Much like a game of Jenga, ensuring your business has the right support in place can be precarious. Small companies are constantly working hard at that balancing act. Small businesses need the right support in place, so have a think about some of the following to ensure that you are giving your business what it needs: Administrative and Legal Tools There are so many different areas of compliance. Organisations such as the FSB (Federation of Small Businesses) offer guides on employment law, tax regulations, and risk assessments to ensure that you can stay compliant, but you also need to think about safeguarding your business against various crimes, including financial crimes. Image – CC0 Licence Having access to a fraud solicitor can protect you, particularly if the fraud is being conducted by an employee of yours. There’s also services such as Inform Direct, which helps businesses manage administrative tasks like updating company registers or notifying Companies House of changes. Ultimately, compliance with legal requirements is a must that can be time-consuming, so think about what it takes to reduce this stress. Networking Opportunities Small businesses will always benefit from networking groups. Organisations like Business Networking International (BNI) provide opportunities to connect with other business owners and find potential clients or collaborators, ensuring that you are pushing yourself and your services in the right direction. There are other resources like the FSB that can give you access to a wider range of resources that you may not necessarily be aware of. And, of course, you can’t neglect what LinkedIn can do for anybody these days! Financial Support You may feel that you’re squeezing your pennies constantly, but look for those government schemes. Regional funds such as the Northern Powerhouse Investment Fund can provide targeted financial support, as well as startup loans being available for new businesses through government schemes. Online, you can see the Finance Hub on the British Business Bank to see if there are funding options for your needs. For businesses that are focused on innovation, Innovate UK connects companies with research opportunities and provides grants, particularly for new ideas. Health and Well-Being For all of the corporate components of a business, we have to remember that running a company can be demanding. Therefore, ensuring your employees and yourself maintain your productivity without compromising your personal health is pivotal. Resources from organisations like ACAS can help you create supportive environments. Every business needs the appropriate support in place, from the right accountant to legal support, and ensuring that everyone feels protected doesn’t just encompass cybersecurity, insurance, or financial protection, although these are, of course, critical. When you look at how your business operates, it could very well be to your detriment if you’re not giving everybody the appropriate support. We ultimately have to be prepared for challenges that come our way, and they can take many forms. By implementing these approaches, small businesses can create that robust support system, meaning you can navigate challenges, be compliant, and protect against so many external and internal forces, ensuring that your business will grow and stay strong and stable.
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