the call via webcast will be available at https://investor.zendesk.com or by dialing 800-585-8367 or +1 416-621-4642 (outside the U.S. and Canada) and entering passcode 2737549. The dial-in replay will be available until the end of the day on February 7, 2019. The webcast replay will be available for 12 months.

Infosys Limited (NYSE: INFY) recently announced its results for the Quarter Ended December 31, 2018. A 10.1% CC YoY Revenue Growth in Q3 Leads to Upward Revision in Guidance.

“With increased client relevance, we saw double digit (10.1%) year-on-year growth in Q3 on a constant currency basis,” said Salil Parekh, CEO and MD. “We also had another strong quarter in our digital business with 33.1% growth and large deals at $1.57 billion which gives us confidence entering 2019”, he added.

“Volume growth was strong and revenue productivity was stable despite Q3 being a seasonally weak quarter. We had good growth across geographies and large business segments,” said Pravin Rao, COO. “Attrition declined during the quarter and we are continuing on the path of increased interventions and employee engagements to reduce it further.”  “We saw significant currency volatility during the quarter and managed it effectively by our hedging strategy,” said Jayesh Sanghrajka, Interim CFO. “Cash generation was strong during the quarter. Executing on the capital allocation strategy announced in April 2018, we have announced a share buyback program and a special dividend.”

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DATA PROTECTION DAY – ARE HUMAN RIGHTS BEING INFRINGED?

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Monday, 28 January is the internationally recognised day for Data Protection.

Privacy and data protection consultancy firm priviness, which positions itself as ‘human rights champions’, is calling for companies to be aware of both the moral and economic dangers of personal data breaches.

This week, Google were fined €50m for a personal data breach.  The company were found, by French data protection authority CNIL, to have been processing personal data without informing its customers or collecting the appropriate consent.

Founder of priviness, Sandy Gilchrist, explained: “In my mind, this is a landmark case.  CNIL responded as if Google had infringed human rights, which was a wholly appropriate response.  People tend to associate a ‘personal data breach’ with issues such as hacking or leaks.  But if you don’t know what’s happening to your personal data your fundamental rights and freedoms are being impacted.  That’s why Google got fined.”

Mr Gilchrist reports that the vast majority of companies are not adequately protecting personal data.  He champions protecting human rights but also points out the economic implications.  Companies in breach of compromising personal data risk a fine of 4% of annual global turnover or £20 million.  

He said: “Given Google’s annual global turnover of $110bn, they got off fairly lightly for such an infringement of human rights and lack of transparency.  However, morally and in terms of customer trust they’ll have lost out considerably.

“People are fed up of big companies letting them down in relation to their data.  We see priviness as advocates of human rights.  We want to defend individual’s rights by educating the business world on their privacy and data protection obligations.  We want companies to be transparent and not to lose the moral high ground.”

Data Protection Day was started in 2006 by the Council of Europe as a response to the increasing use and processing of individual’s personal data.  On January 28 the Council held its first data protection convention, known as “Convention 108” and was opened to signature.  Data Protection Day is now celebrated globally and is called Privacy Day outside Europe*.

Mr Gilchrist founded priviness to provide guidance to businesses regarding their privacy and data protection obligations.  The company offers training, drafting of policy and process documentation, audits, and implementation services.  Organisations not based in the EU can also instruct priviness as their representative in the EU – it is a GDPR requirement to have a representative in the EU if organisations outside the EU are selling to individuals in the EU.

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Mark Cushway Highlights the Loneliness of Leadership in Crisis

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No one watching, listening or reading the news recently can have ignored the issue of leadership.

We are in a time where many leaders are divisive figures, whether in politics or business; where they are seen as ineffective, or bullying, or mired in scandal.

But there is another quality many of these leaders share, or are perceived as having: loneliness.

Mark Cushway, entrepreneur, leadership coachleadership coach and motivational speaker, talks about the difficulties leaders face when they find themselves permanently out on a limb.

“This is not about excusing poor performance or bad behaviour, but it is to do with working out how leaders find themselves in the position they’re in, what the risks are, and what possible support and solutions there are for them.”

THE ISSUE OF LONELINESS IN LEADERSHIP

“The cliché is that it’s lonely at the top, but, for several key reasons, it really is. In many organisations, issues travel upwards, so the delegation is not from the leader down, but towards them. This leaves them in the exposed position of ultimate, and sometimes sole, decision-maker.”

There the consequences are that leadership decisions are impulsive and seen as autocratic; and that they are no longer sufficiently based on consultation or collaboration.

WHAT DOES BEING A LEADER MEAN?

“There is the whole issue of status bound up in this. A leader has a certain degree of status built-in to their position, but this is by no means secure.”

Again, the news headlines throw this into relief sharply: you can remain a leader in title, and to an extent in action, but lose your status.

“Leaders can be left extremely exposed, bearing responsibility for decisions single handedly.”

Leadership puts individuals under the spotlight, where they are then seen as representative of entire businesses, organisations or even countries.

“There is a traditional view of leaders as possessing inherent qualities, which set them apart, that they are born not made. This can be extremely damaging as it raises expectations to unreal levels while also further isolating leaders from the bodies they are supposed to lead.”

It also magnifies their shortcomings, when the reality of leadership fails to measure up to the ideal.

“People want certainties from their leaders, but this often this ends up as unfulfilled promises, because delivering is impossible in reality.”

REALISTIC LEADERSHIP DEVELOPMENT

“It’s not just about preparing people for leadership, but supporting them in this role. Too often, you hear that being a leader involves demands you cannot prepare for, but is this true?”

What matters is putting the right support structure in place, with the kind of advice and coaching that allows leaders to feel that for them there is also a safety net.

“Leaders such as CEOs can feel inhibited in developing close relationships and even friendships in the workplace. But they need this level of support, with people close to them who can give them a different perspective, who aren’t just going to say yes to their every decision and impulse.”

 

“People want certainties from their leaders, but this often this ends up as unfulfilled promises, because delivering is impossible in reality”

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MARK CUSHWAY

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The 2018 Business Awards Press Release

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Latin America News Magazine Announces Winners of the 2018 Latin America Business Awards.

United Kingdom, 2019- Latin America News magazine announces the winners of the 2018 Latin America Business Awards.

With signs of business growth within the dynamic and diverse regions of Latin America, Latin America News Magazine is proud to announce the commencement of the 2018 Latin America Business Awards.

Commenting on the programme, Jack Wainwright, Awards Coordinator expressed pride in the deserving winners: “When challenges are constantly presenting themselves, you are the ones who have endured through the hardships and ensured the best products and services are available to your patrons. As such, I am proud to offer you all my congratulations and best wishes for the future.”

To find out more about these prestigious awards, and the dedicated professionals selected for them, please visit http://www.latinamerica-news.com/ where you can view our winners supplement and full winners list.

ENDS

Notes to editors.

About Latin America News

Latin America is fast becoming a corporate hub as businesses take advantage of the region’s various benefits including quality workforces, emerging economies and good climates. As such, staying ahead of emerging developments in the region is vital to success for any company seeking to offer its clients a truly global service, or anyone operating in or moving into Latin America.

Free to subscribe to, the publication offers a dedicated newsletter, a constantly evolving and informative website and an innovative set of awards designed to showcase the hard work and commitment of businesses from every market across this dynamic and exciting region.

Keeping pace with the ever changing corporate landscape across Latin America, Latin America News’ experienced and dedicated editorial team work diligently to provide the latest news and updates, drawing on their network of contacts who span every major industry and sector, providing comment and insight which is truly invaluable.

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Three reasons Making Tax Digital (MTD) will make your business more saleable

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As of 1st April 2019, all businesses with a taxable turnover above the VAT Threshold will be required by law to use the Making Tax Digital service to keep their records digitally. This will mean the utilisation of software to submit their returns.

The government is determined to become a global leader in digital tax administration, and while it’s a colossal challenge with varying impact on businesses, there can be little doubt that in the long term this is a good thing for business and a good thing for the government.


1. Up to date financials boosts buyer confidence

Having been involved in literally thousands of business sales, from one-person operations through to corporates, there is a consistent theme in which businesses sell for the best price and in the shortest time; those with well prepared and clean financial detail.

The Making Tax Digital initiative will have a positive impact on future business owners looking to exit their venture. Currently, the single biggest reason a buyer does not pursue a business to completion is due to the often-fractious nature of a target business’ financial record keeping.

Too many small businesses still rely on paperwork and excel to manage their financials. Often a last-minute dash to the accountant with their records once a year means there is rarely a clean snapshot of the business’ performance other than at this one occasion – which in turn means a buyer is left waiting for information to perform the due diligence required prior to purchasing a business.

Making Tax Digital should ensure that most businesses are forced into maintaining their bookkeeping, which in turn will make due diligence much easier and quicker for buyers.


2. With clean financials comes easier borrowing

Once a business buyer has done their own due diligence on an opportunity, often the next hurdle to overcome is funding the venture.

Over recent years, there have been some significant advances in commercial lending opportunities, in particular a move away from high street banks. This includes very tailored experiences through platforms such as FundingOptions, or online lenders such as iwoca, as well as a big increase in the popularity of crowdfunding for even the smallest of ventures.

Once a buyer has made the move to buy a business, the biggest reason for a deal breakdown is the lack of funding available. This isn’t always because a lender doesn’t want to lend, more often it’s down to the lack of quality financial information being available at a particular point in time. Making Tax Digital will ensure that most businesses have better kept financials, which are up to date and should ultimately make funding of these ventures far easier.


3. Less mistakes, more buyer confidence

When selling a small business in particular, it’s not acceptable to simply pull a profit and loss from your accounting software at any point in time and declare this as a true picture. When buyers perform due diligence on your financials, they will be put off by any errors which affect the reality of the trading position.

With Making Tax Digital, business owners will be far more likely to keep clean and up to date records, which carry less errors or mistakes that are often cleaned up at year end. There is nothing more perturbing for a business buyer than looking through financials and finding mistakes or gaps that while easily explained, shouldn’t exist.

For many business owners, the introduction of Making Tax Digital brings with it an element of further red tape and challenge, but it will, undoubtedly, also offer some incentives. In particular, forcing business owners to unknowingly contribute towards their future successful exit, even if they are not even considering it.

For further information about Bizdaq please visit: www.mybizdaq.com

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