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A Litigator’s Guide to … Commercial Settlement Agreements
While some commercial settlements are quite straightforward, involving a payment of money to…
How to Compute ROI on AI Projects
If you are a business considering AI adoption, evaluating or getting an idea about the return on…
The Future of Work: How Impact Sourcing Shapes Workforce Dynamics
Impact Sourcing is more than just a business trend. It represents a significant shift in how…
Understanding Pre-Emption and Priority Rights in the UK: A Guide for Companies
When UK companies issue new shares or transfer existing ones, pre-emption rights come into play to…
Strategic Partnerships and Alliances: Why They Are Invaluable
In such a competitive market, business success goes beyond just ambition—it's about smart…
Guide to Outsourcing Hard-to-Fill Positions
Outsourcing hard-to-fill positions can be a strategic and effective solution for businesses…
A Litigator’s Guide to … Injunctions
An injunction is designed as a protective measure to restrain certain behaviours, such as to…
Measuring the Impact: How to Track the Success of Your Impact Sourcing Initiatives
Businesses engaged in Impact Sourcing have the opportunity to make a significant difference in the…
A Litigator’s Guide to … Shareholder Disputes
Shareholder disputes can be very damaging to a business, causing a raft of practical issues…
Beyond Cost Savings: How Noon Dalton Adds Value through Strategic Outsourcing
Outsourcing has traditionally been seen as a straightforward cost-saving tool - a way for…
Sustainable Outsourcing: Noon Dalton’s Approach to Balancing Profit and Social Responsibility
Sustainable outsourcing isn’t just about doing business; it’s about doing business right. It’s a…
A Litigator’s Guide to … Terminating Contracts
There will be times when you want to bring a deteriorating business relationship to an end. Whether…
How to Coach and Improve Financial Acumen for Your Business
Designed with clarity and practicality in mind, this guide aims to equip you with the insights and…
Lessons from the Post Office Scandal
How the blind faith in an IT system led to convictions of innocent people, and how a corporate…
Companies House Introduces New Measures
Starting 4 March 2024, Companies House will implement new measures in accordance with the Economic…
Making Data Part Of Your E-Commerce Business Strategy
Embracing a data driven approach is essential for eCommerce success in today’s fast-paced market.……
Why Every Successful Business Needs A Risk Register
The benefits of a well-maintained risk register are extensive and broad, from identifying and…
Maximising Business Impact: The Power of ESG
Pathfinder FX has redefined CSR by introducing a groundbreaking CSR revenue share scheme, aligning…
How to Determine an Optimal Product Mix for Profitability
Most small and medium-sized enterprises (SMEs) are familiar with the concept of ‘product mix’, but…
Why charities require specialist accountancy advice
It’s vital charitable and not-for-profit organisations undertake specialist financial advice to not…
Beyond buzzwords: Realising AI’s potential in your business
If it is well thought through with the right help, businesses of any sizes can leverage AI to…
Understanding Key Performance Indicators for SMEs
Most business failures are due to poor leadership or managerial dysfunction created by unclear…
Are FCA Regulations Enough to Ensure Security of Client Money in Currency Dealing Firms?
Are the FCA regulations enough to ensure the security of client money in currency dealing firms?
Brailsford’s 1% Edge: Transforming International Trade Through Incremental Gains
In the competitive realm of international trade, the difference between success and mediocrity can…
10 Pathfinder trend predictions for 2024
While predicting the future with certainty is challenging, especially in ever-changing global…
Looking for more time to work on your business? Ask your accountant
At every stage of growth, you’ll come up against the point where your time is maxed out and…
Financial forecasting for growth: A complete guide for SMEs
Here, we aim to demystify financial forecasting, explain its importance, and provide practical…
Who’s Afraid of the Big Bad Lawyer?
The keys to the successful engagement of a legal representative are communication and…
What is a Data Transfer Risk Assessment?
If you are transferring personal data from the UK, it is likely that you will need to undertake a…
Why your company needs a Legal Health Check
Details gleaned from a Legal Health Check will ensure you know were your risks lie so you can build…
John Stanton from Map Your Process talks about Process Mapping. How it can save time, reduce cost and promote faster growth.
Ed talks to John Stanton from Map Your Process about the systems all businesses (regardless of size) need to have in place, and how to improve them. What a Process Map looks like practically and the most effective ways of implementing them to ensure buy-in from your team or organisation.
How to approach authentic Company Values & Culture with Erika Clegg of Larkenby
Erika Clegg talks to Ed Palmer about her experience of transforming her own company culture through establishing bespoke values. And how that led her to set up Larkenby where she now advises business owners and leaders about transforming culture through values. You'll also hear about the best and worst advice Erika's ever received.
isme|&|conversation...
Rhona Morrell talks ESG
Rhona is a regenerative consultant and much more besides. In this episode she discusses the challenges and opportunities in the sustainability arena for growing businesses.
isme|&|conversation...
Alistair Stewart talks litigation & legal advice
Alistair Stewart, Partner at Loney Stewart Holland, discusses the mistakes businesses make at every stage of development from a legal perspective. Revealing the pitfalls, the practical solutions to these problems and best of all how to avoid them.
TLD talks...
Contracts with Chris Parr
CEO, Ed Simpson, talks to Client Legal Director Chris Parr on the importance of getting contracts right; what to watch out for when negotiating Terms and Conditions and how to avoid placing your company at risk.
Coming Soon. More valuable and insightful content.
Coming Soon. More valuable and insightful content.
Business Control & Strategic Direction
Establishing business control and strategic direction is important to protect, regulate and help you make sure your business stays on track.
Business control refers to the policies and processes employed to control and monitor your operational activities and resources.
Strategic direction is the means by which you direct your business. Ensuring it stays on course to achieve its goals.
isme|&|co has been set up to provide access to all the information owners and managers of small businesses need. Information on everything you need to know about business control and strategic direction. From business budgeting and planning and developing a formal business plan document. To measuring and reporting, leadership, organisation structure, and ensuring the correct policies and processes are in place.
Defining your business Strategy
An effective business strategy sets out your business goals and objectives. By having a clear business strategy, you’ll be well placed to plan, evaluate the strengths and weaknesses of your business, and identify opportunities to gain an advantage over your competitors. Your business strategy is unique to your business. However, there are some fundamental elements to consider in every business strategy regardless of industry or sector:
Vision and Objectives
Sets out your vision and the objectives that you’re working towards.
Core values
As your business grows, you should consider whether it aligns with the core values you defined for it.
SWOT Analysis
Assess your strengths, weaknesses, opportunities, and threats. Understanding each of these will inform your decision making.
Resource plan
How much money do you need to complete the plan, who is in charge of allocating the resources, and do you have a safety net in case you overspend?
Measurement
Describe how you intend to measure progress towards achieving your goals. What are your key performance measures (KPIs)? How will you collect the data required to measure them, and how, when and who will you report your progress to?
Creating a formal Business Plan
A formal Business Plan provides details of how you propose to deliver your Business Strategy. When creating a business plan, you should be explaining where your business is now and where you want it to be at a particular point in the future – say in 3 to 5 years time.
Together with details of how you intend to set about getting there. Some of the key elements you should consider, include:
An overview and introduction to your business
A practical introduction to what your business does and and how it does it. The principal inputs, key processes and the major outputs. The nature of the market it operates in.
Details of your market strategies
How do you currently reach existing and potential clients, and how do you want to be reaching them in the future?
Competitor analysis
What are your competitors up to? Are they exploiting any markets you currently aren’t serving? How does their approach differ? How can you create and maintain competitive advantage?
Operational plans
The key resources used in your business - materials, human resources, equipment, funding and others. Organisation structure. Management span and control. Key systems and processes. Plans to maintain operational efficiency, and any productivity improvements.
Financial forecasts
Typically 3 year projections including details of forecast income and expenditure. Together with cashflow and balance sheet forecasts.
Resource plans
Setting out details of the financial funding, human resources, equipment, and other resources required to deliver the financial forecasts.
Regulation
How will you obtain and maintain compliance with applicable regulations?
Risk analysis
Identifying the principal risks to delivering the financial forecasts and creating (and maintaining!) an effective risk register. Forming the basis of your ongoing risk management process.
Key assumptions
A list of the key assumptions made in preparing the business plan, in order that these can be clearly understood by the reader.
Creating a business plan will help frame your business and allow you to think about where you want your business to be in the future. And when used correctly, and reviewed and updated periodically, will allow you to consider whether the assumptions made were correct. What worked and what didn’t work the way you had planned.
What is Business Structure?
Businesses should consider the appropriate structures to have in place. Helping make sure the business runs as effectively and efficiently as possible. And to appreciate that over time changes may be required. There is often mention of two types of structure. An overarching business legal structure and an organisational structure.
What are the legal structure options?
The following structures are common:
● Sole trader (self-employed)
● Limited liability company (your business is legally separate from you as an individual, so your personal liability is limited)
● Partnership (you and your partner(s) share responsibility)
● Limited liability partnership (the liability of certain partners can be limited)
● Joint venture
What is organisational structure?
An organisational structure sets out who does what within your business including leadership responsibilities. It helps provide information on individual responsibilities and levels of authority. Your organisational structure isn’t set in stone and can be changed over time to suit the business as it grows. The more flexible it is the better. You want your structure to adapt as your business evolves.
There are number of common types of organisational structure. You need to consider which structure best suits your business.
Hierarchical
This is the most common type of organisational structure and it’s set out from the top down. All the way from you, the business owner or leader, to apprentices and interns, and everyone in between. It includes part-time and full-time staff, top level managers, and directors.
Functional
Similar to the hierarchical structure, employees are placed from highest responsibility to lowest, but employees are also positioned based on their skills and function with the company.
Horizontal
Many small businesses begin with a horizontal structure as there are fewer levels between the top employees and lower tier employees. This organisational structure is often described as a flat structure. In contrast to the typical pyramid shape of a hierarchical structure.
Divisional
More relevant to larger companies, a divisional structure gives more responsibility to individual divisions to make decisions and manage their own resources. The sub structure within each division is often hierarchical.
Organisational structure will define levels of authority and responsibility, and aid good communication. When designed and implemented well, the right structure can help boost productivity and performance. Each organisational structure has its respective advantages and disadvantages, so you need to think carefully about which one best suits your business.
How to successfully lead a Business
Do you want your business to have impeccable control and direction? If so you need to understand the importance of successful leadership.
You started your business for a reason, you put your heart and soul into it for a reason. It is important that it’s a success.
With the right leadership your employees will share your ambition and enthusiasm for the business as much as you do. Effective Leadership will motivate employees. This drives business performance, be that increases in sales and productivity and efficiency. As well as sustaining a positive workplace culture.
So, how can you be a good leader? Here is a list of some behaviours that are often recommended:
Lead by example
If you want your employees to respect your vision and listen to you, it’s important that you lead by example. A good leader isn’t afraid to get involved and be a part of the process. If you show your employees how motivated you are to succeed, they’ll likely follow suit and align themselves with your values. It’s important for business leaders to model the behaviours they want to see in their teams.
Listen and communicate
As a business owner, you need to be able to listen and communicate effectively, otherwise people won’t be willing to listen or communicate with you. By keeping your employees in the loop with business plans and updates, they will feel more valued and are likely to work harder. The simple act of asking your employees their opinion and listening to what they say goes a long way.
Don't be afraid to change it up
A great leader is someone who can learn from their mistakes, can you learn from yours? If something isn’t working for you, or your employees, or your business, try a new approach. Being good at problem solving and changing your way of working is a sign you care about the business and want it to succeed.
Find out more about how to successfully lead a business here.
Create, promote and sustain a positive and inclusive work environment
Research shows that businesses with more diverse and well-motivated teams outperform others.
Measurement and reporting
Accurate, timely and regular reporting is a core discipline that will benefit your business and you. Not only does it help you service the needs of your various stakeholders – both internal and external – the process helps you better understand your business. Taking time to collect data, analyse, review and then comment on on your progress provides you with the information and insights you need to make well-informed decisions.
How to create policies and processes for your Business
Policies help set boundaries and expectations within a business. They set a level of accountability for every employee. Making sure that the way they operate and conduct themselves is aligned with the way you want your business to be conducted.
Create clear and practical policies that are effective. Good processes serve to support and reinforce your policies. They help drive efficiency and provide a sound basis for growth, establishing well-defined, predictable and scalable operations. The right policies and processes can create real value
Some policies are commonplace in every business and are often a legal requirement in some workplaces. The following is a useful checklist of characteristics to consider when defining business policies:
● Is it simple and easy for everyone to understand?
● Does your policy clearly set out what is expected of each employee and what will happen if the policy is not followed?
● Have you created a fair policy that doesn’t restrict the freedom or creativity of your employees? You want to create a positive, open workplace where you employees are happy to work.
● Does the policy align with your business’ core values and works towards achieving your vision?
Here are a few examples of policies that may benefit your business:
● Code of conduct
● Disciplinary and Grievance policy
● Equal opportunities policies
● Health and safety in the workplace
● Leave of absence policy
● Data Security and Control
● Environment, Social and Governance (ESG)
● Anti-Bribery
As a business owner, it is important to have strong and demonstrable business control and direction. It shows your employees, investors, clients, and competitors how seriously you take your business. It is an important part of building a successful and sustainable business.
isme|&|co is here to help you find the information and advice you need quickly. Whether it’s guidance on how to develop a business strategy or finding out more about the types of organisational structure.
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