Due diligence essentially means taking the time to carefully scan through the financials, strategies, and any other information that is floating around on social networks about your competitors because any stone left unturned could be the stone that allows your competitor to get ahead.

There is a reason why there are consultants trained just to handle competitive intelligence for a company, because there are millions of leads out there and until they are all uncovered it is hard to tell which one will prove the most helpful.

Of course, most small business owners cannot afford to hire a top consultant in order to compile information for them, but now there is no need because in the age of the internet most of the knowledge that is needed is out there floating around the web. From public records to social networks and reviews from the business world from partners and clients it is now easier than ever to gather the information you need, without sacrificing any level of due diligence in the process.

There are even some websites set up that are created to help business owners with their due diligence, compiling information into one easy location so that you can review it as needed on a regular basis. By taking advantage of these unique sources of information you can strengthen the competitive intelligence of your organisation so that you stay sharp and a main contender in the business world.

Plus, as a perk, you can read what others are saying about your business so that you gain perspective on your own business and where you could make changes to better your public image.

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The majority of workplace incidents can be prevented through Health & Safety law compliance. Through sending employees on health and safety training courses, a small business can protect itself and its employees, potentially saving thousands of pounds each year through a reduction in insurance claims and premiums and losing fewer working hours. It could also boost staff morale and productivity.

Accidents at work can happen at anytime and anywhere, and so all small businesses should be fully prepared.

Current Legislation

The Health and Safety at Work Act 1974 forms the basis of Health & Safety legislation. Under this legislation, employers must “so far as is reasonably practicable” safeguard the health, safety and welfare of employees in the workplace.

Under the Management of Health and Safety at Work Regulations 1999, small business owners are required to assess risks to employees in the workplace. The regulations require small business owners to identify the measures required to adhere to Health & Safety laws and to appoint capable individuals to aid them in taking the appropriate measures. Directors and managers of all small business can be held responsible for their failure to abide by Health & Safety legislation.

Employers with a minimum of five staff members must have a written health and safety policy, and all employers must provide Health & Safety training to their staff.

Types of Workplace Injuries

Workplace injuries can be caused by a single, traumatic incident or may build up over a period of time. Common non-traumatic injuries sustained in the workplace include: lower back pain, caused by poor lifting techniques or sustained bad postures; repetitive strain injury (RSI), caused by repetitive movements, such as the prolonged use of computer keyboards; headaches and neck aches, caused by poor posture and incorrect VDU positioning; and carpal tunnel syndrome, caused by repeated activities that put pressure on the nerve in the wrist, including work on production lines and prolonged computer use.

Ways to Train Staff

Health & Safety does not have to be expensive or time-consuming. Small business owners must ensure that their employees are adequately trained in Health & Safety procedures and are capable of spotting hazards and understanding the ways in which to prevent or minimise risks to themselves and to others. Posters prove an effective yet affordable way in which to communicate risks, with some safety notices being required by law. Employers can send their staff on health and safety training courses or take advantage of in-company training. Training courses can be adapted to the needs of small businesses, and staff can take extensive courses to minimise the impact their training has on their other workplace responsibilities.

The Cost of Workplace Accidents

It is essential for small business owners to note that their accident insurance will typically only cover a proportion of accident costs. Costs that fail to be covered may include: sickness pay, temporary labour, damages to materials, equipment repairs, temporary staff wages, fines for breaching legislation and investigation time.

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Employment involves a certain amount of normal and expected time away from home and family. Freelancers who work away from home on temporary contracts are entitled to allowable expenses which help offset tax liability, but the time it takes to record and file all the paperwork, keep accurate records and run a payroll may take so many hours that your spouse and children could forget who you are. An umbrella company can bridge the gap between the flexibility and convenience of independent work and complying with all the complicated regulations regarding tax collection and expense claims.

An umbrella company allows you to keep the freedom of being a freelance contractor while removing the liability and responsibility for the keeping of records, calculating expenses and tax liability, and running a payroll. With so many complicated compliance regulations and the constant danger of audit, why risk running into legal issues? Contracting with an umbrella company allows independent contractors to be paid under a PAYE scheme, removing the hassle and worry of tax liability and withholding. Simply keep your receipts and hand over your timesheets and expense reports, and wait for your cheque to arrive.

An umbrella company acts as an employer in the eyes of Inland Revenue, allowing a contractor to receive regular pay cheques, yet it still allows a freelancer to retain the freedom of negotiating independently with clients.

New freelancers or employees taking temporary contracts between permanent positions may find that the services of an umbrella company can make temporary contracting simpler and far more efficient. When an employee first decides to go out on their own as an independent contractor, there is more than enough work involved in establishing themselves. Contacting potential clients, landing contracts and completing high-quality, efficient work all takes time. Add in running a payroll and all the record keeping, filing and compliance issues that go along with the administrative side of creating an independent limited company, not to mention the hassle of creating and running a payroll system, can make it nearly impossible for an independent contractor to successfully create a viable business. An umbrella company can be the stepping-stone that helps a freelancer make the transition to running a limited company. Once a company is established, an umbrella company can provide efficient, cost effective management of payroll, tax compliance, invoicing of clients and, in some cases, insurance cover.

With the pressure and stress of administrative tasks greatly reduced, a business is freed up to concentrate resources, time and staff where they can bring in the most return for the time spent, making for a much more efficient and profitable operation.

Courtesy of Crystalumbrella.com

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Many people would say that it is the responsibility of companies to make sure that they have sustainable business practices through their entire supply chain. More often than not though other considerations take priority and sustainable business practices are left behind. Sustainability is something that must permeate all levels of the business and one type of sustainability will not work throughout an entire business.

While most people associate a lack of sustainability with large conglomerates, it is often small businesses that are failing the most to adopt sustainable practices. It is easy to cut them some slack with the economy being in its current state, as they are focusing on surviving rather than spend it on something that is largely irrelevant to profit.

However, there are some basic steps that any company can take, no matter what size, to make sure that they are acting in a more environmentally friendly way. For example, let’s examine a company which rents a simple office and only has a few employees. The environmental policies that this company might initiate could actually save them money.

For one, they can show that they switch off all computers and lights when they are not being used and wear warmer clothing so overheating the office is necessary. It is also possible to easily cut down transport costs by asking members of staff to walk or cycle to meetings instead of using a car, this also has the additional benefit that it will cut down the environmental footprint of the company.

It is easy for companies to find ways that they can be sustainable no matter what their size. Unfortunately, it is all too often the case that people demand companies be sustainable in certain ways that sometimes are not appropriate for smaller companies.

Small businesses can’t be expected to have advanced environmental policies but they can do the little things to ensure their business is environmentally friendly and socially responsible. While a large conglomerate might have a policy on biodiversity, it is enough for a small business to simply ensure that they are using their heating efficiently.

More education among the public and companies would be beneficial in teaching people how different environmental standards can be applied to different companies. People need to be aware that small businesses can reduce their environmental and social impact without having to spend a lot of money or hire additional staff.

They must focus on the small things that can make a big difference and this is something that their potential customers should be informed of and be knowledgeable about.

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In the early days, trade used to be restricted to the closest vicinity. Thanks to our modern means of transport and communication, however, it is now possible to do business with the whole world. This would all be very easy were it not for the difficulty of understanding the business partners. So many languages are spoken in the world and it is impossible for people to master each and every one of them. English is very popular and is accepted as business language. However, not everybody is able to speak English or other languages needed for doing business. This is where the translation agency comes into play.

Translation agencies, such as toptranslation.com, make trading a lot easier. Regardless what industry sector, top quality is guaranteed. A good translation agency has skilled staff and gives the customer’s needs and wishes its fullest attention. toptranslation.com strictly sticks to the deadlines and has the desire to exceed the customer’s requirements. No matter what special field a translation is needed for, a top translation agency can provide a top translator for it. No matter which language is needed, there will be a native speaker to translate it. The more languages and special fields a translation agency has to offer, the more orders it will get. Thus it is easy for business people to trade with partners all over the world. This is an essential factor for a well-functioning international economy. Business partners who are able to understand each other pave the way for healthy international relations. Good translators are the link between these partners. They help to make international business happen.

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According to Cohen it is much easier to just stay in one place because there is security in remaining at the same point that one always has, however, there is not much joy in this type of lifestyle as the human experience is meant to be expanded upon.  The brain was created with the capacity to grow and most humans still only use about 10% of its abilities, which means that there is 90% available to really reach out there and accomplish some goals which is what Cohen wants viewers to do after watching his ad spot.

He explains that everyone has problems, which is actually what makes every human similar to the next, but that the way in which people choose to solve their problems is what defines them as people.  He advises that viewers share their problems with friends and family as they reach forward and continue to work towards their goals because in the process they will find that their lives will become much more meaningful, and of course the end result of taking the time to ‘make it happen’ is that you will get what you want instead of dreaming about it.

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Her new survey however reveals that 25% of us now expect a response to our emails within an hour. While a third of want a response within 2 hours and over 2/3 within 12 hours. Only a quarter of us now feel that waiting a day for a response is acceptable, and a measly 7% of us are happy to wait 2 days. Today’s culture demands that we are always switched on and smartphones,  email and social media has meant that we are now always there waiting for instants responses.

We are putting ourselves under the pressure that an email must be answered as soon as it hits our inbox. The problem is that like driving,  the faster  you respond the more damage we do when we invariably make mistakes.  Dr Monica Seeley has said that we are confusing the speed of responding to an email with effectiveness, and we are essentially allowing today’s technology to dictate to us how we work in a potentially damaging way, and we seriously need to reduce the  email overload and reduce expectations.

Garth Ralston, Business Intelligence Development Manager for Aimia who manage large customer loyalty schemes like Nectar and Aeroplan agrees. He is introducing an email etiquette scheme across his division giving guidelines on email conduct including expected response times.

“Most of us now have Blackberries or iPhones making it easy to interact 24×7. As a result, even if you don’t reply, the general presumption is that you will have read the message whatever time it was sent. In the office, the speed of expected response is even more acute. I sometimes get a phone call just 20 minutes after someone has sent me an email to see what I think of it. I also receive meeting requests 20-30 minutes before a meeting and the inviter is surprised when I don’t attend. Our email etiquette sets out rules we will aspire to follow i.e. people should not expect a response from an email they send before the following day. Similarly as a receiver if they need more time to respond fully they should send an email to confirm receipt and state when they will reply.”

Monica Seeley explains that much of the pressure for fast replies is in the mind of the recipient saying many senior managers tell her they are surprised by how quickly people respond to their emails. This is borne out by the survey which shows that most respondents (83%) felt that internal senders expect a quicker reply than external senders and (87%) believed senior managers expected a faster response than junior managers. Similarly, over three quarters of respondents strongly believed (76%) that people picking up email on smart phones such as Blackberry or iPphone expect a faster reply than those dealing with email on a conventional PC/laptop.

The survey, among one hundred respondents from a range of leading public and private sector organisations also highlights double standards around email response times. Although, most of us now expect a response within half a day – almost two thirds (60%) of respondents admitted they only sometimes left people sufficient time to respond to their emails and only a third (39%) of survey respondents thought they ‘frequently’ left enough time. Monica says; “This is a worrying trend, as emails often need a substantive response – data needs collecting, case law needs referencing and the faster we respond, the faster the other person will expect a reply.”

The IT Director of a leading retailer of luxury goods agrees adding; “Our customer facing employees and their email response times are driven by the level of service people expect from a premium brand. However, speed of response should not be confused with quality service. We were aware of a lack of consistency in speed and depth of response between internal senders and some unrealistic reply expectations particularly between those juggling customer requirements and the internal people they needed information from. So we are changing our culture and setting realistic expectations to get consistent and appropriate response times externally and internally.”

To help combat unrealistic expectations and unnecessary emails Monica Seeley advises people to improve their email etiquette. For example by including a line in their email signature stating that they check their email at regular intervals but not as each email arrives. Alternatively she advises the use of an auto response with the same message. Similarly she applauds organisations that have a statement on their customer service webpage stating how soon they will reply i.e. within three days. She recommends that businesses start adopting similar frameworks for every day emails, especially internal ones.

“Respond in haste and repent at leisure has been the mantra of many who have found their email used as evidence in a dispute. A wrong or unplanned response can be costly. This survey confirms my view that it’s time for us all to recalibrate our email expectations and reply times.” concludes Monica Seeley.

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For those who have a skills base and a good level of experience in their field, consulting can be a great way to go – offering advice and services on a freelance basis to clients and companies who are cutting cost by doing without in house specialists in a number of areas.

For technical types there is IT consulting, while the media savvy may wish to consider setting up a PR consultancy and experienced manager offer consulting in business structure and employee management fields.

Whatever your own area of expertise, it is likely there is an opening to branch out into consulting. So what do you need to know before you take the plunge and go it alone?

Market Research

Before committing yourself (and your finances) to a consultancy business you will need to ensure that there is a market out there for whatever it is you have to offer. Internet research can prove useful, as you may be able to see what services others offer – you can gauge the level of saturation in your field in your own local area, or spot whether there may be a gap in the market that has not yet been filled. Consider asking business contacts if they or anyone they know might use a consulting service if you were to set them up, but be wary of carrying out this face to face research if still in employment as your contract may include a non-compete clause, which even mooting ideas to clients could see you falling foul of.

Remember Red Tape

Consider the kind of business that you want to run – will you simply be a freelance self-employed consultant or do you want to set up a company? Consider consulting an accountant to advise you on all of the relevant issues of the available options and ensure that you cross your Ts and dot your is before business begins.

Building Business

If you have set up your business, then you will need to find clients and quickly. Networking is key when it comes to building a client base for your consultancy. Look into networking organisations in your area, and consider joining your local chamber of commerce who are likely to host networking events such as business breakfasts and meet and greets for local movers and shakers. If your skills are not well known in your area you may wish to consider offering introductory rates to the first few clients who use your services – since word of mouth advertising can be a great way to build more business. Remember that in the modern world, an online presence is really important, so ensure that you have a great website and maintain a credible social networking presence – offering content that is relevant to your field and really adds value to other internet user’s experience.

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SMEs not getting value from Adwords

Only about 18% of the small businesses that use Google Adwords are able to get enough traffic to break even with the costs of marketing in this format according to new research that was compiled by YouGov and published at Workbooks.com.

Over the last few years Google Adwords has been promoted directly to SMEs as a cost effective and immediate way to boost sales and raise awareness of brand, but according to the survey that took into account 500 SME leaders, most SMEs are unable to see the direct link between the effort they make and the amount of sales they get back.

Workbooks.com CEO John Cheney stated that the results of the survey are what many customers also seem to be saying to the company as most SEOs feel that they need to have a visible presence on Google but are not sure how to make sure that this actually happens.  Now that Adwords is well known it is a shame that most firms are still not able to put a measure on how successful it has been for them.

Workbooks.com’s web-based CRM software can help smaller firms to overcome this obstacle.  Designed to track all customer interactions, it provides a clear and accurate overview of the return on investment of advertising and marketing spend.

“One company found that for every £1 they spent on Google Adwords they generated a mere 18 pence in sales,” adds Cheney. “Smaller firms have limited marketing budgets and they want to spend it in the way that will generate the greatest return.  With just 10 per cent of survey respondents saying that Google Adwords had led directly to sales and new clients in the last 12 months, it is important that SMEs have access to tools that help them to make the best possible decisions about where to invest their funds.”

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There are many uses for business management software, but one of the main ones is storing and organising the company’s accounts. Given the right software package, transactions, budgeting and even financial reports become quicker and easier. The business is also able to keep greater track of its spending, profits and losses. Even better, implementing a new accounts system is far easier than you may think.

Shakespeare’s Globe is a company known worldwide, attracting thousands of visitors and audience members every year. As a result, it needed an accounts system that was efficient, easy to use, and was suitable for the number of clients it works with. It was decided that a new software package was required; especially since the current system was becoming increasingly old and unsuited to the way the business operated.

The finance department began by drawing up a list of requirements for the new accounts system. Considering the many facets of the Globe (a museum, theatre, gift shop and education department, among others), it was decided that a multi-dimensional operating system was required. This would have the dual advantage of making an already complex accounting system much simpler, as well as allowing the department to compare and contrast various figures when necessary.

Once the operating system was selected, the Globe needed a company that would implement this quickly and easily. It was decided that the company in question would need to understand and respond to the ethos and services of the Globe, as well as tailor the software to suit its needs. After a little research the right company was found, and the implementation process could begin.

The main thing that the Globe is looking forward to is improved productivity and communication between departments, and no wonder. Business management software packages are quickly becoming one of the most popular ways of storing and sharing information, particularly if the company in question offers multiple services to clients. Customer relations can also be dramatically improved by business management software, as the company can store and view an individual customer’s details easily, as well as tailor their service to suit the individual needs of each client.

When considering implementing new business management software, the task can initially seem quite daunting; however, with a little research and the right software package, switching to the new system can be surprisingly easy. You may also see dramatic results fast, particularly if staff are already well-trained in such software. As many businesses expand or take on a wider client base than ever before, the use of a good accounts software package is vital, especially if you’re offering a multi-dimensional service to customers. Can you afford to be left behind?

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