How Starting 2020 With Introspection Ensures You Finish The Year With Growth.

Here it is, 2020! A fresh start. In fact many business owners will be hoping to grow, improve or expand their business’s this year.

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What should you review? Why and how?

 

Business Strategy

• Business strategy authorisation and sign off

• Leadership & management plan

• Recruitment process and exit management

• Succession planning and talent management

• Organisation structure

• Shift patterns

• Roles and responsibilities

• Engagement and empowerment

• Internal marketing

• Internal communications

WHY? Because every action in your business, from how effective your leaders are down to the KPIs of each individual should synchronise with, or add value to, your business strategy.

HOW? Dust off your business strategy or write a fresh one. Assess whether each of the aspects above are being ran in a way that serves your business goals and direction or whether changes need to be made.

 

Financial Performance

• Time on role

• Revenue per head

• Productivity – value created by individuals compared to the cost

• Churn – what’s the financial impact of every lost employee x no. of lost employees

• Cost of induction period

• Performance measurement (by role)

WHY?  If all you do is expose all of your costs, you will inevitably find wastage/future savings. Number crunching some of this other stuff will be eye-opening and identify areas of inefficiency you can address.

HOW? You might have access to the numbers you need to do the sums, if not, your management team should.

 

Growth Potential

• Internal champions and terrorists

• Growth potential training

• Culture and nurturing innovation

• Engagement and empowerment

• Employee value proposition

• Succession planning and talent management

• Training

• People investment plan

WHY?  Your people are your asset. You haven’t got all of the answers! What investments or efforts towards your team would make the biggest difference to the business and team? 

HOW? There’s a bank of experts out there (many of which, work for us!) specialising in different ways of getting the most out of people, be it training/engagement/a system to encourage ideas and improvements/skills gaps etc

 

Protection from risk

• Protection from risk salaries and bonus schemes

• Employment structures

• Contracts & handbooks

• Employment policies

• Brand risk

• Training

• Employee engagement – conflict identification and resolution

• Vicarious risk

WHY? Because as you grow, there are more moving parts to focus on and the details get forgotten! All of your hard work could be at risk by not protecting yourself.

HOW? A good HR advisor would help with most of these areas. If you don’t have a HOT HR person, you can access experts on a fractional level where they offer ad hoc, short term or ongoing support (again, one of the services we offer!). Failing that, there are many resources and templates available online you can access for policies/handbooks. As for brand risk, have you thought about a brand or social media policy to manage the public image projected by your employees?

 

Zero Dependency

• Zero dependency roles and responsibilities

• Skills and training

• Single points of failure / expertise

• Absence, risk and opportunity cost

• External relationships

• Knowledge base and knowledge transfer

• Operating systems and equipment

WHY? Have you ever had to go without a specific skill in the business or member of staff and it have a detrimental effect? i.e. only 1 person knows how to use a specific system or fulfil a certain task. This is dangerous for any company, at the very least disruptive to productivity.

HOW? A well considered survey to the team can uncover areas that they feel they need training on (or just showing how to do).

 

Differentiation

• Employee engagement

• Brand representation

• Training and development

• Service standards

• Service champions

WHY? If you don’t know what is special about your company, nor will your prospective customers. 

HOW? It’s often difficult to identify your competitive edge when you’re so close to the business. It can be helpful to invite an expert in for a day/two day to examine your businesses strengths compared to others industry. Failing that, you could carry this out inhouse;

– launch a survey for free using surveymonkey.com – ask all of your customers why they use you rather than others

– if you understand what the market define as valuable in your sector (i.e. low prices/fast turnaround), do some desk research rating yourself against your competitors 

 

Customer Satisfaction

• Customer satisfaction

• Employee engagement

• Brand representation

• Training and development

• Service standards

• Service champions

• Right first time/ wrong first time

• Customer retention and revenue

• Lifetime value (customer)

WHY? Scary isn’t it?! Is ignorance bliss or is it lost customers and you never know why?  By understanding what your customers, you may unveil some unique about your company that you can share with the world, areas of weakness exposed are only opportunities to improve even more, if nothing else, it gives you a chance to contact your customers, show up on their radar more often and show them you care.

HOW? That good old saying…”how do you find out what customers want?….ask them!” You might have a sales team who can use their visits to gather information. You can issue a survey for free from surveymonkey.com and offer a loss leader product/discount/gift for those who respond.

 

Compliance

• Compliance industry regulations

• People regulations

• HMRC and pensions regulator

• Data and GDPR

• Health & Safety

• Contractor compliance

WHY?  As boring as these aspects are, they are either necessary or offer you a way to differentiate from your competition, perhaps win more contracts.

HOW? There are often government organisations to help with this i.e. HSE for health and safety, ICO for data. Such sites will have a library of resources and may offer you feedback as to whether you are already complaint. 

 

 

 

Who are we?

Foxton Wren is the UK’s leading Professional Employer Organisation (PEO) and helps its clients to drive the maximum value from their people / people related spend.

Our services are underpinned by world-class systems that provide our clients the same privileges that large corporate employers enjoy.

Visit our WEBSITE or watch our VIDEO

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Hire Foxton Wren to audit your business

This consists of a panel of experts and the use of leading software (we call these ‘big boys toys’ as they’re typically only available to the fuse few) reviewing parts of the business to find the areas of key opportunity, waste and risk.

The outcome being a plan of recommendations that, when followed, has a direct impact on your company’s value.

Our clients can stop at that stage and use the report to plan their own remedial measures. Otherwise, we help you execute the improvement areas choosing from our bank of top UK field experts, and lending your project the best tools and software we have accumulated in our armoury.

Contact James Thompson to discuss james.thompson@foxtonwren.com and 03333 214 216

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