Business Control & Strategic Direction

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:

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:

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.

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

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.

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.

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:

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.

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