So why should you bother with a business diagnostic session? TDA Business Advisor Nick Williams takes a look at why you really should consider business diagnostics.
This is an opportunity for business owners to review where they stand with their business, and reveals weaknesses that can be worked on to improve their performance both for customers and staff as well as themselves.
A good example was a survey done in August about the lack of take up of Professional Indemnity Insurance, not the most exciting of subjects but one that could save you a bucketful of grief. Of those questioned only 70% thought they didn’t need it and 30% had never heard of it. It identified that the language was part of the confusion. The word professional they interpreted as accountants or solicitors, whereas in reality it applies to a vast range of businesses, so respondents were asked for alternatives that would have made them more likely to have taken it up.
“Four in five small businesses favoured a new name for the type of cover that protects the individual should their client face loss due to their work. The names suggested include Professional Liability Insurance, favoured by 30%, Errors and Omission Insurance, favoured by 14% and Business Advice and Service Protection Insurance, favoured by 10%.”
Diagnostics cover everything from you and your businesses relationship with technology to marketing, taking on your first employee, employment law, when to register for VAT, R&D tax credits, and funding streams that may be available to you.
Very often we meet businesses who have either never done, or need to update their business plan. Why?
Your Business plan will crystalise the actions required to meet your new goals, it also would be required if you need a bank loan to fund expansion.
Lastly, you will find out from a diagnostic what funded support there could be for your business at a time you want to grow it, but are not sure who can give you advice that comes at little or no cost to the business.
Interested to find out more? Get in touch and see how we can help you and your business.