A panel of experts from the Chamber answers your business dilemmas
How do I write a professional research document to brief a selection of agencies and assess comparable proposals on a like-for-like basis?
As a business decision-maker with an identified research gap, you’ll need to spend a bit of time and effort preparing a written brief. The aim is to get a workable plan from a suitable research agency supplier who will be able to design and deliver a programme of market research that is appropriate to the research problem.A logical starting point is to provide an informative outline of the background and issues surrounding the research need, with some broad business aims and more specific marketing research objectives....
The client should state these objectives with the agency further defining and developing them fully and clearly in the proposal – providing direction, guiding questionnaire design and establishing criteria for measurement of effectiveness.The client should further state any desired aspects of the research design together with any limiting constraints, e.g. confidentiality, budget, timing and the availability, relevance and accuracy of any existing secondary data. The adage is Think Secondary First’ to provide the agency with desk research that references other primary studies alongside the collation of any potential respondent data.The document should be as detailed and long as it needs to be: from a one-page overview summary to half-a-dozen or more pages of in-depth briefing notes. Do give the agency the opportunity to develop the brief and the time and courtesy to meet with them during the briefing process. Expect to review proposal documents that detail: the overall scheme; general approach; specific methodology; sampling size, composition, method and selection; data collection, processing and analysis; together with a schedule of activities and related costs, plus any further considerations.Feedback on reasons for non-selection once a research supplier has been chosen will be appreciated to the unsuccessful parties concerned.
I own a family business and have started to think about retiring, what do I need to consider first?
Statistics suggest almost a third of small business closures take place because of the lack of an effective succession plan, so you’ve already taken the first important step of recognising that you need to look to the future in good time.By planning your exit early, say two to three years before your departure date, you can smoothly transfer ownership, avoid potential leadership crises and ensure you get the best value for your business at the end of the deal.There are various exit routes open to you. You could consider a trade sale which is usually the best option for small businesses hoping to get the best possible price for the business. Speak to your advisers about potential buyers as solicitors and accountants are usually the first to hear about other businesses seeking an acquisition.Or you could sound out your management team about a buyout. This option means you could be confident that the business is left in the hands of those who care about its future and you could allow the management to buy the business in stages. If this is the case, arrange a legal agreement that commits everyone to the sale so they cannot change their mind later down the line. If some of the shares in the company are being retained by you following a part sale, then it’s essential a shareholders’ agreement is entered into to deal with control and succession issues.Many owners tend to pass the reigns over to a family member. Family successions are more emotional, so always use the services of a third party for impartial advice. If the business is handed down to more than one family member then a shareholders’ agreement is necessary to prevent future conflict in any decision making process.Whichever option you choose, seek initial advice from your solicitor and accountant, who will be able to take into account legal, tax and commercial implications from the very outset. This will ensure you receive the best possible financial outcome.
I am worried about the risk of bringing my marketing company into disrepute due to the use of online social networking sites. How can I maintain control, whilst not infringing on my employee’s right to privacy?
The recent rise in the use of such sites is resulting in some employers becoming concerned about their company’s reputation, but any action taken to combat this needs to be balanced with the employee’s right to a private life. A recurring and topical issue is that of employees maintaining personal blogs.For example, in 2005, a disgruntled employee of Waterstones wrote a personal blog, where he referred to his employer as ‘B*sandstones’ and made references to his ‘evil boss’. He was dismissed, as he was held to have brought the company into disrepute. Conversely, another employee who kept a website diary where she rehearsed various anecdotes of her day at work was found not to damage the company’s reputation as the diary did not sufficiently identify the employer.Social networking sites are another area of concern. Without a clear internet policy in place for work hours, employers would struggle to prevent employees from using such sites and it would be unreasonable to attempt to enforce such a policy in an employee’s own time. That said, many occupations are governed by professional bodies, which means that employees cannot discuss or publicise certain matters outside of work – this could result in disciplinary action. It is also important for employees to remember that there is an implied term in every employment contract that an employee owes a duty of good faith and fidelity to their employer.