The book presents a principle-centered approach for solving personal and professional problems.

• Habit 1: Be Proactive. 
• Habit 2: Begin with the End in Mind. 
• Habit 3: Put First Things First.
•  Habit 4: Think Win/Win. 
• Habit 5: Seek First to Understand, Then to Be Understood. 
• Habit 6: Synergize. 
• Habit 7: Sharpen the Saw.

We've found a great animation about this book,  published by FightMediocrity, enjoy!

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Strong leaders should provide motivation and encouragement for their employees as well as boosting morale within the company and setting up appropriate reward schemes and benefits for businesses.

The boost comes following statistics that have revealed that over the course of the last three years, over 40 per cent of the 4,000 startups and high growth businesses that NatWest has supported through its Entrepreneur Accelerator network have been led by women. 

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When it comes to business, there’s nothing more important than eliminating unnecessary costs and boosting efficiency. The goal of every business – big or small – should always be focused on making the various systems across the concern as well-balanced and useful to one another as possible.

This is where systems integration comes in and it can have very real benefits for SMEs, no matter the sector they operate in.

Productivity

The name of the game in business is being as productive as possible and, preferably, doing it in the most efficient way. Many businesses don’t see their productivity where it could be because their operation features standalone systems that don’t work together.

Software and systems that deal with stock, invoicing, accounts and other operations are often left on their own, with minimal interconnectivity. A simple missed figure or a wrong input can mean problems across multiple areas of business. Systems integration does away with this issue for good. By linking these different systems together your business not only benefits from eliminated mistakes, it also derives value from the fact that you now have a clear overview of the business and how each area impacts the other. This means, in the long-term, major boosts to productivity.

More Agility

SMEs need to be able to move fast to correct problems and seize opportunities. A failure to do so can have huge repercussions and by the time you react, it’s already too late.

Systems integration affords insight into issues as they occur, enabling your business to be agile and proactive, instead of entirely reactive. Without systems integration, a problem can sit and swell on a system until it becomes a crisis. That then means all energy and focus has to go into one issue, rather than the daily affairs of running the business. The result is lost time, lost money and all because there was no comprehensive outline of business operations.

Time & Money

The effort of maintaining and updating independent systems is an onerous one, and by the time one is up to speed, another requires attention. It becomes a never-ending game of updating and checking, with the business basically going in circles.

In an integrated system, maintenance is a one-shot affair. It’s a simple matter of applying overarching principles and then some focused work, and the system is good to go. If there’s an issue, it’s easy to spot and remedy before it becomes a major problem. This means real savings in terms of time and money, and you can just focus on doing what you do best. 

One of the biggest challenges facing SMEs is always finding the right staff to add to the workforce. It’s a perennial issue and something that businesses in every sector deal with. The right employee can add enormous value to a business, whilst the wrong choice can have serious impacts on smaller businesses.

With new figures  revealing a paucity of workers, with Brexit further impacting the numbers, what does this all mean for SMEs?

Employment is High

Employment numbers in the UK currently stand at their highest for nearly half a century – which is when records began, so this high is indeed a historic one. This is great in general terms for the economy and the workforce, but it also leaves SMEs with a much smaller candidate pool to source talent from.

34 percent of SME bosses revealed that they simply cannot find the right people to fill the vacancies they have. When surveyed, the main reasons bosses gave for this struggle were these: perceived lack of job security, absence of name recognition and a lack of perks to offer in contrast to bigger companies. Many bosses also pointed to the Brexit factor.

Brexit

The Office of National Statistics has borne this out. Their figures show that the European workforce in Britain has declined by 28,000 in a year. For SME employers, this means a scarcity of European talent, many of whom have the skills they need.

It’s a complex process, but there are concrete factors playing into the leaving of European nationals. The UK economy is recovering in fits and bursts, but not on a solid upward trajectory. At the same time, economic recovery in various EU nations is making the prospect of home seem much sweeter to many European workers in Britain. Playing into this is the mental aspect of Brexit. Many European nationals have found the political climate very different to when they first arrived in the UK and, as such, feel more comfortable returning to their home countries or other EU nations.

A Tightening Labour Market

With more people in work than there has been for 46 years and a loss of European candidates, SMEs are facing a labour market that simply doesn’t have the workers to give.

Access to skilled, talented employees is vital for SMEs to grow and thrive, so where are they going to get the manpower they need? One solution is government reform. Changes to the Tier 2 visa would enable more SMEs to find the talent they need internationally. Aside from this solution, SMEs are going to have to get creative and proactive in finding the right candidates, emphasising their future potential and current benefits. 

With GDPR now in full effect, a huge number of UK businesses – large and small – are still leaving themselves open to data theft. For those companies that do fall victim to targeted attacks seeking valuable data, this could have very real financial repercussions under the GDPR framework.

New figures have shown that millions of UK businesses are currently using data storage methods that are not fit for purpose. To find out how your business could fall prey to GDPR, and how to avoid penalties, read on.

The Facts

The survey – conducted by Beaming – revealed that 4 million UK businesses are extremely vulnerable to data theft. The figures show that nearly 1 million UK businesses do not back up their data at all.

A further 2.8 million businesses do back up their data but keep these copies in the same storage space as the original data, simply providing another avenue for a determined hacker to access. It was found that 44 percent of small businesses do this, and so too do 42 percent of medium-sized concerns. Worst of all, 17 percent admitted to not backing up data at all and leaving it on in-office computers and employee devices.

Compliance

With these shocking figures in mind – and the attendant potential fines – here’s what you need to do ensure compliance for your business.

You need to ask yourself why you need the data you hold. Under GDPR, these reasons are known as a ‘lawful basis’. There are six categories why an organisation or business may need to retain, and process data and they are: contract, legal, consent, vital interests, obligation, legitimate interests and public task. You need to know which categories apply to you and why you need to retain this data.

Next, you need to know how to deal with individual rights requests. These are the legitimate and legal rights every person has. You need to be able to explain why you have their data and, if they ask, you need to be prepared to delete it from your records. It’s compliance issues like this that make it important to establish if you need a Data Protection Officer in your business. This person will be responsible for overseeing and monitoring your GDPR compliance.

Importantly, you need to be clear and able to explain how you store data. We’ve seen some of the horror stories above, and you need to be clear and consistent in how data is stored at rest, in use and when transmitted to another party.

Finally, you need to prepare for the worst-case scenario of a data breach. Who will report it? Who needs to be notified? You need to be fully aware of what to do if a breach occurs.

If you can work through this list and give clear, well-planned answers, then you are in a good place with regards to GDPR. 

Running a business is hard. There are a million and one things to think about every single day and your focus should always be on how to improve and thrive. Unfortunately, late payments can throw operations into disarray and through no fault of your own. It’s one of the most frustrating elements of business and something most firms deal with.

A shocking recent survey has shown that half of SME owners in the construction sector have suffered very real repercussions because of late payments.

So, with all this in mind, let’s look at how you can bring your number of late repayments down.

Research & Vetting

Bringing in new business is always a great feeling, but don’t jump in with both feet. Take the time to learn about your new prospective client, and start researching as soon as they reach out.

Look at things like credit reference agencies, but also go deeper and find whatever information you can about the new prospective client. When you’re armed with the facts, you can make an informed decision on whether this is a firm you want to do business with. It’s a simple point, but one that can offset a great deal of stress later.

Be Clear on Payment Terms

It’s a funny fact of business that some people feel like they are being too heavy-handed by being upfront about expected payment terms. But it’s important to push this aside and be crystal clear and transparent about when you expect to be paid.

Make this part of your process when talking with potential new clients and everyone will know where they stand. State this information clearly on invoices and other agreements, and there can be no excuse for late payments.

Don’t be Scared to be Firm

When a client is late with a payment, the temptation is to be understanding and accommodating, but this isn’t a credit-lending situation and that unpaid money is yours by rights. You need to be ready to state, firmly and clearly, that you expect payment by a specific date or you will have to re-evaluate this business relationship. It’s not nice but businesses don’t run on promises, they run on money.

Incentivise Prompt Payment

Many businesses mitigate late payments by making prompt payment more attractive. Usually, this in the form of a discount for payment on receipt or within an agreed number of days. Obviously, you don’t want to cut your margins down too much, but this is a great way to show customers your value prompt payment and avoid lengthy delays.

If you’re seeking finance for your business, get in touch with GIC Capital today. Offering a range of finance solutions, GIC Capital works with you to find the perfect solution for your needs.