Managing your business
Effective business management will help you cope better with economic uncertainty.
When financial challenges arise, businesses that manage cash flow, forecasting and change effectively are better prepared than those that don’t.
Whatever the next big economic change might be, having your cash flow and finances in order, and being ready for change, will help you deal with the issues that come your way and keep your business moving forward when times are good.
We’ve covered some of the most important aspects of managing your business.
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Managing your finances
Having a full picture of your financial situation is crucial, not only in times of economic uncertainty but from day to day. Learn more about managing typical costs and expenses and help your business stay on top of its game.
What is cash flow and how do you manage it?
Learn what cash flow is, why it matters, how to manage it so your business can better succeed, and the benefits of a cash flow forecast.
Learn more about cash flow and how to manage itBasic financial management for small businesses
As a small business, keeping on top of your finances as you seek to grow is essential. Here are some important things to consider.
Learn more about basic finance managementHow to deal with late payments
Late payments are a common problem for many small businesses. Learn how effective credit control measures can help you deal with late-paying debtors.
Learn more about dealing with late paymentsEstablishing a cash culture
Finance isn’t just the responsibility of your finance team. Learn how to make it a fundamental part of your culture and the benefits your business could feel as a result.
Learn more about establishing a cash cultureBusiness insurance: the basics
Business insurance can protect you from certain unforeseen risks and help you avoid possible fines. Read about the most common types of business insurance available and the cover each one provides.
Learn more about business insurance basics7 ways to reduce the cost of your business insurance
Lowering the insurance premiums you pay will benefit your business overall. Learn tips on how to cut the cost of your business insurance.
Learn more about reducing business insurance costsMaking the most of your business bank account
Understanding how your business bank account works, and its facilities, could help you make the most of what's available.
Learn more about making the most of your business bank accountRegions and nations funding guide for smaller businesses
Regional funding programmes aim to support smaller businesses across the UK's regions and devolved nations in areas such as early-stage development and capital.
Learn more about funding for smaller businessesManaging your staff
Your staff are your business’ lifeblood, whatever is going on in the economy. But when things are challenging and your attention is focused on survival, they are more important than ever.
Benefits of hiring for diversity and inclusivity
Diversity and inclusivity hiring strategies can bring several benefits to businesses. Read our in-depth guide to find out how your business can achieve them
Learn more about benefits of diversity and inclusivityManaging working from home
Read about working from home, and employers' responsibilities, during the coronavirus pandemic.
Learn more about working from homeLeading from afar: how managers can navigate the world of remote work
With chit-chat by the coffee machine a distant memory, managers are finding new ways to guide and motivate their teams.
Learn more about managing working from homeManaging staff redundancies
Read about making staff redundant, and how you must manage the process properly if layoffs are unavoidable.
Learn more about staff redundanciesManaging mental health and wellbeing
Creating workplaces where workers feel safe, fairly treated and included will support better mental health and ultimately improve productivity.
Learn more about managing mental health and wellbeingNational Living Wage and National Minimum Wage
As an employer, you need to be aware that the hourly rates for the National Living Wage and the National Minimum Wage increased from 1 April 2021. Employees underpin every successful business, and it is right that they receive a decent wage. Find out more about what this means for you.
Learn more about the national living wageManaging the end of furlough
Understand the existing furlough scheme, when it will end and what will replace it.
Learn more about the furlough schemeManaging change
Changes in circumstances can arise suddenly. Managing change means making sure you're thorough in your process so any changes you implement are effective and long-lasting.
Confessions of a small business owner
Read real stories from real businesses – the highs, the lows and everything in between – in a series of anonymous confessions from small business owners across the UK.
Learn more aboutMaking your workplace COVID-secure
Top tips and government guidance on making your workplace coronavirus-secure and your employees comfortable.
Learn more about making your workplace covid secureAdditional support
Barclays – Conquering cash flow
How mastering cash-flow management could help boost your business and give you peace of mind. From creating a plan to useful tips and resources, here’s how to stay on top of your cash flow.
Learn more about conquering cashflowNatWest – Guide to creating a cash flow forecast
With cash flow more critical than ever during the current coronavirus pandemic, NatWest has created a guide on how to improve your cash position with a cash flow forecast.
Learn more about about cash flow forecastingAcas (The Advisory, Conciliation and Arbitration Service) – Business support
Businesses have faced extreme challenges this year. Acas can help with all your employment law questions. Use free templates, tools, training, or even speak to an adviser to get the bottom of complex workplace issues.
Learn more about ACASInstitute of Chartered Accountants in England and Wales (ICAEW) – Coronavirus help for businesses
The ICAEW has pulled together a range of support and information for businesses affected by the coronavirus pandemic. This support covers cash flow and forecasting, redundancy and practical business advice.
Learn more about ICAEWPublic Health England – Coronavirus support
Advice and guidance from Public Health England, including information around work and financial support, the self-employed, and health and wellbeing.
Learn more about Public Health EnglandDisclaimer: We make reasonable efforts to keep the content of this article up to date, but we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. This article is intended for general information purposes only and does not constitute advice of any kind, including legal, financial, tax, or other professional advice. You should always seek professional or specialist advice or support before doing anything on the basis of the content of this article.
Neither British Business Bank plc nor any of its subsidiaries are liable for any loss or damage (foreseeable or not) that may come from relying on this article, whether as result of our negligence, breach of contract or otherwise. “Loss” includes (but is not limited to) any direct, indirect, or consequential loss, loss of income, revenue, benefits, profits, opportunity, anticipated savings, or data. We do not exclude liability for any liability which cannot be excluded or limited under English law.
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