Concerns about how Brexit might impact export expansion plans are completely understandable, but it should not hold you back. You just need to get serious about how you research and plan your export strategy. That strategy should form an integral part of an up-to-date business plan, which must include your business objectives for the next 2 to 3 years. I always find setting a target is good place to start, as without it you have no objective measure of whether you have succeeded or not. Once you have a clear goal you can then work through the steps of what needs to be done. A revisit of the business plan should include an updated assessment of risks, as well as the opportunities, ensuring the business is as resilient to external shocks or changes as it can be. So while the final shape and terms of the Brexit deal are still unknown, your business will be significantly better prepared for whatever transpires if you take the following action. Your Strategy A strategic analysis … [Read more...]
Are successful business leaders born or made?
The answer to this poser invokes the old, ‘nature’ versus ‘nurture’ argument. Maybe we need to study twins who were separated at birth, where one became a business leader, and determine what happened to the other? In the real world, business leaders, like any other leaders, come in all shapes and sizes. If you studied a group of successful business leaders from various industrial sectors, I would hazard a guess that they would have different personality traits and backgrounds. The variants are likely to be greater still according to discipline. Successful business leader in the financial sector are unlikely to have the same personality characteristics as one in the high technology sector or in the hospitality arena. An accomplished executive in the insurance sector, however, may very well have more in common with a leader of a banking institute. I’m making some assumptions here, but I wouldn’t be surprised if you are in agreement. Are business leaders born or … [Read more...]
Top Tips for Foreign Nationals Setting Up Business in the UK
In December 2018 Forbes Magazine placed the UK as number 1 in its list of Best Countries for Business. There is no doubt that the UK offers tremendous opportunities for businesses to be set up and to thrive. However the fact that this is so well recognised means that it is also probably the most competitive country on earth for businesses. You need to make sure that all aspects of your UK operation are run to the highest professional standards in order to succeed. The aim of this article is to give you some tips as to how to setup a company in the UK. Visa. If you do not already have the right to live and run a business here you will need a Tier 1 Entrepreneur Visa. For this you will need to invest a minimum of £200,000 in your new business and employ yourself and take on at least two members of staff in the first two years. Business Idea. You need to start with an idea of what product or service you want to sell. The first step is to think who … [Read more...]
How to design a robust profit-sharing bonus scheme for 2019
In the last newsletter we talked about what to do about awarding a Xmas bonus. [If you missed it click here to find it] Now we talk about putting a bonus scheme into place for 2019. If your financial year-end is say March, the next few months could be a good time to develop and trial a scheme before launching it in April. What should l incentivise people on? The profitability of the business is a simple way to measure business success. If there is a large minority of support staff then you might also consider cost-savings/efficiency savings as being the other side of the profit coin. You might be tempted by the achievement of individual objectives. Our general experience in the SME space is that staff appraisals don’t happen consistently enough so we wouldn’t recommend a performance pay system based on the achievement of individual objectives, as MDs usually haven’t the infrastructure in place to make this watertight. What do l need to do first? You will presumably have a business … [Read more...]
How to Replace a Senior Partner
As the year draws to a close, it comes the time when many people consider cutting ties and starting afresh in the New Year. This thinking may be influenced by ageing, illness, altering family commitments or simply a change of motivation. When a Senior Partner departs, they leave a large hole in your business. So how do you go about finding someone who will be able to successfully step into those big shoes? Plan In Advance When there is a lack of succession planning in a business, it can become vulnerable when a partner leaves at short notice. Annual assessments of all employees at all levels is sound practice; monitoring progress versus objectives. A major objective should be for every supervisor, manager or lead to find a replacement ready now and making any salary review or bonus contingent upon significant progress in this regard. This sound practice not only solves the succession issue but also avoids the over dependence on any one individual. It also provides … [Read more...]
Top tips for giving an Xmas Bonus to your team
It's that time of year, when Managing Directors are considering (or agonising over) whether to give a Xmas bonus. My start point would be to ask why you are considering a Xmas bonus. (If you are agonising over it then this suggests it is a marginal decision and you may be better off not bothering for the likely impact it is going to make) There are probably two reasons for considering a Xmas bonus As a form of recognition, a thank you for your efforts in 2018 As a retention tactic for 2019 in the face of a tight recruitment market There are 4 options available: A token gift (such as a bottle of wine) This can be tax free if all the following criteria apply: It costs less than £50 to provide and isn’t cash or a cash voucher It isn’t a reward for work or performance It isn’t in the terms of the employment contract The impact here is more on how it is done rather than the gift itself. One Senior Partner used to dress … [Read more...]
Top Tips for Networking at Business Events
Business networking is one of the most effective ways of generating new business, but it can seem daunting for the less extrovert doing it for the first time. However, even the most shrinking violet will gain confidence and effectiveness with practice. There are many different types of networking event and different times of day in which they happen. Most will let you try them out once or twice for a small fee. Once you have attended a few, chose the ones where you are most comfortable and have had the most success. To help you make more of the opportunities present at your next business event, here are my top 10 tips for networking effectively. Draft an 'elevator pitch' - a short (approx. 30 seconds) overview of your business, that you can trot out when asked “what do you do?”. It is best to have a few variations so that you do not say exactly the same thing every time, and so start to sound like a recorded message. Take a plentiful supply of … [Read more...]
Why appoint a Virtual Non-Executive Director or Strategic Advisor?
If you run a business that has strategic challenges to address, or if you are looking to raise it to the next level, where can you turn for advice? The answer may be appointing a Non-Executive Director or Strategic Advisor. Even very successful businesses can benefit from an external independent view to help make better strategic choices and challenge established thinking. What can a Virtual Non-Executive Director do for your business? Every business has a different mix of challenges and opportunities at a given point in time and often the owners or management feel their business is unique and difficult for an “outsider” to understand. To an extent that may be true, however, a VNED’s experience of the dynamics of multiple businesses and transferable knowledge of best practice from other markets is proven to bring significant benefits to management decision making. Our Home Counties and London Group Business Advisors have developed a Virtual Non-Executive … [Read more...]
Budget 2018 – At a glance
Business Small retail businesses in England will see business rates reduced by a third. The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years. Reforms to individuals working under IR35 are to be extended to the private sector by April 2020. Corporation Tax to remain at 19%. Personal The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000. A 4.9% increase will set the national living wage at £8.21 an hour for over-25s. Stamp duty abolished for all first-time buyers of shared-ownership homes worth up to £500,000. Duties Fuel duty unchanged at 57.95p per litre of petrol, diesel, bio-diesel or bio-ethanol. Duties on beer, most ciders, and spirits remain unchanged for 2019/20. Cost of a bottle of wine duty to rise by 8p, in line with inflation, in February 2019. VAT The VAT-registration threshold is to stay at £85,000 until April 2022. The Government will revisit options … [Read more...]
Budget 2018 – At a glance
Business Small retail businesses in England will see business rates reduced by a third. The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years. Reforms to individuals working under IR35 are to be extended to the private sector by April 2020. Corporation Tax to remain at 19%. Personal The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000. A 4.9% increase will set the national living wage at £8.21 an hour for over-25s. Stamp duty abolished for all first-time buyers of shared-ownership homes worth up to £500,000. Duties Fuel duty unchanged at 57.95p per litre of petrol, diesel, bio-diesel or bio-ethanol. Duties on beer, most ciders, and spirits remain unchanged for 2019/20. Cost of a bottle of wine duty to rise by 8p, in line with inflation, in February 2019. VAT The VAT-registration threshold is to stay at £85,000 until April 2022. The Government will revisit options … [Read more...]
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