We’ve had a lovely few days of weather and summer is around the corner. As the weather heats up this time around we talk about the hottest topic at the moment. By now you probably have heard everyone mention about General Data Protection Regulations (GDPR).

The regulation has been passed to protect an individual’s privacy. If you hold a person’s name, email address, address or contact details, you will now need their permission to hold these types of data. If you do not have permission, then you will have to delete the data you hold. This will be law by the end of this week (25^th May 2018) and there are fines that will be imposed for any sort of breach. If you are worried about GDPR you can read up about it here.

Here at Cross Accounting, we are currently password protecting documents containing sensitive information when sending internally and externally. Since the document has an individual’s data on this ensures we are complying with GDPR rules. All our clients will have their own unique password to open their documents. This ensures privacy in case it is sent to an unintended recipient or a breach in security from hackers. Encryption is the key to adhering to the regulations.

25^th May is when all this starts to kick off, there are companies that can help and provide training for GDPR but it is making sure you’re being responsible with the data you hold. People have the right to be forgotten, so any contacts that you do not have their permission, you cannot keep. If you take car in to applying security to your business, then your are ready to tackle GDPR.

The Business Plan

9 April 2014

This blog is intended to explain the full potential of your business plan.

We have just updated our Business Plan and wanted to share some insights as to why these are important for the growth and success of your business.

You may have put one together when you started your business and it is now collecting dust in the drawer, next to the filing cabinet.

How about if we told you it can be adapted to be used as a positive tool to be developed as your business develops.

You maybe three years into your business, you have changed both as a person, and as a business in that timeframe. What was important three years ago, may not be so important, you may have other ideas, now you’ve dipped your toes into the world of entrepreneurship.

Why Do This In The First Place?

To focus on specific goals you wish to achieve, have something to aim for.

To take on a planned approach to your daily routine. The successful companies plan everything.

To know your customer better 

To know your competitors better 

To work on your threats and weaknesses . Stand out from the crowd.

Lets break it down.

Your Mission Statement

What do you want to be?

What do you want your business to be?

What is your Unique Selling Point, what is your business goal all about?

Why are you doing what you are doing?

Update the business plan with these new inspirational ideas.

SWOT Analysis

You have now been in business for while. You now have experience with what you are doing. You may have made some mistakes along the way, but have learnt from them using that knowledge to better use.

The SWOT analysis is all about where you are today, and how you compare with your expectations and more importantly against the competition.

Strengths - you have first-hand experience of running a business. What have you gained from your time doing it.

Weaknesses – you listed these in your first business plan, did you manage to eliminate some. Have you gained new ones?

Opportunities – No matter how big or small your business is there are always opportunities to promote and sell your product. Use your contacts you have now built up. They may be able to put some work your way. Give you access to that contract you’ve been chasing. Its not necessarily what you know, its who you know.

Threats – Whether you own the local shop down the road, or run a large corporation.

Three main threats to your business survival. The economic environment, cashflow and the competition. Embrace and learn all you can about them, be one step ahead.

The Products Or Services You Offer

What services or products do you offer ?

What is your Unique Selling Point ?

How saturated is the market place ?

How big is your market, what is your potential piece of the pie?

Is it local area or a global market ?

Can you make a profit from what you are doing?

The Marketing Strategy

How am I visible to the market place 

Website development 

Online presence 

Advertising in the local press 

The Directories 

Word of mouth 

Business contacts 

Referrals 

Looking at the competition and your customer base, the target market. This should be taking up the main part of your business plan Your strengths and weaknesses against the competition Your target market

How your marketing campaign has been working so far, track what works and what doesn’t. Some Number Work Set yourself a detailed budget and compare to actual figures Put together a cashflow statement.

Whatever youre doing always keep an eye on the cash and profitability.

Check and triple check your costings.

Nicola Cross 9 April 2014

This blog is intended for information purposes only and is only advice from past experience, you may have other suggestions of your own. It is not intended to be used to make all of your business decisions but as a guide only.