King's Lynn's Human Capital Department offers top tips for new businesses starting up in 2020
For more than 600,000 people in the UK, starting a new business will be high on their list of New Year’s Resolutions.
However as 20 per cent of these businesses will fail in the first year and 60 per cent in the first three years. The reason why so many new businesses fail is that the owners lack management skills, including accounting and people management, and the businesses are not innovative.
If you are thinking of starting up or are an existing business or are looking to expand, it is well worth seeking out advice and support from organisations such as Nwes, who help by providing training courses and coaching support, much of which is free.
Human Capital Department has produced an HR Toolkit, which provides firms with basic HR processes, such as recruitment, induction, performance management and employee exit businesses, and is available on our website www.humancapitaldept.com
Innovation is also thought to be critical to business success. New businesses need to bring something new to the market and to be able to communicate their USP, or Unique Selling Proposition, which makes them different.
King's Lynn Innovation Centre was set up as an “incubator unit” for fledgling businesses. Providing timely advice and support to start-up, or early stage businesses, will help them to succeed, and benefit the wider community by providing employment to local people and raise taxes on profits.
Human Capital Department has developed a process we call “Human Capital Due Diligence” to assess the strengths and weaknesses of management teams on behalf of Equity and VC clients. We are currently developing a new online assessment process to test managers against management competencies, based on research of Dr Scott Parry. We will be piloting this new tool in Q1, so let me know if this is of interest.