The 9. Issue #3

Along comes Issue #3 of The 9. 3 more top tips for new businesses from 3 experts in their industry. Contributions from #TheBoardroomNetwork members.

This issue sees genuine actions to implement in your business if you are a start up business. Writings from Stephen Murray from UBRANDiT , Louise McGeady from Opal People Solutions and Peter Bond FCA from PMB Chartered Accountants Limited .

Let me begin by congratulating you on taking the step to being your own boss.??

1. Quality over Quantity:?

Let's face facts, starting out can be tough and cash can be tight.

When it comes to company unform and promotional items you might be tempted to go for cheapest options. I would recommend buying less but focusing on quality.?

Durable, well-crafted items not only reflect positively on your brand but also have a longer lifespan, providing more exposure and better value in the long run.?

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2. Alignment with Brand Identity:??

Be conscious of your brand identity. Brand identity in many ways is the visual aspect of your brand. Think of the Nike 'swoosh' or Apple's apple—those are two instances where the identity of a brand is connected with a symbol or visual aspect. Building brand identity must have a strong visual image to link the brand. A brand identity is compiled of various branding elements. When you put them together, the identity in many ways is the mascot of your brand. Choose your clothing and promotional items that enforce the message you want to convey to your clients. Look the part.?

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3. Functionality:??

When it comes to promotional items, I would recommend opting for products that serve a purpose or have practical use.

Startups can make a more significant impact by offering items that people will use regularly, such as quality tote bags, water bottles, or tech accessories.

This not only increases the chances of the item being used but also enhances brand visibility.

The question I am often asked...what is the most popular promotional product? The pen is the most popular promotional product in the world (Read that last bit with a Jeremy Clarson voice for added impact)?

Stephen.

When asked to put my top three tips for employers in writing, I struggled with where to start. As I progress, I am struggling with where to stop! There are so many do's and don'ts that I would like to share with you, but here goes with my top three!

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The Legal Framework: A Foundation for Employment:

Embarking on the employment journey begins with a vital aspect :—

The Contract of Employment.

It's not merely a formality; it's a legal requirement, underpinning the entire employment relationship. This document outlines the terms binding both parties, offering equal protection to employees and employers and must be issued within the first 8 weeks of employment.

Questions often arise about the necessity of policies and procedures.

A Disciplinary Procedure and a Health and Safety Procedure (if your workforce exceeds five individuals), are essential.

There is a huge range of additional policies you really should have, however, all too often, businesses only recognise the need for a procedure when the situation becomes urgent.

The wise approach is to invest in a suite of commonly used procedures, tailoring them as your business evolves.

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Proactive Issue Resolution: Don't Wait, Address It Now!

Ignoring problems with the hope they'll go away is a risky strategy.

Whether it's performance, conduct, or conflict, addressing issues early is key to preventing them from escalating.

Robust policies, complemented by trained and competent managers, form the backbone of effective issue resolution.

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Employee Engagement: The Heart of a Healthy Workplace!

Nurturing a positive workplace culture involves looking after your people. Open and effective communication builds trust. Define what reward and recognition mean for you and your team. Prioritise employee well-being by championing a healthy work-life balance, supporting mental health initiatives, and investing in resources for overall well-being.

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Compliance lays the groundwork, proactive issue resolution builds resilience, but true success lies in the commitment to creating a workplace where each individual feels valued and supported.

Louise

1. Understand your chosen entity.

When starting out, what do you do, how do you decide your entity?

Should you be a sole trader, or a limited company? Maybe you are going into business with a friend or relative, should you be a Partnership or even a limited liability partnership?

This decision can seem insignificant aside the many decisions you have to make when starting a business.?Ultimately not understanding what you are getting yourself into can bring its own complications and sometimes unnecessary fiscal pain.

In truth there is no hard rule when starting off which entity you should pick, but what you should do is consider your options discuss then with your advisors and understand the implications of your decision.

2. Digitise your accounts.

There are many issues which we could explore on this topic and I’m sure an accountant would gladly rant at you for hours over this proposed plan, but these-discussion can be saved for another time.

Why is digitise a top tip?

• As described above, it’s happening whether you like it or not. So do it sooner rather than later.
• You immediately cut down on piles of paperwork, or leaver arch files, or dockets and invoices which can easily get lost.
• If used correctly, you get accurate up to date information on your business which can be used in decision making or even hold yourself to account on your own performance. (scary).

Providers such as Xero and Quickbooks developed cloud accounting systems which can provide a direct “real-time” view of a business performance.?

This is a move that in my opinion has revolutionised the industry.?

It provided a true link to the three main areas of any business:

– the sales, the purchases and the bank.

3. Engage with being in business.

As a business owner you should engage with your business, even the bits you don’t like or ones that can be scary, and finance can be scary.

Just because you don’t like a particular bit of the businesses does not exonerate you should something go wrong.

When it comes to your business finance unfortunately you don’t just get to say “I don’t understand all of that” Or “ I just trust the accountant to make those decisions”.

It is your business, and they are your decisions. You should understand the implications, and more so you should be making the decisions.

Make time to regularly review the finances of the business.

Here are three simple activities that you can do to engage more with the finance of the business.

• Make sure your bank account is reconciled. – Therefore, all the information is up to date.
• Review your profit and loss account and sense check it with how you feel business has been going.
• Calculate and review your gross and net profit margin, to help you price correctly and make sure you are keeping your prices up with general inflation.

Finally, engage with your advisors, they are there to help you. You should not see them as a cost to the business but as an investment in the businesses continued success.

Peter