Creating a Valuable Business

6. Operations

6.1 Invest in your operations.

• You may need to invest in research and development for new products.You may qualify for a research grant or tax credits. Contact your local Business Link or other business support organisation.
• Outdated facilities and technologies will harm productivity.This hidden negative value can suddenly become apparent when a competitor overtakes you.

6.2 Streamline operations and create standard policies and procedures.

• Simple, smooth-running processes are easier to use as you grow.
• Continually having to make one-off, ad-hoc decisions limits your ability to grow.Firms with a strong owner-manager are particularly susceptible to this limitation.

6.3 Build management information systems to monitor the business.

• Identify weaknesses and risks, and take steps to protect yourself from them.