Step 3 of Building a Better Business

Anna Stubbs • August 2, 2023

Define exactly where you are now - warts and all

This crucial step is so often overlooked. But without knowing your starting point, you don't know what your path to success looks like. It sounds obvious, but many business owners plan for the future without fully understanding where they are now.

Answer the following questions honestly to help define where you are now (warts and all):


1. How aligned are the owners / leaders of your business?
If asked independently, would the leaders have the same vision for the business? Conflict must be addressed and thinking aligned before we can plan the future.


2. What activities are generating your current results?
It’s not just about the sales numbers, but the activities driving your results. Consider the number of leads you’re generating, your proposal or quote conversion rate, average sales value, etc. It’s essential to know these numbers now so you can improve them.


3. How engaged is the team to deliver your vision?
Businesses with a great culture and an engaged team significantly outperform those without. Your team needs to understand how their roles contribute to the overall vision for the business. Without the team on board, you won’t achieve leverage.


4. How appropriate are your measurement and reporting systems?
If you can’t measure it, you can’t improve it. Review the systems you use to measure your results. Do they provide accurate and useful information? The decisions you make are only as good as the information they’re based on.


5. What are your five biggest vulnerabilities right now?
What keeps you awake at night? Is there industry disruption? Is there new legislation that could impact operations? Are your systems robust? Do you have high team turnover, succession to plan for, cashflow strains, or a weak Balance Sheet?


Take the time to define where your business is at now. Be honest and identify the weaknesses in your business so you can take steps to improve.

Skip this step at your peril!


Need help answering these questions? Get in touch!


"Opportunities don't happen. You create them." - Chris Grosser

Understanding revenue and the true nature of profitability

By Anna Stubbs • July 15, 2026
Healthy sales revenue numbers don't always mean your small business is profitable. It's easy to mistake rising sales and income for profitability. But unless you understand your operational costs, profit margins and net profit, you won't truly know whether the business is making long-term, sustainable profit.

Tax planning helps you do more with your money

By Anna Stubbs • July 15, 2026
Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions and tax-saving strategies that will help to optimise your company’s overall tax position.

Is your small business up to date with employment law?

By Anna Stubbs • July 15, 2026
“Just 20% of SMEs identify regulatory compliance as an organisational priority, compared with almost a third of larger firms (32%). With little or no HR support and limited guidance, small businesses often lack awareness of employment law and may struggle to comply with the changes.” CIPD Labour Market Outlook, May 2026  The recent Labour Market Outlook report from the Chartered Institute of Personnel and Development (CIPD) shows that some small and medium-sized enterprises (SMEs) have a poor awareness of employment law and are not prioritising their regulatory duty as employers. But with the Employment Rights Act 2025 introducing several recent changes to UK employment law, it’s vital that your SME is aware of current employment law and your regulatory requirements as an employer. Five recent changes to employment law that came into force from April 2026.