Barclays Business Health Check

02/07/13

Barclays are proud to be working in partnership with the British Library 2013 series of Inspiring Entrepreneurs which began with the recent Recipe for Success events held in London and Manchester.

These events are truly inspirational and demonstrate the entrepreneurial spirit and ambition which is universal to businesses across the country.

In addition, the networking opportunities of events such as these are intrinsic to the success and interaction of small businesses in the UK.

At Barclays we are committed to bringing businesses together and have created an online business community ‘Barclays Connector’ that helps you to create new networks, share information and experiences, bid for work and promote your company. To register, visit us at Connector.Barclays.co.uk

Our programme of business support for small businesses in the UK includes seminars and events and online support where we strive to inform and educate business owners to ensure businesses flourish.

To ensure that your business is successful, it’s important to understand the key drivers of performance to give your business the best chance of long-term success. In the current environment, every business will be questioning what they need to do in order to stay successful. So don’t be afraid to ask for help in the areas you need it most.

We have found that many of the dilemmas affecting business performance today fall into one, or a combination, of the following areas:

Cash
Profitability
Management

Cash Opportunities

The way a business manages cash in the short term is an essential part of ensuring long-term success. Cash-related issues are one of the most common reasons for most businesses experiencing financial problems. No matter what type or size of business you have, it pays to make your cash work as hard as possible with the following key principles: managing cash flow, communication with your bank and stakeholders and accountability, so that you deliver what everyone is expecting.

Profitability Opportunities

It’s important to understand the profitability of your business so you can identify what’s working well and what’s not, so you can make informed decisions. Short-term cash difficulties will often be caused by underlying profitability issues in the medium to longer term. A particular part of the business may be under performing and in order to identify problem areas and make informed decisions, it is important to understand profitability by business activity.

Once you have analysed the profitability in detail, it may be necessary to refocus on core business activities and activities in order to return to profitability. When analysing each business unit, consideration should be given to your sales strategy, margin improvements, cost reductions, management information and key performance indicators.

Management Opportunities

It is generally accepted that management strength is key to running a successful business. There are various ways of assessing people or management and it is vital to have a strong management team, particularly in times of financial stress. Successful businesses normally expect top management to display particular attributes such as motivation, leadership and commitment. If you are a small business you may need to determine your key management skills and outsource the areas where you need additional expertise.

Barclays has developed a series of ‘health checks’ to help you consider each of these 3 key areas where you can undertake a self-assessment of your business’s current performance.

To give your company a health check visit Barclays.co.uk/Businesslending/BusinessHealthcheck

Alternatively, visit Barclays.co.uk and you can arrange an appointment with a Barclays Business Manager who can discuss your specific business needs.

As well as sponsoring such motivating events as the British Library Inspiring Entrepreneurs, Barclays also run seminars and events throughout the year for the small business community. Our successful Local Clinics focus on the subjects that matter most to business owners: cashflow, lending and international. To see a list of forthcoming events visit us at Barclays.co.uk/seminars

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Registered in England. Registered no. 1026167. Registered office: 1 Churchill Place, London E14 5HP.