The Growing Business Handbook: Inspiration and Advice from Successful Entrepreneurs and Fast Growing UK Companies 10th edition

In The Growing Business Handbook, entrepreneurs and advisors from the United Kingdom share their experiences, offering comprehensive insight into the challenges of building a high-growth venture in today's economy. With contributions from a series of specialists in finance, HR, marketing, innovation, and IT, as well as help on enterprise risk and legal advice, this book is a comprehensive reference for managing business growth. It looks at all the areas ripe for exploitation by growing businesses and discusses ways to manage the associated risks. Contributions and examples come from: the UK Patent Office; Chartered Management Institute; Chartered Institute of Purchasing and Supply; Chartered Institute of Management Accountants; Royal Institute of Chartered Surveyors; British Business Angels Association; Yorkshire Bank; Royal Mail; Ernst & Young; Mazars; Goodman Derrick; BP Collins. Half Title Page......Page 2 Title Page......Page 4 Imprint......Page 5 Contents......Page 16 Foreword......Page 34 Part 1 Planning for growth......Page 36 1.1 Turning points in the growth cycle......Page 38 Can consumers keep the party going?......Page 42 And so to 2008......Page 43 Understanding company dynamics......Page 44 Not just growth but super-growth......Page 45 Why plan for growth?......Page 46 How to plan......Page 48 Closing remarks......Page 51 The tracks of entrepreneurial leadership......Page 52 Overlooked skills of entrepreneurial leaders......Page 53 In conclusion......Page 55 1.5 The challenge of risk management......Page 56 Part 2 Exploiting ideas......Page 62 On the front foot......Page 64 Targets......Page 65 Final word......Page 66 Traditional models......Page 67 Who’s your buddy?......Page 68 Prenuptial agreements......Page 69 Summary......Page 70 The wrong route......Page 71 The correct route......Page 73 Useful links......Page 74 2.4 IP and commercial strategy......Page 76 How to protect......Page 78 What about rights of others?......Page 79 2.5 Stand up for your rights......Page 81 Obtaining and keeping strong IP rights......Page 83 Cost-effective enforcement of IP rights......Page 84 Part 3 Gaining market share......Page 86 3.1 Taking your brand to the next level......Page 88 Look at the big numbers......Page 89 Urgency......Page 90 A digital world......Page 92 Direct mail and digital mirror each other’s strengths and weaknesses......Page 95 Together, direct mail and digital are greater than the sum of their parts......Page 96 Mobile computing......Page 98 Conclusion......Page 101 Mobile has come of age......Page 103 A successful mobile media campaign......Page 105 Getting it done......Page 106 Outlook......Page 107 The remote shopper......Page 109 Fulfilling the online promise......Page 110 Resolving the key issues, and keeping customers satisfied......Page 111 Completing the picture......Page 114 Reference......Page 115 3.6 Franchising......Page 116 The franchise agreement......Page 118 Being a franchisor......Page 119 Becoming a franchisee......Page 120 Destination is... location, location, location......Page 122 The ‘wow’ factor......Page 124 Create a theme......Page 125 Build anticipation – and momentum......Page 126 Engagement......Page 128 Improving exhibition presence......Page 130 Our own example......Page 131 Part 4 People and performance......Page 134 Employment contracts: legal requirements......Page 136 Protecting the assets of the employer......Page 137 4.2 Attracting top performers......Page 141 The package......Page 143 The interview......Page 144 Time keeping: ‘Time waits for no one’......Page 145 4.3 Growing talent......Page 146 Develop a performance and potential map......Page 149 ‘Truth speakers’ wanted: give feedback......Page 150 Check bad habits in talent development......Page 151 Sometimes silence works best......Page 152 Conclusion......Page 153 The success recipe......Page 155 Solo leaders are poor leaders......Page 158 Reference......Page 159 Employing staff with the right skills......Page 160 Realizing you are not alone......Page 162 4.6 Flexible resourcing......Page 164 The benefits of engaging freelancers......Page 166 Legal and contractual issues......Page 167 Using a pension to attract, retain and motivate staff......Page 169 Continuing employer commitment......Page 171 Getting the message across......Page 172 Sources of information and help......Page 173 Part 5 Space for growth......Page 178 5.1 Where do we go from here?......Page 180 Access to markets is critical to success......Page 182 Who you know can be as important as what you know......Page 183 5.2 Property – the wasted billions......Page 186 To buy or to lease?......Page 187 Which location?......Page 188 Critical stages......Page 190 Where are these incubators and how do they operate?......Page 192 Start-up......Page 195 The design process......Page 196 Closing......Page 198 Part 6 Cash flow and working capital......Page 204 Financing options......Page 206 Other core financial risks......Page 208 Looking forward......Page 209 6.2 Improving cash flow......Page 211 The demands on cash......Page 212 Some tips to improve cash flow......Page 213 Impacts on working capital......Page 214 How to finance working capital......Page 215 6.3 Slow payments......Page 217 Is a purchase order required?......Page 219 Develop a ‘friend’......Page 220 6.4 Factoring......Page 222 Disadvantages......Page 224 Factoring worldwide......Page 225 6.5 Foreign exchange exposure......Page 228 Fluctuating exchange rates......Page 230 Hedging your exposure......Page 231 6.6 Managing business travel expenditure......Page 232 Use specialist suppliers......Page 234 Look to save time and money by adopting an online self-booking tool......Page 235 Make sure you have access to a 24/7 helpline service......Page 236 Part 7 Business technology and systems......Page 242 Growing your IT system......Page 244 Buying a server......Page 245 Future proofing your work......Page 246 Flexible systems......Page 248 The blowfish effect......Page 251 In-house or smart-sourced......Page 252 7.3 Compete online......Page 254 Access an unlimited warehouse, open 24/7......Page 256 Digital systems......Page 259 Choosing a system......Page 261 What is videoconferencing?......Page 264 Some of the benefits......Page 266 Justification and return on investment......Page 268 The industry......Page 269 The technology......Page 270 7.6 Five steps to business continuity......Page 272 1 Analyse your business......Page 274 5 Rehearse your plan......Page 275 Part 8 SME productivity......Page 278 8.1 The power of resource efficiency......Page 280 Practical action......Page 281 Adapting for the future......Page 282 8.2 Quality in the 21st century......Page 283 Delivering the organization’s aims and objectives......Page 285 What ‘quality’ is inside the organization......Page 286 The Chartered Quality Institute......Page 287 A key skill......Page 289 A case in point......Page 292 The relationship in practice......Page 293 8.4 SMEs and business process outsourcing......Page 294 Out of office hours service......Page 295 Ramp up, ramp down and scale......Page 296 Conclusion......Page 297 8.5 Accreditation......Page 299 Inspection......Page 301 How accreditation works......Page 302 Part 9 Managing the growing organization......Page 306 9.1 Achieving success......Page 308 So what can be done to achieve success?......Page 309 Breaking down the barriers to success......Page 310 Status quo......Page 312 Vision and context......Page 313 Conclusion......Page 314 The chairman......Page 316 Non-executive directors......Page 318 Key tasks for the board......Page 319 9.4 Executive search for smaller businesses......Page 321 Owner-centric leadership......Page 324 Training......Page 326 Advice and support......Page 327 9.6 The new Companies Act......Page 329 The ‘e’ way is the easy way......Page 331 Go electronic to beat the corporate identity thieves......Page 332 Part 10 International expansion......Page 334 A flat world after all......Page 336 Knowledge is power......Page 337 Mode of entry – identifying the right mode for your business......Page 339 Advice from an industry panel......Page 340 Conclusion......Page 341 Bibliography......Page 342 Assess the market......Page 343 Develop your export plan......Page 345 Review your export readiness......Page 346 10.3 Managing international expansion......Page 348 An informed decision to get on the right road......Page 350 You never walk alone......Page 351 Understand the terminology – the three different types of exchange rates......Page 353 See what you’re getting and insist on speed......Page 355 Trading your money – not as simple as it may seem?......Page 356 Above all, shop around!......Page 357 China: key figures......Page 358 People before profit......Page 359 Ten top tips......Page 360 10.6 India – threat or opportunity?......Page 362 Part 11 Acquisitions......Page 366 Acquisitions as a growth strategy......Page 368 Doing the right deal......Page 369 Generating value......Page 371 Issue 1: Lack of overlap......Page 372 Issue 3: Consider strategic issues......Page 373 Issue 5: The people......Page 374 Summary......Page 375 Homework......Page 376 Finance......Page 378 Warranties......Page 379 Summary......Page 380 Part 12 Growth capital......Page 382 Equity......Page 384 Asset finance......Page 385 Structured finance......Page 386 Who are business angels?......Page 388 So how does business angel finance differ from venture capital?......Page 389 What is the best way to source business angel investment?......Page 390 Are business angels focused on the exit and high returns?......Page 391 The benefits of joining AIM......Page 392 Pre-admission phase......Page 393 Admission process......Page 396 Post-float issues and ongoing requirements......Page 398 Getting the basics right......Page 401 Striking the balance: timeliness versus quality......Page 403 Choosing the right finance team......Page 404 Conclusion......Page 405 Part 13 Exits and trade sale......Page 412 13.1 Selling the family business......Page 414 Planning – Life is what happens to you while you are making plans for it......Page 415 Price – Value, like beauty, is in the eye of the beholder......Page 416 Tax – It’s not what you earn, it’s how much you keep......Page 417 13.2 How much is my business worth?......Page 418 Intellectual property rights......Page 420 Summary......Page 421 Motives for purchase......Page 422 Creating bidder competition......Page 424 Future potential......Page 425 Be prepared!......Page 426 Moving forward......Page 427 Warranties......Page 428 Other issues......Page 429 Index of advertisers......Page 430 The Growing Business Handbook is a superb reference tool for all businesses with growth potential, jam-packed with invaluable insights and guidance from professional advisers and entrepreneurs across a range of subjects.With contributions from a series of SME specialists in finance, HR, marketing, innovation, people and IT, as well as help on enterprise risk and useful legal advice, The Growing Business Handbook is the reference source of choice to help you ensure and manage business growth. Now in its 10th edition, this book looks at all the areas ripe for exploitation by your growing business and discusses ways you can manage the associated risks.Contributions and examples come from: the Patent Office; Chartered Management Institute; Chartered Institute of Purchasing and Supply; Chartered Institute of Management Accountants; Royal Institute of Chartered Surveyors; British Business Angels Association; Yorkshire Bank; Royal Mail; Ernst & Young; Mazars; Goodman Derrick and BP Collins