DO YOU WANT TO BE SOMETHING DIFFERENT?

That may sound like a strange question. Even with the “Happy New Year” greeting, and New Year resolutions perhaps fading to distant memories, is it really possible to be something else? A common theme at meetings, lunches and chats with colleagues is sometimes “what would you do if you weren’t doing this?” Maybe a better question is “how did you end up doing this?” For many of us there was perhaps not a straight or clear path. Others will have had a yearning to be a doctor, lawyer, vet or, indeed, restauranteur, hotelier or in retail from an early age. That may be driven by an experience of family in the same trade, or just a Saturday job they loved and were really good at, and decided to do full-time.

For the vast majority of us changing at a certain age and stage is not practical, but other changes can be made to ensure your business is the best it can be. Those changes come under a number of headings, some more interesting than others, but bear with us.

Jo

In terms of getting to work and enjoying it, mindfulness and being kind are still post-Covid buzz words which have a recognised place in both our society and working life. There are small ways you can enhance staff experience in your premises. If a manager is struggling whether with health, finance or just general in a rut, that has an impact on all of the staff around that manager. Often most obviously on younger staff members. If the manager feels he can speak to you, or your senior management team that’s the first step. It’s all about communication whether for mental health, financial worries or similar. It may be that as an employer there is little or nothing you can do. Some employers have been able to put in place interest free loans for staff, but not everyone can do that. Even having a discussion can be the first step. It creates an atmosphere of trust and openness. It means that if a junior member of the team is worried about a senior member they feel they can come and speak to others, not as a complaint, but as an expression of solidarity and concern.

Small things can make a big difference in people’s working lives. Get shift rotas out early to give people notice so they can plan their life, and actually benefit from downtime, or at the very least not be running from pillar to post to secure child care, lifts or transport to work amid train strikes and what seems like constant roadworks.

What about the business operators? A lot is made of the staff, however, business operators take a huge weight on their shoulders and it is really important that is acknowledged, and also assistance for them is considered. Simple things can help business operators. Who owes you money and who do you owe money too? Can you extend the payment terms? Is there a particular bill which is causing you concern (apart from the obvious utility issues)? Could that be negotiated or installments agreed? Gilson Gray can help negotiate or mediate with landlords ad creditors to give some leeway or extension, and that small step can really help. The first thing is to ask for help and to consider there may be other options business operators have not thought about. We can do a very quick review which may give options to take the pressure off –such as refinancing and restructuring. Sometimes a small change is needed. Recently we have seen a number of business saved by a simple review of its finance and how it was operating which meant more available cash to pay bills, less bank charges and a business which was facing insolvency is not only still trading but is now going from strength to strength.

Is the business protected? It is really difficult throughout the year when Christmas planning starts in July, but this time of year is a good time when it is slightly quieter to review this. Are you a limited company and, if so, do you have a shareholder agreement to protect the sale of your shares? We recently saw a company where one of his shareholders out of the blue sold their shares to a third party. How would that impact your business? You may be really fond of your business partner’s wife, partner or family, but do you want to work with them? If not, again, having something in place in writing means if anything were to happen, from winning the lottery to being knocked down by the proverbial bus, that those shares can come back into the business so you don’t end up working with someone you don’t really know, who is not the best fit for your business. That can be addressed by a shareholder agreement or partnership agreement.