Picture this scenario. You have grown your business to a particular point and now the numbers aren’t growing as fast as you would like. Furthermore, the relationships you have with your key people are changing – they seem more focused on what happened in the past, their focus is changing from the business to them, they are starting to question you more openly and perhaps in not an entirely constructive way. Change is needed. What is involved? There are essentially two aspects to this mirroring the two hemispheres of the brain – the rational and the emotional. The rational This is often the easier side of the brain for most MDs to relate to as this involves data and logical thinking. In the context of change, the MD knows what s/he has to achieve, the problems with the existing systems and people, and the new set of skills and capabilities needed for the future. Essentially it is a form of gap analysis. What do you as … [Read more...]
Book a free online 30 minute Business Advisory Session
Have you got a business opportunity or challenge that you’d like some impartial, expert feedback on? Improving your sales? Looking for investment? Improving your team’s performance? Getting better results from your marketing? Expanding your team? Considering a sale, merger or acquisition? Or do you want to review your business strategy Then why not book a free 30 minute Business Advisory Session with one of our expert business advisors. These informal sessions are designed to help you gain new insights to support your next steps. This month’s sessions will be available from 2pm to 5pm on Friday 23rd June and will be delivered on Skype. The number of available slots are limited so early booking is recommended. Please note, each session is a maximum of 30 minutes. To book your free advisory session on the 23rd June please email susanne.currid@lgba.co.uk with your name, business name and a short introduction to the business … [Read more...]
Are your ‘workers’ on the right employment status?
Contemporary talk is about the gig economy. Workers say ‘gigs’ are a less secure and more exploitative form of employment. Businesses will say that it is tapping into a trend for flexible working that allows individuals a choice and where, when and how they work. Interestingly the CIPD reports that the nature of work has not fundamentally changed in the last 20 years and, secondly, in summarising the outcomes of 5 surveys, between 14% and 33% of people in atypical work are only in these roles because they could not get regular employment suggesting that this form of working can suit people. So far, so good… In the last quarter there have been a number of legal cases that have found against high profile SMEs because there is confusion over the employment status of the worker or group of workers engaged in the business. This comes at a time when government policy is geared to protecting, or increasing, the tax take. We would suggest … [Read more...]
Top 5 Challenges for Fast Growing Companies
If you’ve got a good business idea and the energy to push it forward, it’s not uncommon to achieve 100% year-on-year growth in your first few years of business. However, if your company growth is moving at speed, there are some key challenges you’ll need to get to grips with to keep it from crashing into the barriers. The most important of which is: 1. Decision Making At Speed As you are hit by a rapidly increasing list of questions to answer, it can be tempting to favour making snap decisions from a limited range of choices. On the face of it, it looks like you are moving forward at speed. But quick decision-making may not always get you to your desired result. According to some research in this area by Paul Nutt in his book ‘Why Decisions Fail: Avoiding the Blunders and Traps That Lead to Debacles’ business decisions that are taken off the back of looking at just two options can have more than a 50% failure rate. Counter-intuitively as soon as you start to … [Read more...]
Now is the time to innovate – Call for UK to target 3% of GDP spent on Research & Development
As someone that meets a lot of people running innovative companies, which gives me some knowledge of the challenges they face – I was delighted to see that the Confederation of British Industry (CBI) has published a report which calls for UK Research & Development (R&D) spend to be raised to 3% of GDP. Like any report of this nature it’s not a short read, so here is a summary of it. You can follow the link at the bottom to download the full report. “Gene editing, space tourism, self-driving vehicles, robotic limbs, floating farms, London to Sydney in four hours. Game-changing innovations like these will shape the course of the next decade. Many will improve lives across the globe.” The report looks at: the case for more investment; why and how we need to build the UK’s capacity to commercialise Ideas; the challenges in our innovation ecosystem that need to be addressed; and the next steps for business and government. “…the House of … [Read more...]
Selling or Buying a Business – A Game of Snakes and Ladders?
The London Group March networking event takes a look at what's involved in selling or buying a business or raising some equity, with key insights from recent deals. Join us on Wednesday 29th March 2017- 6:30 pm Seats are limited – click to reserve one Program includes: Selling or Buying a Business with Special guest speakers: Peter Kroeger: Mergers and Acquisitions Partner at KLO Partners Mitesh Patel: CEO and Founder of Fifosys Ltd, an IT Managed Services Business and software developer for Engage Whether you want to sell your business tomorrow or one-day, or you are looking to buy a business as part of your growth strategy, or you have a client who wishes to sell their business or acquire a business, or raise equity funding - this will be a fascinating and illuminating event. You will pick up tips to help you figure out where the snakes and ladders are when you are involved in preparing for the sale of a business. … [Read more...]
Power up your business with a Virtual Non-Executive Director
The benefits of Non-Executive Directors are well understood by many successful business owners. They bring an independent view and additional experience that enable better decisions to be made by the management board. Our Home Counties and London Group Business Advisors have developed a Virtual Non-Executive Director (VNED) service that offers Managing Directors and business owners the same independent view and advice without the complexity of shareholdings, appointing legal directors and director’s service agreements. Every company is different and yet there are many similar and transferable aspects from other industries and markets. Our experts are able to utilise their broad business experience and extensive network of contacts to support companies to achieve their strategic objectives. An independent view that challenges existing or new strategies can substantially enhance the robustness of a company’s direction. Sometimes difficult decisions are required to deal with … [Read more...]
My business is driven by technology – can I claim R&D Tax Credits?
Maybe you are creating apps or adapting existing software for cloud delivery (SaaS), or creating tools to make sense of big data, or using CNC machines to mill complex parts, or developing wearable tech or designing new medical devices …… the list is endless. Whatever your angle you will know that technology and what you can do with it, is constantly evolving. But what you may not know is that the skills and knowledge you are investing into technology could mean you can claim generous Government support. The questions to ask are: Do I design innovative products or processes? Do I employ technical staff or technical subcontractors? Is there some uncertainty in how to go about getting the outcomes I’m seeking? Do I spend staff time and money on my designs and developments? If you do, then you really should check your R&D tax credit eligibility. It’s quite easy to find out, quick to do and will cost you nothing. How do I … [Read more...]
6 Important Technological Considerations For A Start-Up
1. Watch the cash! Obviously, for a start-up, this goes well beyond spending money on technology, but it’s important to keep it in mind when choosing software. Where possible, invest in systems that allow you to pay monthly with no tie-in. Even if you feel that your business requires something more bespoke and specific in the medium term, selecting Pay-As-You-Go systems initially can pay dividends. Initial use of a Pay-As-You-Go system will allow you to test your requirements and then purchase a more bespoke solution from a more informed position. Consider things like dedicated or hosted servers, and shared environments, so that you are not spending money on in-house servers and so on. Rarely are these necessary nowadays, and in fact they can limit your flexibility. The online environments are usually available for a monthly fee as well, and this helps cash flow as well as limiting risk. If your requirements change, or if the business fails, … [Read more...]
Impending Employment Law Changes for 2017
As MDs think about the New Year or start planning for the next financial year there are a number of forthcoming employment law changes that may affect you and your business. Gender Pay Gap True this applies only to large employers (employing over 250 employees) but it is likely to be cascaded down to the SME sector in coming years. So why do something about this now? Gender pay gap reporting applies both to bonuses and pay. If there are discrepancies between male and female workers on either score when employees are doing the same job, there are likely to be fines, the cost of immediate remedial action and potential claims for back pay equalisation going back 7 years. The reporting requirement for large employers will be to publish: the difference in mean pay between male and female employees; the difference in median pay between male and female employees; the difference in mean bonus pay between male and female employees; the difference … [Read more...]
How To Turn A Hobby Into A Business Process
Part 1 How do you take a hobby or interest and turn it into a business? In this blog, I’d like to share a simple but effective process I use with my clients to take their hobby or interest and turn it into a viable business plan. This process can be used for any start up business. IDEA We start with the IDEA. Your idea for a business may be totally unique to you or it could be providing a service that others already provide like a McDonald’s restaurant. Once you have decided on what your business is going to be then you need to do your Market Research. Market Research Researching your market is an essential process. The research you do is to ensure that there is a demand for the product or service you are offering. Here are some of the things you should find out during the research phase: Place – where is an appropriate place to sell your product … [Read more...]
Setting up a Company in the UK
This is a brief guide aimed mainly at overseas businesses wishing to set up in the UK. However much of it is also relevant to someone already in the UK who wishes to start a business. Overview The UK is one of the most business friendly countries in the world. A company can be set up quickly and inexpensively, with a minimum of interference from national government bureaucracy. Legitimate businesses will be able to flourish in a country with little corruption, and a legal system that is fair and open. A business in the UK can be set up as a Sole Tradership, an LLP (Limited Liability Partnership) or a Limited Company. In practice almost all overseas businesses setting up here incorporate as a Limited Company. This is the way that enables the overseas management to best control the UK entity. Initial Incorporation You will need to choose a name for your company. Most probably this will be a variation of the existing … [Read more...]
What Data Should You Measure For Improved Business Performance?
Almost any conversation that you have with a business owner will involve a discussion about the current business progress: “How many orders do you process each week?” “What was the turnover for the last month or quarter?” Most business owners will be able to answer those questions fairly easily, but then you can dig a bit deeper: “How many orders went out for delivery later than they should have done?” “How many orders were short of stock?” “Do you know which orders or customers made you the best margin?” Questions like these can be harder to answer, because many businesses are not set up to record this information. Very often, it’s a matter of waiting for the telephone call or email which asks about the late delivery, or the missing stock. Besides having to field these calls, which is often hard work as customers may well be angry by this point, the business is losing money; either … [Read more...]
Making Tax Digital
This is the new initiative by HMRC for which the consultation document has come out. Consultation will close 7th November with draft legislation in December and the start of implementation in 2017 with full implementation as from 5 April 2018 with all taxpayers on stream by 1st January 2019. It will apply to all taxpayers both business and SA taxpayers. For businesses it will be a major change to the way they relate and report to HMRC. In this article we will only address Make Tax Digital (MTD) as it is applicable to businesses. The MTD for businesses will apply to all businesses with a turnover greater than £10,000 p.a. Submissions to HMRC must be made quarterly with a 5th adjusting submission 9 months after the financial year-end. Submissions must use commercial software. The free HMRC software has been withdrawn. Micro businesses used to keeping their records on spreadsheets which are submitted to their accountants once a year will now be … [Read more...]
Selling a Business – Avoiding an own goal in due diligence – Part 5
How secure are your forecast revenues and profits? In the last blog I dealt with the question of Forecast Gross Margins. Another hard lot of questions you will have to answer will be to do with your historical and forecast sales and profits. The hardest part of any sale is convincing an acquirer that the business is going to meet its forecasts. All acquirers will argue that the best guide to future performance is the current and past performance. If: you develop budgets and forecasts and report actuals against these forecasts on a monthly or quarterly basis, and your actuals are generally as good or better than your forecast, then you have started to provide a measure of comfort. You will need to look at each line item in your forecasts and if they show a steady progression and that is what you have always done, then there should not be a problem. However, if you are forecasting a rapid … [Read more...]
How to Define your Unique Selling Points (USPs)
If you came to me and asked me to help you to grow your business, the first thing I would ask is: ‘What are your unique selling points?’, or to put it another way, ‘Why, in your opinion, do your clients purchase your product/service from yourself and not from your nearest competitor’? Jot down 3-4 answers. Now take a good look at those answers – are they unique? Does the competition offer the same? Are you emphasising certain aspects that your competition isn’t? Are you doing things differently? Are you perceived as being different even though you aren’t? Is it the same product/service but the business model is different? The more you analyse your answers, the more you may realise that you have true USPs – or not! If you are struggling, it would be a good idea to call your clients, those that are happy and are repeat purchasers, and ask them why … [Read more...]
How SMEs can use Cloud Computing to punch above their weight in business
Having a well thought through business strategy is key to keeping ahead of your competition. Adopting cloud computing as part your strategy, can be an important factor in striving for excellence. Cloud computing can enable SME businesses to compete with larger business globally. It can allow both Start-up and established businesses to scale up with ease. This article will demonstrate some of the opportunities that are available to businesses that adopt cloud computing while considering the potential downsides. What is the cloud and where is it? Cloud computing is an Internet-based computing model that provides shared data and computer processing resources typically on a “pay as you go” model. Up front capital costs are replaced with ongoing variable costs. Unlike traditional local IT, capacity can be rapidly scaled up and down with minimal management resources. Cloud computing enables ubiquitous on-demand access via PCs and mobile devices. Cloud services are … [Read more...]
Selling a Business – Avoiding an own goal in due diligence – Part 4
How secure are your forecast gross margins? In the last blog I dealt with the question of Employee claims. Another hard lot of questions you will have to answer will be to do with your historical and forecast gross margins. This is based upon an actual case. The Company in question sold products all over the world – 90% of sales were to overseas customers. It had grown and now turned over £5m and made a gross margin, after deducting costs of sales, and direct costs of carriage, freight, insurance and agent’s commissions (all of which varied from territory to territory) of around 30% overall fairly consistently year on year. The price for each customer was negotiated annually in advance and took into account these varying direct costs. Internally, the gross profit was really only accurately reported after a stock count which was performed every 6 months. The accounting system used did not have a dynamic stock and cost of sales … [Read more...]
7 reasons why your business is not attracting customers
Are you wondering why you are not attracting and engaging customers as well as you might? Here are seven common reasons why many businesses fail to sell and what you can do to create more successful results. You’re Selling In The Wrong Place If you have to compete with dozens or even hundreds of similar competitors in a particular marketplace it may prove difficult to master those much-needed sales. The key to a successful business often lies in seeking out those customer segments that are not well served by your competitors. This is why market and customer research is so important. It may be that a more targeted approach developed from gathering deeper customer insights will bring up new opportunities that others have missed. Additionally, it could be that customers are looking for your product but via a different channel. You may be selling on the high street, but really you’d do better to take your business online. Your Unique Sales … [Read more...]
5 Ways to Get Past the GateKeeper
New recruits making sales via ‘cold’ sales calls often struggle to take their generic sales training and put it into practice. If they are not trained professionally on how to make the pitch, they will lose calls and burn leads. Worse, they often make their company look bad if they managed to say where they are calling from before the callee hung up and won’t get a second chance for a while. Sometimes the caller may receive abuse, further reducing their will to make more calls, with their confidence dropping at an exponential rate. Here are 5 simple tips to helping your team get past the gatekeepers so they have a chance to convert to sales: Monitor the team, especially new recruits. Within days they may acquire bad habits that are hard to break, if left unchecked. You need to determine if they have an issue about making cold-calls, by listening and monitoring their behaviour whilst on the call: Train – Script – Monitor – Fine Tune – Interview – Retrain – … [Read more...]
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