Business Growth and Development Programme

Business Growth and Development Programme

Designed specifically for the development of owner-managers, the Business Growth Programme helps you create the future you want for your business and for yourself. This programme provides a unique opportunity for you to step back from the day-to-day demands of running your business. By the end of the programme you will have developed a comprehensive and robust strategy and plan for the future. 

KEY BENEFITS

The benefits you achieve from your BGP experience will depend on your particular situation. Typical benefits that past participants have achieved: 

• Faster and more managed growth
• A more valuable business
• A robust and rigorous plan
• More confidence, more focus, more energy
• An exit plan
• Improved profitability
• Greater clarity over their personal goals and drivers
• More effective leadership and improved management skills
• Greater confidence in the future
• Less stress, more time off and more fun!

CORE CONTENT

BGP is the UK’s longest running and most successful programme for the development of owner-managers. It has been running with great success for 25 years and has helped over 1,500 owner managers achieve their business and personal ambitions.

BGP is centred entirely on the reality of your business – your current challenges, your opportunities, your future goals and ambitions. Because of this, the benefits you gain will be unique to you.

Businesses which participate in BGP grow sales and profit more quickly than their peers and grow more quickly after the programme than they did before.

How does it work? 
BGP is built around a core process whereby each individual participant develops their own growth strategy for their own business and a plan to implement that strategy.

To enable this, BGP consists of a simple yet rigorous structure, comprising of three key blocks of strategic thinking: 

• Where are we now?
• Where are we going?
• How do we get there?

Within each of these blocks, we have a particular focus on four themes:

• Markets
• Money and Measures
• Management
• Me

BGP is a modular programme that allows you to continue to run your business while you participate. The main part of the programme runs over 11 weeks. During that time, there are four two-day modules here at Cranfield. In between the modules, you will be working on developing your own strategy for your business and you will be making immediate improvements. Five weeks after the fourth module is Business Plan Review, where you will present your strategy and plans to a panel made up of the BGP team and independent advisors. About six months later we reconvene for Progress Review Day when we review actual progress against your plan. 

Throughout the programme, you will be supported by an experienced BGP counsellor who works with you on a 1-1 basis, and within a small group, to ensure that you get the maximum value from your BGP experience. 

Sole Proprietorship

Definition: A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. .

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.

The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business. A distinct disadvantage, however, is that the owner of a sole proprietorship remains personally liable for all the business's debts. So, if a sole proprietor business runs into financial trouble, creditors can bring lawsuits against the business owner. If such suits are successful, the owner will have to pay the business debts with his or her own money.

The owner of a sole proprietorship typically signs contracts in his or her own name, because the sole proprietorship has no separate identity under the law. The sole proprietor owner will typically have customers write checks in the owner's name, even if the business uses a fictitious name. Sole proprietor owners can, and often do, commingle personal and business property and funds, something that partnerships, LLCs and corporations cannot do. Sole proprietorships often have their bank accounts in the name of the owner. Sole proprietors need not observe formalities such as voting and meetings associated with the more complex business forms. Sole proprietorships can bring lawsuits (and can be sued) using the name of the sole proprietor owner. Many businesses begin as sole proprietorships and graduate to more complex business forms as the business develops.

Because a sole proprietorship is indistinguishable from its owner, sole proprietorship taxation is quite simple. The income earned by a sole proprietorship is income earned by its owner. A sole proprietor reports the sole proprietorship income and/or losses and expenses by filling out and filing a Schedule C, along with the standard Form 1040. Your profits and losses are first recorded on a tax form called Schedule C, which is filed along with your 1040. Then the "bottom-line amount" from Schedule C is transferred to your personal tax return. This aspect is attractive because business losses you suffer may offset income earned from other sources.

As a sole proprietor, you must also file a Schedule SE with Form 1040. You use Schedule SE to calculate how much self-employment tax you owe. You need not pay unemployment tax on yourself, although you must pay unemployment tax on any employees of the business. Of course, you won't enjoy unemployment benefits should the business suffer.

Sole proprietors are personally liable for all debts of a sole proprietorship business. Let's examine this more closely because the potential liability can be alarming. Assume that a sole proprietor borrows money to operate but the business loses its major customer, goes out of business, and is unable to repay the loan. The sole proprietor is liable for the amount of the loan, which can potentially consume all her personal assets.

Imagine an even worse scenario: The sole proprietor (or even one her employees) is involved in a business-related accident in which someone is injured or killed. The resulting negligence case can be brought against the sole proprietor owner and against her personal assets, such as her bank account, her retirement accounts, and even her home.

Consider the preceding paragraphs carefully before selecting a sole proprietorship as your business form. Accidents do happen, and businesses go out of business all the time. Any sole proprietorship that suffers such an unfortunate circumstance is likely to quickly become a nightmare for its owner.

If a sole proprietor is wronged by another party, he can bring a lawsuit in his own name. Conversely, if a corporation or LLC is wronged by another party, the entity must bring its claim under the name of the company.

The advantages of a sole proprietorship include:

• Owners can establish a sole proprietorship instantly, easily and inexpensively.
• Sole proprietorships carry little, if any, ongoing formalities.
• A sole proprietor need not pay unemployment tax on himself or herself (although he or she must pay unemployment tax on employees).
• Owners may freely mix business or personal assets.

The disadvantages of a sole proprietorship include:

• Owners are subject to unlimited personal liability for the debts, losses and liabilities of the business.
• Owners cannot raise capital by selling an interest in the business.
• Sole proprietorships rarely survive the death or incapacity of their owners and so do not retain value.

One of the great features of a sole proprietorship is the simplicity of formation. Little more than buying and selling goods or services is needed. In fact, no formal filing or event is required to form a sole proprietorship; it is a status that arises automatically from one's business activity.

Defining Your Business Goals

Setting goals is an integral part of choosing the business that's right for you. After all, if your business doesn't meet your personal goals, you probably won't be happy waking up each morning and trying to make the business a success. Sooner or later, you'll stop putting forth the effort needed to make the concept work. When setting goals, aim for the following qualities:

Specificity. You have a better chance of achieving a goal if it is specific. "Raising capital" isn't a specific goal; "raising $10,000 by July 1" is.

Optimism. Be positive when you set your goals. "Being able to pay the bills" isn't exactly an inspirational goal. "Achieving financial security" phrases your goal in a more positive manner, thus firing up your energy to attain it.

Realism. If you set a goal to earn $100,000 a month when you've never earned that much in a year, that goal is unrealistic. Begin with small steps, such as increasing your monthly income by 25 percent. Once your first goal is met, you can reach for larger ones.

Short and long term. Short-term goals are attainable in a period of weeks to a year. Long-term goals can be for five, 10 or even 20 years; they should be substantially greater than short-term goals but should still be realistic.

There are several factors to consider when setting goals:

Income. Many entrepreneurs go into business to achieve financial security. Consider how much money you want to make during your first year of operation and each year thereafter, up to five years.

Lifestyle. This includes areas such as travel, hours of work, investment of personal assets and geographic location. Are you willing to travel extensively or to move? How many hours are you willing to work? Which assets are you willing to risk?

Type of work. When setting goals for type of work, you need to determine whether you like working outdoors, in an office, with computers, on the phone, with lots of people, with children and so on.

Ego gratification. Face it: Many people go into business to satisfy their egos. Owning a business can be very ego-gratifying, especially if you're in a business that's considered glamorous or exciting. You need to decide how important ego gratification is to you and what business best fills that need.

The most important rule of self-evaluation and goal-setting is honesty. Going into business with your eyes wide open about your strengths and weaknesses, your likes and dislikes and your ultimate goals lets you confront the decisions you'll face with greater confidence and a greater chance of success.

Types of business structures 

Sole Proprietorship

A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate, and may enjoy greater flexibility of management, fewer legal controls, and fewer taxes. However, the business owner is personally liable for all debts incurred by the business.

General Partnership

A General Partnership is composed of 2 or more persons (usually not a married couple) who agree to contribute money, labor, or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.

Limited Partnership

A Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses. Limited partners share in the profits of the business, but their losses are limited to the extent of their investment. Limited partners are usually not involved in the day-to-day operations of the business. Filing with the Washington Secretary of State is required.

Limited Liability Partnership (LLP)

A Limited Liability Partnership (LLP) is similar to a General Partnership except that normally a partner doesn’t have personal liability for the negligence of another partner. This business structure is used most by professionals, such as accountants and lawyers. Filing with the Washington Secretary of State is required.

Limited Liability Limited Partnership (LLLP)

A Limited Liability Limited Partnership is a Limited Partnership that chooses to become an LLLP by including a statement to that effect in its certificate of limited partnership. This type of business structure may shield general partners from liability for obligations of the LLLP. Filing with theWashington Secretary of State is required.

Corporation

A Corporation is a more complex business structure. A corporation has certain rights, privileges, and liabilities beyond those of an individual. Doing business as a corporation may yield tax or financial benefits, but these can be offset by other considerations, such as increased licensing fees or decreased personal control. Corporations may be formed for profit or nonprofit purposes. Filing with the Washington Secretary of State is required.

Nonprofit Corporation

A Nonprofit Corporation is a legal entity and is typically run to further an ideal or goal rather than in the interests of profit. Many nonprofits serve the public interest, but some engage in private sector activities. If your nonprofit organization is, or plans to, raise funds from the public, it may also be required to register with the Charities Program of the Washington Secretary of State. Charitable activities may require additional registration. Contact the Office of the Secretary of State for more information.

Limited Liability Company (LLC)

A Limited Liability Company (LLC) is formed by 1 or more individuals or entities through a special written agreement. The agreement details the organization of the LLC, including provisions for management, assignability of interests, and distribution of profits and losses. LLCs are permitted to engage in any lawful, for-profit business or activity other than banking or insurance. Filing with theWashington Secretary of State is required.

Massachusetts Trust

A Massachusetts Trust is an incorporated business with the property being held and managed by the trustees for the shareholders. The trustees are considered employees since they work for the trust. Filing with the Washington Secretary of State is required.

Trust

A Trust is a legal relationship in which one person, called the trustee, holds property for the benefit of another person, called the beneficiary.

Joint Venture

A Joint Venture is formed for a limited length of time to carry out a business transaction or operation.

Tenants in Common

A Tenants in Common allows 2 or more people to occupy the same business while retaining separate identities in regard to assets or liabilities resulting from business activities.

Municipality

A Municipality is a public corporation established as a subdivision of a state for local governmental purposes.

Association

An Association is an organized group of people who share in a common interest, activity, or purpose.

Commercial law

Commercial law

A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. The Code of Hammurabi dates back to about 1772 BC for example, and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers. The word "corporation" derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities.

In many countries it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, worker protection and safety, discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions, worker compensation, and working hours and leave.

Some specialized businesses may also require licenses, either due to laws governing entry into certain trades, occupations or professions, that require special education, or to raise revenue for local governments. Professions that require special licenses include law, medicine, piloting aircraft, selling liquor, radio broadcasting, selling investment securities, selling used cars, and roofing. Local jurisdictions may also require special licenses and taxes just to operate a business.

Some businesses are subject to ongoing special regulation, for example, public utilities, investment securities, banking, insurance,broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can affect many businesses.

Flipkart is back with "Big Billion Sale"

After the failure of much touted ‘Big Billion Day’ in October last, India’s leading e-commerce marketplace Flipkart is gearing up for the next season of “Big Billion Sale”. This is the second edition of the event and will be held from October 13-17.

The event will be an app-only shopping event and will offer exciting offers and discounts across more than 70 product categories for customers.

“Celebrating the start of festive season in India, Big Billion Days will be the ultimate shopping event for customers to shop for gifts and other items for friends and family,” Flipkart said in a release.

“India shops the most during this time of the year. With over 75 per cent of traffic coming via mobile, we expect this app only sale to be the biggest shopping event of the year. Bigger and better as compared to last year, we have worked towards ensuring a seamless shopping experience for our customers,” said Mukesh Bansal, Head of Commerce Platform, Flipkart & Chairman – Myntra.

“We have also ramped up our technology and supply chain support to ensure all our 50 million customers have the best ever mobile shopping experience,” he added.

To cater to the massive customer demand Flipkart has also opened new fulfillment centers across the country to guarantee efficient delivery.

Myntra, which Flipkart acquired in May 2014, will also be a part of the latest edition.

India an easy country to settle in for expats: Survey

India is seen as an easy country to settle in for expatriates, according to a HSBC survey. The survey shows that more than 62 per cent of expats in the country feel at home within the first year as compared to the global average of just 48 per cent.

 One of the major reasons for this, the survey points out, is the support expats receive from their employers.

 “Nearly a third (30 per cent) of expats receive education or day care allowances for their children from their employer. Just under a third (32%) receive family support allowances for cultural or language coaching. In both cases, this level of support for expats is higher in India than any other country surveyed,” it pointed out.

 As per the survey, India features among the top 10 destinations for expats in terms of ‘family aspects of living’ in the adopted country and 58 per cent of them believe the country is getting better as a place to live and work.  One of the biggest challenges for expats in India is integrating into the Indian culture, with almost a quarter (24 per cent) finding it difficult to do so, compared with the global average of 18 per cent.

 In the HSBC ‘Expat Explorer 2015’ survey, India ranked 10th on the family league table, which ranks each country using a score that summarises the expats’ views concerning the family aspects of living in the adopted country.

 “The close-knit family culture in India is very dominant and expats find that countries with such strong family values bring them closer to their own families,” HSBC India Head of Retail Banking and Wealth Management S. Ramakrishnan said.

 Mr. Ramakrishnan further said that “in addition to providing a good environment for children to grow up in, a fulfilling work life and rich culture are some of the other reasons why 58 per cent of expats believe that India is getting better as a place to live and work.”

 Meanwhile, Singapore emerged as the best place overall for expats to enjoy an excellent quality of life, financial wellbeing and improved career prospects. New Zealand was ranked as second best, followed by Sweden and Bahrain in the third and fourth place respectively.

Others in the top 10 include Germany (5th), Canada (6th), Australia (7th), Taiwan (8th), UAE (9th) and Switzerland (10th). India ranked 17th on the country league table considering all parameters like economics, experiences and family.