Articles
This page lists all articles on this website and on other government websites for business. The colour coding system shows you which website the article appears on.
You can sort the list in a variety of ways - including the top-rated articles, the number of comments for each article, or how many times people have viewed them. Results can also be sorted by a particular business issue - eg finance options or becoming an employer.
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- Cover risk in your business plan All businesses face risks and it's important to assess these. If you are prepared for them, you can work to limit their impact on your business. Identify and include risks in your business plan, so that you can anticipate them and act appropriately. Know the main types of risk The five main types of risk that could affect your business are:00
- Do you have the people you need to grow? When reviewing your business plan for growth or improvement, you need to consider staffing needs. Be clear on how you'll allocate resources – this will affect the finance you'll need to grow and your business' capacity to meet your plans. Do you have enough people? As your scale of operations grows, you may need to recruit more staff to achieve your objectives. For example:20
- Make sure you have the capacity to grow If you're thinking of growing or improving, you should identify any changes you need to make to your business before putting your plans into action. This way, you can bring in any changes smoothly and avoid problems at a later stage. What do you need to consider? Take time to understand how your plans will affect each aspect of your business and how they can accommodate your growth phase. Think about:00
- Restructuring for growth or improvement It might be difficult for your business to grow beyond a certain point without changing its current structure. Some business structures allow you to do things that other structures don’t permit. For example, sole traders might find it more difficult to raise capital because they can’t offer shares in the business, whereas limited liability partnerships (LLPs) allow the business to hold assets and property. Why change your business structure? There could be a number of reasons to change the format of your business.00
- Win contracts and subcontracting work Many businesses supply other businesses or government and this model offers lots of potential for growth. Winning and keeping contracts is likely to be one of the main ways you can grow and improve if you are not a retail-focused business. The UK's public sector spends a huge amount of money every year on goods and services (in 2009-10, this sum was £236 billion). Much of this goes to large businesses (the prime contractor) who, in turn, hire subcontractors. You could also team up with other businesses to form a consortium to bid directly for work.00
- Is growing your business a good idea? Growth has its risks, but so has failing to grow. The right growth strategy can make your business more stable, secure and profitable in the long run. Planning for growth means looking for opportunities to innovate and improve. This can energise your business and attract new talent and fresh ideas.122
- Decide how you'll grow or improve Before you can start developing a strategic plan that sets out how you'll achieve your growth or improvement objectives, you need to understand the options available to your business. Your strategic plan for growth or improvement could include just one of the following different routes, but a mixture usually works best. Grow your business by selling more You could choose to grow by generating more sales. Common approaches for improving your top line include:10
- Find out about award schemes If your business has already made its mark, you could consider applying for an award to recognise the achievement. Competing for awards is a great way of making your customers and competitors sit up and take notice. It can also be a real boost for your staff. If you win an award – or even make the shortlist – the resulting publicity can generate significant new business, help you forge new partnerships and make it easier to attract top-quality staff.00
- Understand the challenges of growth Growing businesses face a number of practical problems and challenges. These largely depend on how you're planning to grow your business (for example, by diversifying, exporting or merging.) Understand these challenges, so you can deal with them when preparing your growth plan and avoid mistakes that could damage your business in the future. Effective leadership and business structure As your business grows, it becomes more important to be able to lead people effectively, inspiring and getting the best from others.40
- Benefits of meeting industry standards Meeting national and professional standards can be a great selling point in the eyes of your customers. It can lead to greater trust and confidence in your business, and the products or services you sell. It could also give you an important competitive edge over other businesses. Attaining standards can also be a real boost for your staff. For many businesses, achieving a quality mark or standard provides tangible evidence of the hard work, skills and expertise of its staff. It can encourage healthy competition between different parts of a business.00