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Nearly half of co-founders buy their business partners out – survey

Originally written by Timothy Adler on Small Business

More than two fifths (43pc) of company founders are forced to buy their co-founders out of their businesses due to rifts and power struggles.

The most common reason for founding teams to split is a difference in opinions over the company’s direction, according to a survey by venture capitalist Fuel Ventures.

Of the 43pc of founders who’d been forced to buy out their fellow co-founder, more than two thirds (71pc) said it was due to “a difference of opinions for the company’s direction”, while 18pc said they felt their former partner “didn’t reciprocate their beliefs/values”.

And nearly all of those founders who’d split said the schism was triggered by “a single specific disagreement”, following a period of dispute or unrest within the founding team.

Nearly three quarters (73pc) of founders said they would never co-found a business again. And 81pc of those who would consider co-founding a business again said they would only do it with someone “they knew well”.

As to why entrepreneurs felt they needed a co-founder, 57pc of those surveyed said they felt more confident and comfortable having someone to run the business with, while one third (32pc) said they felt obliged to have a co-founder, having come up with the idea together.

Fuel Ventures surveyed more than 3,000 UK-based founders and co-founders.

3 tips to avoid splitting with your co-founder

Fuel Ventures has suggested three ways for co-founders to avoid rifts and ensure business owners have a sturdy and efficient founding team:

Plan out your business’s path before launching

Coming up with a business plan is the bread and butter for any entrepreneur thinking about launching. However, by planning the route you want your business to take, it will become clearer as to whether your beliefs and goals align with those of your co-founder.

Talk to your co-founder about your concerns

If something about your co-founder is unsettling you, or if you feel unease or worry about your business and its direction, talk to them about it. Often founders will keep their worries to themselves rather than just clearing the air with their co-founders and addressing issues with the direction of their company. Whether it’s the first day of trading, or 10years in, working with your co-founder rather than against them is the best way to stop rifts happening – even if you don’t agree with everything they want to do.

Consider a third co-founder or silent partner

Having a third voice means that you will almost always be able to come to a majority decision, which will obviously help you steer clear of any heated disputes or long winded debates. Whether this is through a third co-founder, or a silent partner who sits above the day-to-day running of the company, having a third voice can help keep everything ticking along efficiently.

Further reading

Top tips for writing the perfect business plan

Nearly half of co-founders buy their business partners out – survey

from Small Business https://smallbusiness.co.uk/nearly-half-of-co-founders-buy-their-business-partners-out-survey-2547441/

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victorpalmer82 · 5 years

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What are the best business bank accounts in the UK?

Originally written by Partner Content on Small Business

Having the right bank account is integral to running your small business.

Compare Business Bank Account Deals

Compare the UK’s top business bank accounts from the high street to the alternatives

1. What type of business bank account are you interested in?

New Business / Startup Account

Switching Bank Account

Account With No Credit Checks

Unsure (Show me everything)

UK Finance has teamed up with UK banking providers to pull together some guidelines on what you need before you apply for a business bank account.

These rules only apply to existing businesses that have a turnover of less than £6.5 million, have a clearly-defined ownership structure and all of the business’ owners operate in the UK.

In general, UK Finance recommends that you get the following bits of documentation ready in advance. Most business current account providers will be looking a few key pieces of information.

One document to prove your identity:

Your full and valid UK or foreign passport

Your national identity photocard

Your full UK paper driving licence

Your full UK or foreign photocard driving licence as issued by a member state of the EU or the EEA

One document to prove your address in the UK:

Your full UK driving licence;

Your full UK or foreign licence photocard driving licence as issued by a member state of the EU or EEU;

UK or foreign bank or credit-card statement (must be less than three months old and not printed from the internet);

UK mortgage statement (less than 12 months old and not printed from net);

Council tax bill, payment book or exemption certificate (must be less than 12 months old);

A letter or bill from a utility company (less than six months old, avoid mobile phone bill).

Business-wise, you’ll need:

Your Companies House registration number (if you have one)

Details about your business including turnover, tax information and other capital

Details of all company directors or partners, including name, date of birth, address and National Insurance number

You can move through this guide on UK Finance to make sure you meet the requirements.

Once you’ve collected your documents, it’s time to choose an account. We’ve rounded up some of the favourites on the market.

Traditional banks

To give you an idea of what to expect, we’ve created a table of the best business bank accounts in the UK, detailing each provider’s key offerings.

Bank EligibilityFree banking periodAccount fee thereafterCash transaction limit HSBCBusinesses with up to £2 million turnover18 months (12 months for switching businesses)£5.50 a month (for the first 12 months)Up to £3,000 cash per month. 50p per £100 exceeding that limit SantanderTrading for less than 12 months and business is opening first business account with Santander12 months£7.50 a month£1,000 per month with 70p per £100 exceeding the limit TSBOpen to sole traders, partners and directors18 months£5-£40 on fixed fee accounts and per transaction on business tariffsN/A RBS / NatwestOver 18s who have a right to be self-employed in the UK18 monthsCost per transaction on Standard Tariff (see below)N/A BarclaysSuitable for most businesses with a turnover of up to £6.5 million. Specific criteria for businesses in certain sectors e.g. agriculture, social housing12 months£6 a month (Mixed Payments Plan) £6.50 a month (e-Payments Plan)N/A Clydesdale / Yorkshire BankBusinesses must have a turnover of under £2 million and have opened their account within 12 months of starting25 months£5 a month until 30/05/19, moving to £6.50 a month from 01/06/19 (Business Banking Tariff) £250,000 per year Metro BankBusinesses must have a turnover under £2 millionN/A £0 on account balances over £5,000 and £5 a month for balances under £5,000 (see below)N/A

HSBC

If you start your business with HSBC, you’ll bag free banking (that means no maintenance fee or payments into an account covered by standard account charges) for the first 18 months. If you’re switching from another account it’s free for account. After that it’s £5.50 a month for 12 months your account will be reviewed every subsequent year to make sure you’re always on the best standard tariff for your small business’ needs.

You can deposit up to £3,000 a month at this point and then 50p per £100 cash deposited beyond that limit.

The account is available to businesses with up to £2 million turnover. Within the business current accounts, you’ve got a choice between the electronic banking tariff or the small business tariff depending on how you do your business banking.

Santander

With Santander you’ve got a couple of options on the current account front.

Business Current Account

This one’s open to you if you’ve been trading for less than 12 months and your business is opening its first business current account with Santander.

It comes with an arranged overdraft on an unsecured basis from £500 up to £25,000. To qualify you must have a good credit history and not have been declared bankrupt or have had an IVA within the past six years. On top of that, you must not have been a disqualified director of a failed business within the same time period.

After the first year the account costs £7.50 a month with a cash deposit monthly limit of £1,000 and 70p per £100 deposited in excess of this monthly limit.

You can also nominate colleagues to have access to your account to help you manage the business finance.

There’s no minimum or maximum opening deposit or maximum balance to get started.

1|2|3 Business Current Account

The main draw of the 1|2|3 Business Current Account is the cashback. The rate of cashback you receive is dependent on how much you deposit into your account each year and will be at a rate of 1%, 2% or 3%. This cashback will be paid on the first £10,000 deposited into your account per year.

That’s 1% on turnover of less than £200,000 – you’ll get up to £100 of cashback per year; 2% on turnover of £200,000+ – (£200 cashback per annum); 3% on £300,000 – (£300 cashback per annum).

Other than that, it’s much the same as the Business Current Account.

Whether you’re on the start-up or the switcher offer, you’ll be paying £5 a month in fees. After your first 18 months you’ll be put on the £12.50 account which also has a £1,000 monthly deposit limit and 70p per £1000 in excess of that limit.

TSB

TSB offers 18 months of free business banking for sole traders and limited companies.

After that you’ll be paying between £5 and £40 a month depending on what kind of fixed account you’re on. Alternatively, you pay per transaction on the Business Extra Tariff and the Electronic Business Tariff.

If you prefer to bank in-branch, there are 550 TSBs around the UK and you can do banking in 11,500 Post Office branches. Accounts are available for start-ups and switchers who are coming over from another account.

The account comes with a free Square reader with no fees to pay on your first £1,000 of sales. To keep up with your finance, opt into text alerts with regular account balances and transactions.

Barclays

Barclays offers start-up and normal business accounts.

You’ll get free banking for 12 months with the start-up business account. Plus, receive expert advice from Barclays’ Business Direct team in the early months for support in helping you grow. They’ll help you shape your business strategy, figure out your cash flow management and forecasting and guide you through lending and trading abroad.

The established business doesn’t give you free banking but you’ll get a percentage of your charges back depending on your annual credit turnover and how long your account has been open.

As for payment plans, both have mixed payment plan which is great for businesses that use cash, cheques or mixed methods to make and receive payments. There’s also e-payment for those that receive electronic payments and make payments through online banking and debit cards.

Natwest / RBS

There’s a choice between two bank accounts with Natwest: Startup and Business. They’re open to those over 18 who have a right to be self-employed in the UK.

More specifically, the Startup account is open to businesses that have been trading for less than a year and have a turnover of less than £1 million. It has free banking for 18 months, moving onto the Standard Published Tariff.

The Business account is available to those who have been trading for over a year with a turnover of up to £2 million. It gives you access to benefits and services like FreeAgent accounting and Business Boost along with your own Relationship Manager.

Business overdrafts are available with no set minimum to pay back each month. You can borrow up to £50,000 unsecured (subject to approval).

It’s much the same story with RBS.

Clydesdale / Yorkshire Bank

Clydesdale Bank and Yorkshire Bank combine to make the largest challenger bank in the UK. They have the most generous free banking period at 25 months, covering free day-to-day banking for qualifying switchers and start-ups. Your business must be turning over less than £2 million with an annual cash transaction limit of £250,000.

It’s open to businesses who switch to one of the banks’ current account or start-ups who open a business account within their first 12 months.

Metro Bank

As well as bank accounts for larger businesses, Metro Bank has a specialist account for start-ups and SMEs who have a turnover under £2 million.

If your balance stays above £5,000 for the whole month, Metro Bank will waive your monthly account maintenance fee. Otherwise it’s £5 for that month. If you stay over £5,000 you get 50 fee-free UK transactions for a month with 30p per transaction in excess of that. Accounts that go below £5,000 will pay 30p per UK transaction.

Digital platforms

Of course, a small handful of digital banking platforms have appeared in recent years. Here’s a quick breakdown of their their headline features.

Bank Features Pricing ANNASmart invoicing, automatically chase outstanding payments, three-month free trial£11 a month RevolutHold, exchange and transfer currencies with real exchange rate, issue free corporate cards to employees, perks from commercial partners£6.99 - £1,000 a month, depending on the account Starling BankNo monthly fees, categorised transactions, integration with Xero and FreeAgentFree for firms with fewer than 10 employees and less than £1.7 million annual turnover. Larger businesses can get the account free for a limited time. TideNo fees on card payments in UK or abroad, free transfers between Tide accounts, Tide Mastercard, instant invoicing, integration with FreeAgent, Sage and XeroCharges per transaction (see below)

ANNA

ANNA is open to any UK resident who is a director of a limited company and non-limited businesses that are structured as a partnership or sole trader.

On the app you’ve got smart invoicing, creating sales and purchase invoices for you in under ten minutes. It’ll politely chase outstanding payments that you’re owed and you’ll be notified about VAT, corporation tax and self-assessment tax return deadlines.

In the future it’ll introduce VAT filing with HMRC as well as tax reminders and payroll services.

You can get a three-month free trial directly through ANNA’s website. After the free trial is over, it costs £11 a month.

Revolut

Revolut is a good shout for businesses who travel and trade overseas. Customers can hold, exchange and transfer 29 currencies with the real exchange rate.

You can issue free corporate cards to employees so that they can spend fee-free and with reduced expenses when they’re abroad.

To make running your business easier, you can have individual EUR and GBP individual bank account numbers (IBANs) too.

Revolut comes with perks and benefits from partners such as Apple, Amazon Business, Google Ads, WeWork, Deliveroo and Slack.

In terms of accounts you’ve got:

Freelancer (£6.99 a month), available for personal freelance accounts with up to £100,000 of incoming funds per month.

Start (£25 a month) for those with less than £100,000 incoming funds per month.

Standard (£100 a month) – £100,000 to £1 million of incoming funds per month.

Professional (£1,000 a month) – more than £1 million of incoming funds per month.

Starling Bank

The Starling Bank business account to you if you’re self-employed or the owner of a limited company. Firms which have more than one person with significant control will be able to apply for an account in future.

There’s no monthly charge on the account for businesses which have fewer than ten employees and less than £1.7 million in annual turnover. For now, it’s free to larger businesses but this is for a limited time.

If you want to deposit cash you can do so at 11,500 Post Office branches across the country. It’ll set you back £3 per deposit. Each post office withdrawal is 50p.

What’s more, you can integrate it with Xero and FreeAgent.

Tide

With Tide there are no fees on card payments in the UK or abroad and you get free transfers between Tide accounts. Transfers outside Tide are charged at 20p each, ATM cash withdrawals are £1 and cash deposits at Post Office are charged at £1 and 3% at PayPoint.

You can have up to 35 team members available per account on the Tide Mastercard.

You’ve also got instant invoicing and the ability to set up scheduled payments. The package is rounded off with in-app support as well as integration with FreeAgent, Sage and Xero.

Monzo

Monzo doesn’t have a business bank account offering right now, but it’s looking to introduce one in future. You can register your interest on their website here.

This article has been brought to in association with Know Your Money.

What are the best business bank accounts in the UK?

from Small Business https://smallbusiness.co.uk/best-business-bank-account-2547381/

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victorpalmer82 · 5 years

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6 easy steps to planning a project within a small business

Originally written by Timothy Adler on Small Business

Project planning typically has the image of being the realm of large organisations with multiple departments coming together for a year or more to deliver goals.

However, being able to plan projects in small businesses can be pivotal to business success.

Managing projects in smaller businesses involves dealing with a unique set of challenges compared to larger organisations. For one, you usually need to work within limited resources and staff, yet still be able to pull it off.

Project managers need to stay on top of every facet of the project to hit your goals on time without going over budget. Once your organisation gets to a certain size, the temptation to just wing it isn’t an option.

Let’s take a closer look then, at how to go about planning a project within a small business, starting with the importance of project management methodology.

Do you need project management methodology?

Project management methodology will guide the direction of the entire project, the key roles for each person involved, and the information which needs to be shared with everyone.

With the right methodology, you can:

Give your team strict and consistent guidelines that everyone should adhere to from start to finish

Measure every stage of the project and assess if you are on the right track

Set up procedures and processes to minimise rogue decisions and prevent overspending

There are a number of established project management methodologies out there, like Six Sigma, Waterfall and Agile. The most recognised is PRINCE2 methodology, which is also a globally recognised qualification. Methodologies give structure to your project, inform how you define roles and responsibilities, set and track deliverables as well as plan the project in detail. Many of the planning processes in this guide are taken from PRINCE2 but can be seen as rules of thumb to any methodological approach to project management.

Once you’re set on following a specific methodology, planning the project comes next. This is more than just listing down all the tasks that need to be accomplished or setting up a monthly schedule. Project planning details each step, how to reach your goals, which objectives to measure, scope and limitations, and who is in charge of which responsibility.

When done right, it streamlines the entire process. During this phase, make sure everything is documented, so you can go back to your notes when needed.

Break it down into 6 steps

Let’s look at the planning process in detail then. I’ve broken it down into six steps.

>> Sit down with stakeholders

The project’s key stakeholders have the final say as to whether the project is ultimately a success or not. As such, it’s important that you secure their commitment before executing, as it would be hard to move forward without their support.

Keep in mind that stakeholders tend to disagree or not fully commit when they don’t understand the project. Lay down the project’s goals and its value to the organisation. Let them know what they should expect, the scope, the process, and how they will figure in the project (if needed).

Also, list down the budget, resources, your objectives and KPIs, plus the timeline. Don’t keep them in the dark. Even if the project was the CEO’s idea, you’ll still need their support.

>> Define roles and responsibilities

Although stakeholders will back you up, not all of them will read the entire project documentation. They are, after all, ultimately concerned with the end results.

As such, you need to designate key people to oversee certain aspects of the project as well as those who will execute them. For small businesses, this may be limited to a small number of people, so some (or all) of you may take on more than one responsibility.

Start by determining which positions need to be filled. At its most basic form, you will need one project manager and a team to execute the plan. The number of people in the team will depend on the deliverables needed and the timeframe you’re going to work with. Keep in mind that over-stressing anyone will only harm the project, so make sure each person can reasonably execute their task.

If the project scope is bigger, you may also need to get sponsors on board for funding, hire experts as resources, work with specialists for consultation, and/or get a pool of end users for testing.

>> Create detailed project documents

Create project documents that will detail every task, deliverable, goal, and KPI. These documents will serve as a guide for the team to refer to as the project moves forward.

Depending on how big the project is, you may need some or all of the following:

Scope statement – This lays down the foundation of the project. Include the problems you aim to solve, objectives, KPIs, benefits for the company, and limitations.

Deliverables – This details each deliverable that needs to be produced, the work that has to be executed, and all other activities. If there are any huge deliverables, break them down into smaller ones, so you can distribute the work and pace the deadline accordingly.

Milestones – These mark the start of each project stage.

Reviews – These are ‘checkpoints’ wherein each milestone will be assessed vis-a-vis the overall project goal (often by stakeholders).

Interdependencies – These are tasks that depend on the completion of another task before starting. It’s important to note this down, so you can also adjust the schedule.

>> Develop a realistic schedule and cost estimate

While the schedule and cost estimates are also considered project documents, these two deserve a separate section as project managers need to be careful and realistic with them.

Start with the following:

Pinpoint which tasks need additional resources and list all these down

Provide a realistic timeframe for the completion of each activity (you can look at previous projects for a baseline)

Estimate the cost of each activity (an hourly rate is a good starting point)

Take into account any limitations your team might have (e.g. manpower) and factor those in the timeframe

Determine which are interdependent tasks and plan for a schedule that will not delay the entire project

Once you’ve done the tasks above, plug your project into a schedule that will cover the time estimate of each deliverable. Make sure the calendar details who will produce which deliverable and their respective deadlines. For instance, if the entire project runs for six months, the schedule should reflect the tasks that will be completed each week.

For the cost estimate, come up with a budget which will cover any additional resources and how long the production will be.

>> Develop a communications and approval process

As the project is being executed, you need to regularly check in with stakeholders and the rest of the team to make sure everything is going as planned. Remember that the lack of communication often hampers any project.

Use a project management tool such as nTask or Angatty that everyone can update themselves once they have finished a task. Team members can see the next steps, while stakeholders can easily check the current status of the project and suggest any changes to be made.

Create an approval process that includes who reports to which leader and how often, as well as how to escalate any issues.

>> Throw a kick-off party!

Once the planning is done, throw a kick-off party where stakeholders and team members are included. Present the plan, so everyone will be on the same page once the project begins.

Fail to plan, plan to fail

Despite how meticulous you are with planning, things can still go south. Analyse the risks and plan to mitigate their effects should they occur.

Process documents are live documents. Don’t be surprised if you need to update/change certain parts along the way.

While it’s tempting to go straight to the actual execution when starting a project, remember that rushing into it without a solid plan will only create bigger (and possibly costly) mistakes later. Project planning may take time, but it will provide a clear set of objectives, assess the risks, avoid miscommunication, and get everyone on the same page.

David Baker is marketing manager at PRINCE2 Training, which provides courses and certification in PRINCE2, Agile, Lean Six Sigma, ITIL, PMP, and Scrum project management methodologies.

6 easy steps to planning a project within a small business

from Small Business https://smallbusiness.co.uk/6-easy-steps-to-planning-a-project-within-a-small-business-2547435/

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victorpalmer82 · 5 years

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Funding my business led to stress-related alopecia – podcast

Originally written by Anna Jordan on Small Business

Welcome back to Small Business Snippets, the podcast from SmallBusiness.co.uk

In this episode, Anna Jordan chats to Helena Murphy, co-founder of investment consultancy, Raising Partners. She explains how funding a previous business led to losing her hair, her tips for managing stress and common misconceptions around raising funds.

Be sure to visit SmallBusiness.co.uk for more articles around funding, stress management and social media as a business owner.

While you’re there, remember to like us on Facebook @SmallBusinessExperts and follow us on Twitter @smallbusinessuk, all lower case.

You can listen to it here:

Helena Murphy: Funding my business led to stress-related alopecia

We’ve also got podcast episodes looking at:

One entrepreneur’s first professional public speaking engagement

Adapting to UK life and learning English before starting a business

Securing seed funding

Finding the perfect head of customer care

Reaching a £1 million annual rate of return

Boosting client numbers from 30 to 850

Starting a brand new business from scratch

To find out more about Small Business Snippets, you can also download the trailer.

If you want to listen to the podcast elsewhere, it’s available on iTunes, Google Play, SoundCloud and Spotify.

Funding my business led to stress-related alopecia – podcast

from Small Business https://smallbusiness.co.uk/raising-funding-stress-podcast-2547421/

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victorpalmer82 · 5 years

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How to make your office technology work for you

Originally written by Dan Matthews on Small Business

For more than a decade, the UK has been mired in a “productivity puzzle”. Ever since the so-called credit crunch and the financial crisis which followed in 2008, businesses have struggled to become more efficient.

As you might expect, economic growth, employment levels and total hours worked all slumped during the recession; but within a few years they returned to near-trend levels. Productivity got left behind.

According to the latest official figures, UK output per hour fell 0.1pc in the final quarter of 2018 compared with the same three-month period in 2017. It was the second consecutive decline and further evidence of an unprecedented stagnation.

That’s despite all the astonishing office technology advances that have taken place in recent times, including software as a service (saas) and cloud computing, plus ever-more sophisticated smartphones, tablets, laptops and desktops, not to mention the constellation of new online services designed to power businesses forward.

“UK small businesses are not as productive as they could be,” says Shaun Shirazian, UK head of product at Intuit QuickBooks. “The gap in productivity between the top and bottom 10pc of firms is 80pc larger in the UK than it is in the US, France and Germany.

“However, the UK also ranks among the top five countries with the highest number of registered new businesses and attracts more venture capital investment than any other European country.

“With this in mind, it is crucial that the UK improves its productivity output. One of the main factors in achieving this is the wider adoption of digital-led strategies which have the potential to transform small businesses across the UK.”

Why UK productivity has fallen

Experts have long-debated the reasons why organisations aren’t able to forge ahead. One theory is that cheap labour from the European Union has offset investment in better equipment and tools. But, with Brexit on the horizon, this could all change.

At time of writing, the UK is enjoying its highest ever level of employment. That’s good news for job seekers but less so for organisations looking for talent, especially with mounting evidence that EU immigration is slowing dramatically.

Without easy access to recruits, bosses must equip their existing workforce with the tools, training and direction to get more done during the average working day.

Andrew Moyser, partner at chartered accountants MHA MacIntyre Hudson, says government help is at hand. “Tight labour markets will force businesses to invest to boost productivity. They should develop a strategy now,” he suggests.

“We’ve already seen the government assisting in recent years through the introduction of R&D tax reliefs and the increase in the annual investment allowance to £1 million. In the coming years, I would expect even more incentives to encourage businesses to change.”

Together with complementary legislation – such as the Enterprise Investment Scheme, which encourages investment in fast-growing technological start-ups — these fiscal incentives provide a handy war chest for businesses looking to upgrade.

Government help for SME investment

On the other side of the coin, there is an ever-growing array of technological wonders designed to aid communication, business development, financial management, marketing and HR. Many offer a subscription model of payment, which means businesses no longer have to fork out lump sums for new office technology.

According to Mathias Mikkelsen, the founder of AI-based productivity suite Memory, it’s not the availability of technology nor the means to pay that’s the problem; it’s many businesses’ failure to plan that trips them up.

He explains: “There is significant lack of strategy on how to adequately use the technology that is available to us all, which collectively slows us down and wastes a considerable amount of valuable time.

“Specifically, a lot of SMEs invest in technologies but do not have the right strategy in place to implement it correctly, and this potentially highlights an important deficiency in terms of management and leadership skills.”

If leaders lack the skills to plan effectively, it’s perhaps not surprising that people across the workforce feel underequipped to take full advantage of technology.

How can I learn new digital skills?

Research by the Open University found that 94pc of SMEs are struggling to find workers with the right skills, while a study by Lloyds Bank found that nearly a quarter of small businesses lacked even basic digital skills.

According to Accenture, the digital skills gap is responsible for a £141 billion shortfall in UK GDP growth. Henry Stewart of IT training firm Happy says upgrading IT is only half the equation. The other half is an implementation strategy and training, which ensures staff understand what’s in front of them and how it can benefit them individually, as part of a team and business-wide.

“When we come into a company, often they’re aware of the digital skills gap,” he says. “We do a productivity audit, explaining how much more they could be getting out of the software. This technology should be enabling, empowering, helping them to do their jobs better but even three decades into the personal computing revolution, staff still find it frustrating.”

Mikkelsen at Memory agrees: “It’s vital that businesses spend their time and resources on putting the necessary policies in place to develop their existing staff, ensuring they have enough options available to reach their full potential.

“The best means of doing this is to implement a programme of training and education, as well as other policies targeted at improving workplace culture such as mentorship schemes and career development.”

Making your technology work for you means a lot more than just buying the latest kit; it means understanding the benefits to your business, conveying these to your people and investing time in helping them drive up efficiency.

This is where a rounded office technology strategy comes into play. Businesses taking a scatter-gun approach won’t feel the full benefits, while those that plan upgrades and assess the outcomes honestly will see the difference clearly.

ActiveInbox founder Andy Mitchell thinks organisations should be realistic about tech migrations and get the basics sorted first before reinventing the wheel. His business helps email users plan their working day more effectively.

“For small businesses, every second you’re paying people to be unproductive affects your bottom line. Question the need for every meeting. Don’t be tempted to jump on the latest communication tool bandwagon.

“There are businesses out there whose communication is increasingly fragmented across multiple platforms and then they have the responsibility of tracking it all in yet another tool. Forget that.

“Email is still number one for business as it��s platform-agnostic, so it’s used by everyone. Instead of adopting multiple apps I’d recommend some simple plugins that work within your email, so you’re communicating in a consistent environment. “

But his overriding message is that “tech doesn’t trump people”, meaning IT should work for humans and not the other way around.

Three questions you must ask

So, if you’re planning a major tech migration, or you’re simply worried that business output isn’t where it should be, when it comes to office technology consider three key messages:

Plan your upgrade, asking honest questions about where technology is needed and why.

Create a strategy for implementation. Communicate with staff and ensure they receive the right training.

Assess the new system and work out if it has achieved your goals. If not, investigate the reasons why.

When it comes to office technology, a little thought goes a long way. By taking time to get it right, your business could help the UK edge closer to a long-overdue solution to the productivity puzzle.

This article is brought to you by Dell Small Business. To find out more, click here