There are many challenges faced when running a business, including everything from whether or not a permanent office is needed to how many staff, if any the business needs to grow and thrive.
Once you have a business set up and things are running smoothly, the next natural step is working to ensure the business is efficient, ready for organic growth and on track for continued successes for years to come. This means paying attention to details such as whether the payroll software and solutions of the company are up to scratch and if the office or business premises are fit for the growth you will likely be working towards.
As time goes on and the company grows and develops, there will be more and more important costs and developments that will require increased focus of all stakeholders and people of significance in the business in question.
Employees and staff
The employees and staff employed by and associated with any business are the engine that powers the business. It is therefore of great importance that all involved are treated fairly, looked after and are afforded benefits of working wherever possible, feasible and affordable (for the business as well as for the employees and staff.)
This may therefore reasonably include any of the following:
Pensions and financial planning – It is the law in the UK for employers to pay into the pension pot of any employees they have. This means that although it may cost businesses more, it also means there is an incentive for employees to grow, thrive and invest in their own future. by having attractive pension schemes, employees may be better incentivised to work harder for the company in order to earn more for the business and themselves, enabling them to pay more into their pension pot as a way of undertaking sensible financial planning for their future.
Bonuses, incentives and reward schemes – It is little surprise that if there are bonuses, rewards and other employee incentives, that your workforce is more likely to go the extra mile for your business. Bonuses may be in the form of sales or performance commissions, incentives may include tickets for West End shows and rewards could include milestone rewards, for example a financial bonus each year as an ‘anniversary’ gift.
Business premises – Your business will likely have office or business premises, which will be the centre of day to day operations as well as your staff’s presence. Whilst the décor, size and nature of the premises plays a big part in ensuring staff are happy and comfortable, it is also important that you stay on top of any associated costs, to keep the business running more efficiently. This may include checking the rateable value of the premises (for business rates) is accurate, switching energy suppliers to trim down bills or even changing water machine suppliers.
Keeping the business relevant
All industries and businesses undergo some degree of change and adaptation over time. It is therefore very important that your business does much more than simply sell a product or service. Keeping your business relevant within its industry and area of expertise is crucial to longer term business and even brand success. It is therefore important to consider:
- Updating your branding – The branding will go further than just the logo of the business. It will include any stationary, brand messaging and the values the business stands for at any given time.
- Keeping your website updated – Your website is more important than ever, with many consumers and businesses looking online via Google or other search engines for necessary services. Therefore, ensuring your website remains clean, attractive and on brand is critical for any business. Furthermore, focusing on how, where and why users do and don’t convert to sales or leads is another important aspect of any business’ website.
- Catching up with existing clients – Having been going for a few years, you may well have longer term and more peaceful clients or customers who you do not engage with as much as you should. Consider reaching out to existing clients for feedback and testimonials or perhaps simply arrange a catch up to see how they feel about your products or services to ensure your business stays ahead of the game.