Family business bulletin: aligning strategy and risk management
Family business, like all businesses, are not immune from what has been labelled ‘perma-crisis’. Over the last few years, disruption to our lives and our businesses has brought many and far-reaching challenges. Reports are coming through citing regulatory, compliance, resource, and supply chains as well as technology and cyber security risks as areas that are occupying the minds of many business leaders. While it is true to say that with challenge comes opportunity, the practical issue becomes where to start and how to identify those risks. As always, strategy will be bedrock to finding the solutions and aligning strategy and risk management will be key.
In this edition of our bulletin, we explore three of those areas with practical insights for family businesses:
- Family Charters to help embed culture into strategic thought processes.
- Finding, motivating and retaining the best people to ensure your business’ success.
- Protecting against cyber risks as business’ rely more heavily on IT and demand flexibility and greater connectivity.
Please do get in contact if you have any questions.
Family business diagnostic tool
Access our family business diagnostic tool to discover your top three strengths and weaknesses,
with suggested areas of development.
Important dates
20 July 2023 (10am – 11am)
Moore Kingston Smith webinar: How could later life care affect my plans for passing on wealth? RSVP here.
31 July 2023
ITSA: deadline for second self-assessment payment on account for tax year ended 5 April 2023.
31 July 2023
Tax credits: deadline to provide information to finalise 2022/23 awards and renew claims for 2023/24.
1 August 2023
Research and Development claims will have changes to procedures. Click here for further information.
A tax review visit – what to expect and what you can prepare for
The regulatory framework that employers operate in is more complicated now than ever with tax, pension, employment law and immigration issues to keep on top of. With areas changing quickly, laws being updated, and new guidance being issued on a weekly basis, this is a lot to deal with as a leader in an organisation.
Our insight looks at our top tips to consider ahead of a compliance check.
What is a Family Charter?
Running any business successfully can be complex, but a family or owner managed business adds another layer of complexity. Balancing the needs of the business with the needs of the people can seem daunting. Developing a Family Charter will help to bind the values that are important to the family into the business.
Our insight looks at what a Family Charter is, and what it includes.
How to improve your business’s cyber security position
In today’s cyber security landscape, a strong cyber security position is vital for businesses of all sizes. Unfortunately, cyber threats, such as ransomware attacks and phishing scams, are on the rise, with small and medium-sized companies often falling victim due to insufficient security measures.
Our insight covers practical tips to improve your business’s cyber security position.
Potential employment risks to family businesses
Recruiting, managing and motivating your team can be time consuming and expensive. Getting it right gives you a great team to support your business’ aims but there are risks to going out to the employment market if you don’t get the basics right.
Our insight looks at the common themes that can catch family businesses out if they are not careful.
Videos
How to avoid cyber and phishing attacks for family businesses
Cyber security essentials for family businesses