If you haven’t already written one, the idea of putting together a formal business plan can seem like an awful lot of effort – particularly when most business owners and managers already feel that there aren’t enough hours in the day. But it’s a task that can save you time and mental effort, by giving you a much greater sense of control over your business and its finances.
At the end of the day, every business operates according to a business plan of some sort – even if it is isn’t written down, and even if it doesn’t amount to much more than “Keep doing pretty much the same things for pretty much the same customers”.
The question isn’t whether or not to have a business plan, it’s whether or not to have a plan that you’ve put a bit more time and thought into.
Drawing up a written business plan is one of those areas where a little bit of effort at the outset will more than pay for itself as the months and years go by. It’s a great way of spotting trouble before it comes your way, and it’s key to identifying ways of boosting revenue and profit.
One survey published last year showed that having a plan makes it 24 per cent more likely that a business will be looking forward to an increased turnover in the coming year.
Read our guide to Preparing a business plan
This year sees the beginning of the implementation of the Companies Act 2006 which received Royal Assent in November last year. The first complete review of Company Law for 50 years, the Act has been the subject of long discussion in both the commons and Lords.
The longest piece of legislation ever to be put on the statute book in Britain, the Act contains hundreds of changes to existing company law. It is the biggest shake up to Company Law for decades and is aimed at removing unnecessary regulation, streamlining processes and giving shareholders more say in the running of companies.
The new legislation is set to have tremendous impact on private, public and quoted companies as well as their shareholders, company secretaries and auditors. And changes are already coming into place.
As from 1 January 2007, all UK companies must include certain information on documentation and their websites and email footers or they will breach the Companies Act and risk a fine. Under the Act, every business must list its company registration number, place of registration, and registered office address on its website. This information should also appear on order forms and in emails.
Read our short guide on the provisions of the Companies Act
With computers now integral to the day-to-day running of countless businesses up and down the country, it would be nice to think that technology would advance to the point where worms and viruses, phishers and fraudsters weren’t such an ever-present threat.
But there’s no escape. The security solutions keep getting more sophisticated, but so too do the ruses for getting around them.
Already this year, there are issues to watch out for. Microsoft will soon roll out its new version of the Windows operating system, known as Vista. By all accounts, much greater effort has gone into boosting the security of this version of Windows than on previous ones.
But security professionals are warning computer users not to be complacent. According to security firm Sophos, three of the worst viruses currently on the loose will transfer quite easily to the Vista platform.
And Companies House, the body that registers company names and stores crucial company information, has also warned businesses to be vigilant. It has noticed that fraudsters have been changing other companies’ details on their online database. It recommends that companies check their details regularly to ensure they haven’t been tampered with.
Further information:
It Security - The Basics
Following the unexpectedly large numbers of workers who arrived from the eight countries that joined the European Union in 2004, the Government has imposed tighter employment controls on nationals from Bulgaria and Romania, the two countries that joined the EU at the beginning of this year.
Whereas employees from the 2004 accession countries were able to work more or less without restriction, those from Bulgaria and Romania will only gradually be permitted to join the UK labour market.
For an initial period of 12 months, the following provisions will apply:
- You will only be able to employ a Romanian or Bulgarian worker if they have been authorised for work in the UK by the Home Office.
- Low-skilled workers will only be permitted to work in the UK if they qualify under schemes that already exist in the agriculture and food-processing sectors.
- A broader range of highly skilled workers will be able to work in the UK, if they qualify for a work permit or are eligible for the Highly Skilled Migrant Programme.
Useful links:
Ensuring your workers are eligible to work in the UK
Employing Migrant Workers Website