It can be tricky to know where to start when understanding business management. Luckily, we’ve devised a handy guide to understanding some of the key points of this often-confusing subject.
Remember, even the most experienced of business people will struggle with aspects of business management from time to time. No human being (well, none that I’ve met) can remember a twenty two page long contract, after all!
These are just a few key aspects of business management; if you require information or advice on anything else, don’t hesitate to get in touch with a professional.
Employment
To successfully run a business, you’re going to have to employ another person eventually. If only it was as easy as that! When taking on another employee, there’s a whole host of things you’ll have to consider that you wouldn’t if running a business by yourself.
One of the trickiest parts of hiring someone is creating their employment contract, as well as the policies and procedures featured in one. You’ll have to determine what the disciplinary and grievance procedures are, as well as discussing sickness/absence, discrimination and equal opportunities, and performance management and capability.
It can be a lot to have to figure out, but it can be done with the help of an employment solicitor such as Clapham & Collinge. They’ll provide you with advice on all aspects of employment law, as well as helping you to deal with disputes in the workplace, should they arise.
Business Transactions
A business transaction is anything that can be measured in terms of money, and which affects the financial position or operations of your business. If it affects income, capital, expense, or assets, it’s a business transaction.
Business transactions have to be taken much more seriously than transactions that occur in your personal life. Every single transaction must be accounted for and recorded completely and reliably, for when financial statements are prepared. Failing to do so could mean facing negative repercussions later on.
To show just how much the term ‘business transactions’ covers, here a just a few of the things you’ll have to consider when dealing with business transactions;
- Building contracts.
- Agency, distribution, and supply agreements.
- Manufacturing contracts.
- European law in regards to business transactions.
- Pension scheme creation, management, and restructuring.
If you need help with any of this, or anything else relating to business transactions, don’t hesitate to contact a business specialist or a business solicitor that handles transactions and consultancy such as Whitehead Monckton.
Commercial property
To define commercial property as simply as possible, it is any buildings or land intended/created to make a profit. This could be from capital gain, or rental income.
It isn’t as simple as buying or renting a building for your business, though. There’s a whole host of things to consider, including;
- Planning applications, disputes, and enquiries.
- Lease negotiating, drafting, and extending.
- Freehold acquisition (actually purchasing and owning a building instead of simply renting it), sale, and development.
- Short-term licences (this could be anything from music to TV licensing).
- Serviced office accommodation (where a facility management company rents individual offices or floors to other companies).
Property solicitors and commercial property lawyers such as TS-P can offer you help and advice with all of the above, or if there are any other aspects of commercial property you don’t understand.
Business Consultancy
A business consultancy is a must if you’re confused about any aspect of business management. There’s a whole host of business specialists out there, who’ll often have years if not decades behind them.
You’ll likely benefit from a business consultancy, regardless of how experienced you are. Someone who has been in the industry for decades may benefit just as well as someone who is still waiting to start their own business.
Whatever your concern with managing a business, find your nearest business consultant, and you’ll be back on track in no time. Ashley Wilson law firm in London specialise in business and corporate law and can help you with business matters should you need further advice.
If you find that your work load expands as your business develops and grows it may be worth investing in an assistant to help manage your diary and handle tasks that can be delegated and you don’t necessarily need to hire a full time member of staff. There are companies around that provide virtual PA assistants which means your diary can be managed with out the need of an extra body in the working environment, leaving you to have regular updates and meetings with PA as and when you have the time.
