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Are you maintaining a fit and healthy business? Here’s three tips to help.
As individuals, we maintain a healthy lifestyle by eating a good diet, exercising regularly, and…
Slapping economic downturn in the face
Five insights into tackling potential economic downturn head on…
Social Media – friend or foe of employers?
Whilst most people are a little more savvy about the does and don’ts of posting in the public…
The Power of Purpose: ESG is a competitive advantage for SMEs
As a business leader, it's essential to keep your finger on the pulse of emerging trends that not…
What is Greenwashing in business?
UK SMEs need to be on notice that regulators, customers, and investors are taking greenwashing…
6 advantages of engaging a Fractional People Director over a Full-Time hire
There are multiple benefits of taking on a more senior HR professional on a part time basis for all…
Why you MUST have a Partnership Agreement
What is crucial is that anyone entering into a traditional partnership understands the consequences…
Protect your brand’s reputation on Social Media
Social media has revolutionised business communication, therefore, it is crucial to protect your…
Is Copyright an Old Law for a Brave New World?
With record labels now seeking to licence their artists’ voices for songs generated by artificial…
The total cost of not managing project risks
Not having a risk management plan can lead to financial costs; however, there are also intangible…
Why outsourcing should form part of your business growth strategy
Outsourcing is a great way for any business owner to buy back time. You choose the business…
The link between stress and business performance
By implementing these steps, leaders can combat burnout, improve employee well- being, and enhance…
The average GDPR fine for SMEs is £30,000. Ouch!
Alex Franch, Co-Founder and CEO of Privasee, introduces GDPR and why it is important for small and…
Is intellectual property protection really too expensive, and or the threat too low?
Imitation is the sincerest form of flattery, as the saying goes, but it usually doesn’t feel that…
Why compliance is about more than protecting your business from fines and legal action
Your company accounts, audits and various tax returns are your opportunity to tell your company's…
AirTags might be useful, but are they a threat to privacy?
Jackie Barlow, Data Protection Senior Consultant at Xcina Consulting, discusses how AirTags might…
Remote Working, Data Protection and VPN Policies are essential in the modern working environment
Maintaining corporate policies can be seen as a tick box, waste of time exercise. Overcoming this…
The Overlooked Key to a Successful Scale-Up
Many start-ups experience enormous popularity and runaway growth, but only a few go on to become…
What is your personal data worth?
What do you believe your own data is worth to an organisation? Is it more valuable to you than to…
Finding your leadership voice: 7 strategies for developing your leadership voice
Finding your right voice for leadership is a deeply personal and transformative process. It…
How are you building trust with your consumers when processing their data?
A real concern for customers is the use of Artificial Intelligence (AI), and many have lost trust…
Unlocking leadership excellence: 7 strategies for continuous improvement
Remember, your commitment to improvement sets the stage for greatness and inspires those you lead…
Reinventing the world of admin…
If your best people are spending too much time on admin, then they’re not playing to their…
Five key leadership attributes
Leadership behaviours can be learned, developed, practiced over time, and used to nurture a new…
A guide to resolving board disputes
Board disputes wreak havoc on business relationships and the company’s reputation, not to mention…
Defining and excluding Consequential Loss in a contract
Although decided in 1854, the same year Florence Nightingale was sent to the Crimean War and Hard…
How to know when your small business is ready for a server
If you use two or more computers to share scanners, information or internet access, a small…
Are you hiding from your problems?
The truth is, no matter how hard things may seem for you at that moment, they won’t always be that…
The ultimate guide to Virtual Assistants
Outsourcing to a virtual assistant, instead of hiring an in-house PA or secretary can have numerous…
How to avoid contract termination disputes
The contractual clause that allows one party to terminate an agreement is a powerful provision.…
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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