Leonherman Blog

Strategy – It is all about the implementation

Information Overload

The best business strategy is of no use to a business if it is not implemented properly.

The execution of a strategy can go wrong for a variety of reasons, one of the most basic mistakes may be failing to allow the strategy to evolve over time. The business world doesn’t stand still and is constantly changing. As such, your strategy should be allowed to evolve too. That’s not to say that it should be re-written every week, but there should be scope to tweak things and to respond to new opportunities when they arise in order to keep the business moving towards its overall objective.

Good strategy execution requires a good business plan. The business plan should facilitate coordination of objectives across the business, while mitigating risk and minimising bottlenecks. Your plan should enable your whole team to set priorities and realistic deadlines. This allows the whole business to have a joined up approach. You don’t want to end up in a situation where one department is moving in a different direction to the rest of the business.

Roles, responsibilities and expectations need to be clear from the start. If people don’t understand what is expected of them, or what part they play in the execution of the strategy and plan it can be very difficult to get things done. Communication is key and managers should ensure that their team members have a clear understanding of their individual objectives, deadlines, etc. The directors of the business need to make themselves available to their team so that there is ongoing communication around management of objectives, deliverables, etc.

Executing a strategy often involves change. You cannot expect people to change the way they work overnight many will have developed habits that will take time and encouragement to change. However, you can start by communicating what it is you need them to do differently and why you need them to do this. If your team understand the strategy of the business and the part that they can play in helping the business to succeed, they are more likely to implement the changes.

You should celebrate the successes as you achieve each milestone of your business strategy. If your team feel that they are part of a business that is “winning”, they are more likely to buy into the vision and strategy of the business.

Leonherman has many years of experience working with entrepreneurs and owner-managed businesses; we work with you to ensure you stay on track and have clear goals in place get in touch or call 0161 249 5040

Posted in News

Making Tax Digital put on hold until 2019

going-digital

It was announced on the 13th July that Making Tax Digital for Business has been delayed to April 2019 and then only to meet their VAT obligations. This will apply to businesses who have a turnover above the VAT threshold – the smallest businesses will not be required to use the system, although they can choose to do so voluntarily. Ensuring businesses have plenty of time to adapt to the changes.

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.

Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved. HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.

Under the new timetable:

  • Only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes
  • They will only need to do so from 2019
  • Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020

This means that businesses and landlords with a turnover below the VAT threshold will be able to choose when to move to the new digital system.

As VAT already requires quarterly returns, no business will need to provide information to HMRC more regularly during this initial phase than they do now.

These changes will be legislated for as part of the Finance Bill 2017.

If you want to know more about Making Tax Digital and how it will affect you, get in touch with our Tax team on 0161 249 5040.

Posted in Ask the Expert, Benefits

Off to the races…..

The Leonherman team had a trip to Haydock races on Friday and got to meet Martin Harley the jockey who won on the Queens horse Merlin…..

Haydock races - Jockey

 

Posted in Office News

Raising awareness & funds for CMT UK

Rough Runner

Leonherman staff will be partaking in the madness of Rough Runner to raise awareness and funds for CMT UK  on Sunday 22 October 2017.

CMT (Charcot-Marie-Tooth disease) is a rare, progressive neurological muscle wasting disease which limits the ability to do everyday tasks such as walking unassisted or tying shoelaces. CMT causes weak legs, weak ankles, poor balance, poor strength, lack of co-ordination, and little or no sensory feeling in feet and lower legs so it’s very easy to sustain injury without realising.

The CMT UK charity is close to one of Leonherman’s clients Karin Rodgers, who is a sufferer and has supported the charity for 15 years, assisting with the provision of activity weekends for youngsters with CMT.

Because CMT is a rare disease, youngsters who have the condition may have no-one to talk to about their concerns and fears for the future. Often, the only role models they are older more disabled relatives.

CMT UK runs activity weekends for youngsters with CMT and provides a supported environment for young people to engage in activities such as climbing, abseiling, canoeing with excellent instructors. The youngsters also get plenty of opportunity to talk to others with CMT, to learn how to deal with the way CMT affects them at school, how to deal with surgery, bullying and wearing orthotics.

Rough Runner is an obstacle course challenge, combining distance running with a variety of obstacles along the way, each inspired by game shows such as Total Wipeout, Takeshi’s Castle, Gladiators, and Fun House. Expect a punching wall, giant pigeon battles, sweeper arms, big balls and yes, The Travelator!

If you would like to support the team and make a donation to CMT UK, you can do so through our Just Giving page – https://www.justgiving.com/fundraising/cmt-uk 

Posted in Office News

Acquisition of local solicitors for MLP Law

MLP Acquisition

Last week it was announced that one of our clients MLP Law had completed the acquisition of local law firm William H Lill.

With over 85 years’ experience, William H Lill brings a team of 15 to MLP to create a total of 46 employees, consisting of 27 lawyers and 19 support staff.

Leonherman worked with Stephen Attree, Managing Partner of MLP supporting him and his team through the acquisition.

Stephen has said; “Darren and the Leonherman team supported our due diligence and negotiation on the terms of the transaction.  I appreciate their commercial and common sense approach that enabled the transaction to reach a conclusion that was of benefit for all.”

Darren Swann Managing Partner at Leonherman has said; “We have had a working relationship with MLP Law for the past 15 years. They officially became a client in April 2016. My role was to support Stephen through the acquisition, giving guidance and advice, enabling him to put the right structure in place that was of benefit for all those involved.”

You can read the full press release here

Posted in News

Don’t forget your fee protection insurance policy

an angry owl with red eye

Last month we wrote to you with details of our Fee Protection Insurance scheme which protects you against the professional fees associated with an HMRC tax investigation.

Investigations are on the increase, if selected they can be time consuming and expensive. For a small annual fee our insurance policy will cover you against the costs of these professional fees, providing you with peace of mind.

Don’t worry if you’ve mislaid your letter, simply get in touch and we’ll confirm the details for you.

For further details click here or call us on 0161 249 5040

Posted in Ask the Expert

Meet Me at the Met Returns….

Meet at the Met invite-01

If you haven’t already booked your place at this months Meet Me at the Met, it is not too late to do so.

This event is aimed at businesses in and around Didsbury.

Come along to share wine and conversation with other business owners and professionals.

When – Wednesday 21st June 5pm – 7pm

Where – The Metropolitan, Didsbury

Why – To network with other like-minded businesses

If you would like to reserve your free place please call us on 0161 249 5040 or e-mail

Posted in Uncategorized

Spring Newsletter – Changes to the VAT flat rate scheme

Read all about our latest news at Leonherman, including business advice, information on the services we offer to make your life easier and any internal news here:

Spring 2017 Newsletter – Changes to the VAT flat rate scheme

If you would like to receive our newsletters directly to your inbox get in touch or call 0161 249 5040

 

Posted in Uncategorized

How to create a cost effective business

Cashflow

Competition in business is more intense than ever before, with tough economic conditions in most sectors and rival businesses battling harder than ever for market share. There are new threats from online providers, new business models and global competitors. As a result, increasing profit levels is quite a challenge. If you can’t increase your sales volumes, consider how to reduce costs in order to increase profits.

Build a culture of cost saving

Everyone can and should take some level of responsibility for the costs related to their work. One way is to involve more people in the budgeting process. All employees could be partially accountable for the costs that affect them.

Negotiate with your suppliers

Renegotiating contracts with suppliers may bring surprising results. Every service provider will be keen to retain your business. As such, they may be open to renegotiating contracts. If you are in a position to negotiate a volume discount in return for another 6 to 12 months of loyalty, you may be able to benefit from some substantial savings.

Decrease waste

Depending on your business, this could be wasted materials, time, effort, money or team members. Everyone in your business should learn to identify and take steps to reduce or eliminate waste. Decrease waste further by “going green” to reduce utility bills by becoming more energy efficient.

Decrease stock levels

Stock is a dead cost and soaks up cash. Decreasing stock levels may require the streamlining of some of your business systems but it may produce some significant cost savings. If you carry excess stock / inventory you should be able to free up some cash flow in the business by reducing stock levels.

Overtime

Overtime is expensive, but a little pre planning of your work schedules will go a long way to helping reduce overtime costs. If you have more demand than you can handle, it might be cheaper to outsource some of the extra capacity.

Reduce debtor’s days

Cash flow tied up on the debtor’s ledger is effectively costing the business money. Reducing the average time it takes to collect outstanding debts from say, 60 to 30 days, can increase cash flow, reducing the need for expensive overdrafts and bank credit.

Leonherman has many years of experience working with entrepreneurs and owner-managed businesses; we work with you to ensure you stay on track and have clear goals in place get in touch or call 0161 249 5040

Posted in Uncategorized

Making Tax Digital removed from the 2017 Finance Bill

News

Plans to force millions of landlords, self-employed people and small businesses to file up to five tax returns online every year have been put on hold ahead of the general election.

Legislation to implement the government’s Making Tax Digital (MTD) initiative has been removed from the Finance Bill 2017 ahead of the debate on the bill in the House of Commons today.

During yesterdays Finance Bill committee stage debate the Government deleted 72 out of 135 clauses and 18 out of 29 schedules. The residual Bill has been estimated to be roughly 140 pages in length compared to the previous 762 pages, a reduction of more than 80 per cent by volume.

Experts say that its exclusion from the Finance Bill might mean it’s delayed by a year, but it might also be an opportunity for the Government to leave the idea to gather dust for rather longer.

MTD is not planned to come into effect until April 2018, and following the announcement of the general election on 8 June 2017, this provided an opportunity to withdraw these clauses and Schedule from the Finance Bill.

It is unclear at this stage if this is a temporary deferral pending a second finance bill after the election or whether it will be more permanent.

We will keep you updated once we hear more, in the meantime if you want to know what you can do to prepare for Making Tax Digital (once it does come in) get in touch with our Tax team on 0161 249 5040.

 

Posted in Uncategorized