09012024 - Flipbook - Page 28
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BUSINESS INSIGHT
TUESDAY JANUARY 9 2024
New year with an
old need for SMEs
for
SMALL
BUSINESSES
MICHELLE LESTAS
A
S
WE
start
the
year
and
get back to business, many
small business owners will
be planning goals for 2024.
Regardless of the ambition, it is unlikely much of the vision can be delivered without access to some form
funding
er
in
often
isn’t
enough
to
nancial
The
is
support
for
eligible
level
usually
and
type
of
by
the
dictated
support
type
of
erates, the number of years established, and what it is that the business needs to do.
For
this
funding
there
are
a
number of key players in the arena
including
InvestNI,
InterTrade
Ire-
course the local councils.
tant step is to make sure the busi-
www.gov.uk/guidance/venture-cap-
A comprehensive list of the ma-
ness is registered with HMRC to en-
ital-schemes-raise-money-by-offer-
jority of the initiatives and key or-
sure tax reliefs are available to your
ing-tax-reliefs-to-investors.
ganisations
investors.
can
be
the investment businesses need to
nibusinessinfo.co.uk
develop and grow.
council websites.
Launching a new product or en-
found
at
www.
and
on
local
Then there is the possibility of
tax
tering a new market or buying a new
relevant
piece of equipment all need cash.
chancellor, in his autumn statement,
continued
reliefs
possible.
petitive process here as local busi-
pecially if there are no commercial
providing reasonably substantial tax
nesses are so micro.
assets to act as security against any
relief for R&D which promises to be
lending.
simplied.
tax
reliefs
for
the life cycle. It isn’t a ‘one shoe ts
ness needs to be as attractive as it
ness needs to be less than two years
can
old, while the Enterprise Investment
for
potential
investors
if
it
companies.
the initial outlay.
the best for what the business needs
to achieve.
The Seed Enterprise Investment
Scheme is for start-ups, as the busi-
Scheme
Then there is the option to apply
option or combinations are used is
new shares in the business.
forward.
the
at-
to the individuals who buy and hold
is to compete and put its best foot
all
through
tracting investment.
which, over time can almost cover
maximise
grow
For this reason any small busi-
be
of external nance at some stage in
all’, so in 2024 just ensure whatever
businesses
the purchase of capital equipment,
should
of-
small
to do in 2024?
business
currently
fers three schemes designed to help
you look to support what you need
It goes without saying that any
Most businesses need some form
government
Importantly, they offer tax relief
tion of innovation in small business,
also
The
uity investment.
now be a difcult one to secure, es-
are
the
raising capital through attracting eq-
This is often a difcult and com-
There
support
The
applica-
So, with that in mind, where can
to
Cash flow often isn’t enough to cover the investment that businesses need in order
to develop and grow
land for cross border growth, and of
cover
Traditional nance sources can
there
industry in which the business op-
Cash ow is all well and good,
it
where
businesses and activities.
It isn’t a one
shoe fits all, so in
2024 just ensure
whatever option or
combinations are
used is the best for
what the business
needs to achieve
of external nance.
but
initiatives
can often be as much as 45% or high-
is
for
more
Michelle Lestas is a
turnaround small business
specialist, keynote speaker,
published author of ‘In
established
As a small business owner, how
The intricacies of all the schemes
can you do that? The most impor-
are user friendly and can be found at
Business with Yourself’
and Ireland chair of the
Association of Business
Mentors
Organisational designs on growth
DYNAMIC
VIEW
NEIL HUGHES
O
RGANISATIONAL
“
design
In an ever-evolving and competitive
market, organisational design helps
create a blueprint for success, allowing
organisations to unlock their potential
and flourish
challenges are some of the
most
frequent
issues
pre-
sented to us by our clients.
When done well, good organisational
CUSTOMER-CENTRIC FOCUS
design can be a key enabler for suc-
Putting
cessful
at
delivery
of
strategic
goals
the
the
customer
heart
of
organisational
sign
badly (or neglected), it can be one
of
of
centric. This will translate into pos-
worst
hindrances
to
strong
business performance.
Design
principles
the
itive
to
consider
include:
ensure
that
organisation
customer
all
de-
and business plans, but when done
the
helps
EMPLOYEE ENGAGEMENT
experience
are
parts
customer-
experience,
enhanc-
Employees are a vital part of every
organisation
and
and
satisfaction
their
productivity
plays
an
integral
role in delivering sustained growth.
Organisational design takes into
account
the
skills,
of
all
expertise,
and
employees
and
ing customer satisfaction and again
preferences
contributing to growth.
helps create a positive working envi-
Good organisational design can be a significant differentiator for organisations
seeking growth
respond
ronment.
STRATEGIC ALIGNMENT
evolving
market
condi-
sidering
scalability
as
the
organi-
sation grows will also be important
Clear
communication
also
pro-
considerations.
By aligning individuals’ skills and
vides clarity on roles and responsi-
Good organisational design can
organisa-
strengths with work outputs, organi-
bilities, creating a sense of purpose
be a signicant differentiator for or-
panies to align the structure of the
tional design is maximising efcien-
sations can enhance job satisfaction,
which
ganisations seeking growth and can
organisation with strategic goals and
cy. All organisations strive for opti-
leading to increased levels of engage-
commitment,
ensures
mal resource utilisation and aim for
ment, productivity, and better staff
drive the growth of the organisation.
efcient processes.
retention.
Organisational
that
design
the
allows
execution
of
OPTIMISED EFFICIENCY
to
tions.
com-
this
alignment is seamless.
Having a structure that is aligned
and
optimised
ensures
resources
One
of
the
core
Through
goals
careful
ganisations
of
design,
can
streamline
CLEAR COMMUNICATION
Innovation
and
workow,
redundant
Having a well-designed organisation-
be
al design enables clear channels of
entiators.
efciency.
communication and reporting struc-
can
tures.
cross-functional
maximising
productivity.
A
strategically
aligned
organi-
Optimised
efciency
not
only
turn
and
helps
INNOVATION AND ADAPTABILITY
processes, and enhance operational
by
in
important
help
competitive
Organisational
facilitate
this
differdesign
by
teams,
creating
ments of the business are clear on
free up valuable resources which can
of information, helping efcient de-
ing a safe space to share ideas and
their
be pointed towards growth-oriented
cision-making
innovations.
initiatives.
ing agility, allowing organisations to
they
together to deliver the strategy.
work
processes
and
creat-
itive
market,
creates
the
organisational
foundation
for
design
growth
and helps create a blueprint for success,
allowing
organisations
to
un-
lock their potential and ourish.
ensuring
This allows for the effective ow
how
communication,
can
helps to reduce costs but can also
and
open
adaptability
sational design ensures that all ele-
purpose
provide benets that extend across
various facets of the organisation.
In an ever-evolving and compet-
or-
helps
growth
motivation
which
are well-utilised which subsequently
foster
eliminate
increases
and
provid-
Optimising technology and con-
Neil
Hughes
change
is
people
director
Thornton Ireland
at
and
Grant