Forward to a friend - View web version

Inspira, breathing life into business

November 2015



It’s an expensive time of year with Christmas just around the corner.  However, for many small business owners, there is the additional worry about the impact the introduction of the National Living Wage will have on their business.

With the minimum salary for over 25s increasing in just four months’ time, business owners are, quite understandably, nervous about the prospect of their growing wages bill.

If your business is going to be affected, now is the time to plan how you are going to absorb the rise in costs. In this issue, we give you some practical steps.

We also take a look at the challenges of running successful family businesses. At Inspira, we know a thing or two about the issues associated with being in business with family members. We’ve worked with many over the years, providing practical advice and support to help them overcome some of the stumbling blocks. Here we share some of our best tips. 

And finally... have you ever thought about getting a business coach or a mentor on board to help steer you in the right direction and grow your business? We give you the definitive explanation on what coaching and mentoring is and the key differences between the two.

We welcome your feedback on our newsletter and articles, so do get in touch if you have any comments or questions. Thank you!

National Living Wage: managing the pros and cons

Since the new National Living Wage was announced in the Summer Budget by George Osborne, many small business owners – particularly those operating in sectors such as retail, catering and social care – have reacted with concern about the impact on their business. Here we provide some pointers on what you should be doing to prepare for the bigger wage bill now.

Family business tips for success

Family businesses are the backbone of our economy. According to the Institute for Family Business, there are three million family enterprises generating a quarter of the UK’s GDP.  Since 2010, an extra 30,000 family businesses have been created, bringing the total family business employment up to 9.4 million jobs – 39% of private sector employment. But there are challenges involved with keeping it in the family. We provide 10 top tips to overcome the issues.

What is coaching and mentoring?

Being your own boss isn’t easy. Increasingly, many business owners are turning to professional business coaches and mentors to help them grow and develop their business. There are huge advantages of bringing in an external perspective into your business but what is the difference between coaching and mentoring? And what are the benefits? We explain all.

“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.”
Biz Stone, co-founder of Twitter

Some useful articles we have read over the past few months…

11 tips from successful business leaders

The Institute for Chartered Accountants in England and Wales (ICAEW) asks George Osborne for no more ‘bombshells’ in autumn statement

5 of Xero’s most inspiring women talk leadership, challenges and how entrepreneurship is changing

8 things entrepreneurial people do differently