Business Components

All businesses have these basic components. How they are selected and managed are unique to every business. This is where RLJB Virtual Business service delivers the support and advice to optimise how they are acquired and applied.

Just a few examples are:

• How many people, what skills, how organised and motivated
• Workplace, home, office, are storage or manufacturing facilities needed
• Setting up suppliers terms, price, quality, and service levels
• Managing terms and conditions. What market sector are they in?
• Funding, what working cash does the business need and where can it be sourced?
• Competition

Product & Services

What products or services is the business going to sell? Where will they be sold and who will buy them. To all successful entrepreneurs these are the questions that they can easily answer. What they may not be able to answer is what will the direct cost and gross profit margin be? Will this profit margin be enough to cover fixed costs and ultimately produce a profit? Where are your Products in their life cycle? As an FD, that over many years delivered a 20% net profit, I have the experience to provide full guidance and support to you to ensure that product/service costs and profitability are full understood.

People

The most vital key to success is the quality of the people that are involved in it, ensuring the skills /and personalities are correct for the business. They must be organised, trained, and motivated to deliver business success. Most employers believe that their staff work for money and their key staff for more money. The facts don’t really support that theory. All the evidence shows that employees want to have an interesting job and be acknowledged and complimented for their achievements.

Recruitment policy and remuneration packages must be tailored to attract and retain these employees. With over 20 years’ experience of introducing and developing HR, for a multi-million pound worldwide business, I can provide the advice and support you need in establishing the correct organisational structure for your business.

Workplace

The nature of the business will determine where the business trades from. The key is to make sure that this fixed cost is kept to a minimum. Today many people can work from home so businesses can reduce the need for potential expensive office space. Particularly if you anticipate most of your sales will come from online, if that’s the case you need a strategy to make sure potential customers can find you online or social media. If premises are required, are they appropriate, where should they be located, are they the correct size and do they allow for future growth? I can provide the overworked business owner the opportunity to be supported in continually reviewing and advising on these requirements.

Suppliers

It’s inevitable that every business will have suppliers. They need to be managed to ensure they provide the quality of service at the right price. Negotiating payment terms can provide a useful source of free cash flow.  
As FD of LEE Filters, a manufacturer of products sold worldwide I introduced a procurement department that saved £1,500,000 over a three-year period. Does your business have the time or experience to achieve savings from your suppliers? I am confident that RLJB could find savings for you.

Customers

Without paying customers there is no business. Who will buy your goods and services? How many potential customers are out there? Which customers are best for you to target? What customer retention do you have?  What’s the business distribution channel to get products and services to customers? Which should you be using retailers, wholesalers or online?  They all have different costs and if you use them, they will want a share of your margin.

Competitors

Who will be competing with you for your product in your market areas? What are their business strengths and weaknesses? Perception is everything.

What customers think of your product or service will ultimately determine the success of your business, which is why you should ask them on a regular basis what they like or dislike about it.

Funding

For a business to survive it needs adequate funding for both day to day operations and investment and growth. Today there are many sources of funds with differing risk and cost.

Available to many businesses are government grants. Many businesses are unaware that they may be entitled to government financial support. Deciding which external source of finance to use is to some extent a matter of personal preference.

Having been FD of a successful growing business I can guide you through this maze.

Taxes

These are imposed in different ways on business. There is corporation tax, VAT, PAYE and customs duties it’s important that business owners understand the impact of these on their business. Are you aware of the changes that HMRC are working towards with their Make Tax Digital Initiative? These changes will bring challenges but will also bring opportunities for efficiencies.  RLJB is available to provide answers and relieve the burden of ensuring that these are correctly complied with.

Government Compliance

Companies House and HMRC enforce requirements on all types of business. In many case applying fines and other sanctions for none compliance, with ignorance of the requirements being no defence. Holding a CIMA Practicing certificate and using the latest integrated cloud based software I can ensure your business stays fully compliant and up to date.