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| New Year: are you newly resolved ? |
January 2010 |
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Greetings!
So. A new year, and I'm sure for many, hope of a new beginning. Away with the old, challenging 2009, and into a potentially brave new world, with a growing economy and seemingly higher confidence, especially amongst SMEs.
But. Some flag growing signs of retail problems; the looming general election has politicians in a dutch auction of savage public sector cuts; for others, a(nother) looming financial crisis, this time for insurers.
What challenges will you face during 2010? Hopefully, this and forthcoming newsletters, along with my 'blog and various 'twitterings' will keep you amused, informed, and up to date. Perhaps, also, it'll share some nuggets of value... |
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| Resilient...or reactive?
It's an often quoted 'fact' that 80% of businesses suffering severe disaster cease trading within two years. Until now, the only place that story could be 'verified' is an old 1974 University of Texas finding, using flawed analysis and poor data. Some stories become their own truth...
However, recent research commissioned by BIBA, the insurance brokers' trade association, shows it to be worse than that, with 80% of affected businesses closing within eighteen months. And those thinking it will take more than six months for their business to recover, has trebled to one in nine.
My blog summary highlights the main features of the fuller report, and recommends Business Continuity as a way to get your business primed. It also suggests you talk to your insurance broker to get their advice on having the right cover.
There's lots of help and tools available to help you prepare and test business continuity plans. There's also practical help available, using a specifically approved risk management programme, with a guaranteed insurance premium reduction.
Get covered - before the next disruption hits! |
| You have Data Protection. But, are you protected?
Some interesting developments this month on the Data Protection front. 
Not many businesses know that the Information Commissioner has much stronger powers, and moreover, the capability to levy bigger fines...yet that's what is happening. I've written on both these issues recently, and hope the articles are useful. I've also suggested ways to strengthen your own protection, including ISO27002 and BS10012.
I'm told by those who know these things that the Commissioner is going to be targeting SMEs as they are more likely than most to breach the Principles. The ICO have particular concerns around marketing campaigns, using data collected for one purpose for a different objective - without getting the requisite permission.
An example of how tough this regime is becoming has been experienced by Bellgrange, an insurance broker, with an inadequate waste management process... |
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Tough at the top...
 It is a truth universally acknowledged, with apologies to Jane Austin, that an owner in possession of a business, must be in need of support.
Or, more prosaically, "it's tough at the top." And often lonely too.
Thankfully, there are numerous support networks around, from ACE, the Academy for Chief Executives, a non-competitive experiential learning forum for CEOs; through to various business consultancy networks such as ibd, who provide paid support to business owners, from people who have been there themselves.
A senior member of ACE has recently published her list of 'seven deadly sins' - situations that MDs and CEOs running their own businesses without constructive support can find themselves in. It's worth a read, and then a decision. Things like: doing too much themselves; not knowing what they don't know; too quick growth; isolation; making bad hires and not letting go; lack of self-awareness; and staying in one's comfort zone.
Do they mean you...and what will you do? | |
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