Summary Why this is important People are the most important asset in any business whether they are directly employed or not. Getting the right people, training them and helping them improve their performance is therefore a vital part of setting up a business and of its continuing successful development. Who might do this You might […]
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Summary Why this is important Most small businesses use other businesses to carry out services such as preparing accounts, designing an image for your business, installing and maintaining technology and other equipment, taking away waste or supplying components, materials, tools or equipment. It is important to make sure that you get the kind of services […]
Summary Why this is important You may be about to recruit your first member of staff or you may have had problems recruiting staff in the past. You may simply want to explore how to recruit staff suitable for your business. Whatever the size of your business, recruiting staff can be expensive and time-consuming. It […]
Summary Why this is important If or when you need staff, you need to make sure that you have got the right people and that they do what you want them to. To do this, you need to look critically at what skills your business needs and decide how best to meet them. Who might […]
Summary Why this is important Whatever the size of your business it is important to make sure that you have got the right skills to ensure your business can deliver its products or services to the customer. To do this, you need to look critically at what skills your business needs and decide how best […]
Summary Why this is important All businesses need to regularly check whether they need to register for VAT. You can also consider voluntarily registering for VAT. If you are registered you will need to complete a VAT return. This is a legal obligation for registered businesses and they can incur fines if they do not […]
Summary Why this is important If and when you employ staff you will need to agree with them a salary, how it will be paid and when. You will need to ensure you have a system in place to meet the obligations you have to your employees in paying their wages and their tax and […]
Summary Why this is important Money is the lifeblood any business. Spending time at the outset organising finances, and gaining professional help, especially where other people are investing in your business, is vital. One of the first steps is to open a bank account. Not all banks offer the same services and support, so it […]
Summary Why this is important Most businesses need finance from outside sources. For the success of your business you will need to establish good working relationships with your financial providers and keep an eye on the impact of any borrowing on your business. Who might do this You might do this if you are: reviewing […]
Summary Why this is important Your business may need to raise money to start up, change or to get through a difficult time. Being able to get finance at the right terms when it is needed is important for the long term goals and survival of your business. Who might do this You might do […]
Summary Why this is important Making the right investment in your business can help you to increase profitability, improve productivity and support product and service development. Choosing the right investment option will help to maintain a viable and sustainable business. Who might do this You might do this if you are: preparing a financial plan […]
Summary Why this is important If your business does not have a system to check on payments from customers, it can cost many thousands of pounds. Many businesses have problems with debts from customers. Bad debts can even lead to the failure of your business. If you develop a way to control debts and collect […]
Summary Why this is important Being able to predict and control money going in and out of your business at different times and its impact on your business is critical to assessing the financial health of your business. It can make the difference between a business that survives and one that fails. Who might do […]
Summary Why this is important You need to keep financial records for a variety of purposes. They are important in helping you to manage your finances and continue to plan your business. They are also required to meet legal and regulatory requirements in company law and for tax purposes. Who might do this You might […]
Summary Why this is important If you want to run a successful business you need to keep track of the money you use, save and spend. Setting financial targets and monitoring how well your business does against them will help you to this. Who might do this You might do this if you are: creating […]
Summary Why this is important In order for your business to be successful you will need to establish that your business is financially sound. You must think about what you need to start up your business and what you need to keep it running well. Who might do this You might do this if you […]
Summary Why this is important There are environmental laws and regulations which all businesses must comply with, and those for specific industry sectors. Good environmental practices can be cost-effective when re-cycling methods are being used. Operating measures to protect the environment can enhance a business’s reputation and can also contribute to the profitability of your […]
Summary This unit has been imported from the National Occupational Standards for Health and Safety managed by ENTO (Unit G). Why this is important Fundamental to this Unit is an understanding of the process of carrying out a risk assessment. A person competent in this unit should be able to carry out risk assessments according to […]
Summary This unit has been imported from the National Occupational Standards for Health and Safety managed by ENTO (Unit C). Why this is important Fundamental to this Unit is an understanding of the process involved in creating clear workplace health and safety procedures for people to follow. The terms “hazard” and “risk” have been defined […]
Summary Why this is important It is important to make sure that your business, including your staff, customers and suppliers, is legally protected. You do this by ensuring that you are meeting statutory laws and regulations affecting your business. Who might do this You might do this if you need to: review the legal format […]
Summary Why this is important It is important to choose the most appropriate way of setting up your business in line with the law. If your business fails, then the format can affect your rights and responsibilities. There are a number of options available and you need to choose the legal format that best suits […]
Summary Why this is important Building relationships is crucial for finding out about business opportunities, gaining the resources you need, winning customers and getting help and advice.. Any successful business relationship has be based on trust and respect and be mutually beneficial to the individuals involved. This unit identifies the key things that are essential […]
Summary Why this is important To maintain levels of customer satisfaction and to remain competitive it is vital that every business looks for ways to improve. Small innovations in business process, customer service or product design can have large impacts on productivity or profitability. Innovations may come from anyone in your business, your staff, customers […]
Summary Why this is important Making deals is fundamental to all parts of any business. You will need to do this if you want to: expand your business or take your business in new directions ; work with new people, partners or organisations; get more business; or get the best deal from suppliers. Who might […]