Business guides – Managing your business

In difficult economic times, taking some time to assess your position and plan your response can help your business tackle the challenges more effectively – and may well reveal some hidden opportunities.

Tips and advice to help your business weather the downturn – and ensure you are well placed to take advantage when the outlook improves.

While business leaders often cut advertising budgets during a recession, the loss of customers can be damaging in both the long- and short-term. Rather than simply cutting advertising spend, now is the time to look at more cost-effective ways of reaching your target market.

Simply slashing prices to boost your sales may do more harm than good in the current economic environment. Business owners need to look at pricing strategies that see them through the difficult times without hurting long-term profitability.

The current economic turmoil means that customer needs are changing dramatically. Adjusting your product or service in response to those changes is the key to seeing your business through the downturn.

Ending your involvement with your business can be done effectively and profitably, provided you have the right exit plan in place.

Planning ahead is critical to setting and achieving objectives for your business.

it is important you have a clear understanding on how strong your business really is. That's why we have developed a guide which walks you through some key business ratios and will highlight good and bad trends in your business so you can take immediate action.

Getting the best possible deal from your suppliers is a key part of running a successful business because the lower your costs, the better your bottom line. But it's also important to remember that cost isn't everything: quality and reliability of supply are also factors that it's sensible to take into account when dealing with suppliers.

The aim of most businesses is to increase profits, and sometimes expansion is the best way to achieve this.

Today’s business environment is undoubtedly challenging, with talk of the ‘credit crunch’ and a predicted economic slowdown.

Disasters and serious incidents happen. Does your business have effective contingency plans in place to deal with them?

Franchising has many advantages, not least the chance to set up in business using a tried-and-tested formula.

A proven business model is at the centre of every profitable franchise, but you need more than this to be successful.

When you employ someone, you take on a number of legal obligations and it is your responsibility to make sure you fulfill them.

There are important technical and contractual priorities that will require your attention.

This guide looks at the role and responsibilities of directors of limited companies, and at how to make sure you keep within the law.