Summary Why this is important There are many benefits to your business from advertising. It helps you to make people aware of and interested in your products or services, increase your sales and/or launch new products or services. It can also be used to reassure existing customers that they are making the right choice in […]
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Summary Why this is important You must sell enough of your products or services to keep your business running. You need to understand your market to sell your products or services at a profit. You need to investigate how you sell your products or services to improve your sales. This information will help you to […]
Summary Why this is important You need to understand your market to sell your products or services at a profit. You will need to investigate how you market your products or services to improve your sales and marketing. This information will help you to prepare plans that will persuade people to buy a product or […]
Summary Why this is important It is important to know who your customers are and what they need. This will help you to: make sure you meet their needs so that they use your products or services; plan how to best market or sell your products or services develop a customer service policy; or review […]
Summary Why this is important Social enterprises can be directed by many different kinds of governing body, including boards of directors, management committees and trustees, depending in part on whether or not the social enterprise is an incorporated body. Whatever they are called they have an important role to play in social enterprise. Working closely […]
Summary Why this is important Stakeholders are very important in any social enterprise. Stakeholders could be board members, sponsors, funders, customers, members, staff members or volunteers. Making sure that you maximise their involvement in the social enterprise and their links with you and each other will ensure the social enterprise gains the most benefit from […]
Summary Why this is important If you employ five or more people and do not have an occupational pension scheme to which all workers are entitled you must provide a stakeholder pension scheme. Stakeholder pensions were introduced to encourage more people to save for their retirement. While your staff do not have to join a […]
Summary Why this is important Sometimes, because of changed economic circumstances or re-organisation of your business, there is a need to review and revise staff roles. This can arise because there is over-capacity in part of your business, your business requires staff with a different skill set or where your business merges with or transfers […]
Summary Why this is important Most businesses encounter problems with the conduct, capability or behaviour of individuals. Employers are required by law to have procedures for dealing with discipline and grievance. A formal procedure for conducting interviews can take the heat out of the situation and help resolve problems. It is important therefore to have […]
Summary Why this is important Helping people to improve their skills will help your business to increase productivity, improve the quality of the service or products you offer and support the continuing development of your business. Who might do this You might do this if you need to: make your business or social enterprise more […]
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 […]
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 […]