Building Good Business Foundations

Building Good Business Foundations

Starting your own business is like building a house; you need good foundations in place from the start. No matter what your business you’ll need to make all the right preparations before you begin trading. If you’re setting up a limited company, even if you are employing just one person you will have a number of legal obligations to fulfil. Doing your homework beforehand and making sure you’ve ticked all the right boxes can save you a lot of hard work and headaches in the long run.

If you’re planning to employ one or more people to work for your business you will have a number of legal obligations to fulfil. As a minimum you are legally required to take the following steps –

  • Pay your staff at least the UK minimum wage
  • Check if your employee has the legal right to work in the UK, other employment checks as may also be required
  • Arrange employers’ liability insurance to cover you and your business
  • Send details of the job and a contract of employment (including terms and conditions) in writing to your employee
  • Inform HM Revenue and Customs that you will be employing staff by registering as an employer
  • Make any industry relevant health and safety adaptations, considerations and changes including policies and procedures

Of course when you employ staff there will be other considerations you might want to make to ensure your workplace is a happy and productive one. A safe and comfortable working environment is just the start, offering training and development opportunities to your staff will benefit both them and your business and understanding what they need in order to be productive members of staff for you.

Managing the HR side of your business can be daunting for the owner of a new company. There are a number of key HR tasks to consider from effective recruitment, pay roll, policies and procedures, leave management, talent management, change management as well as dealing with day to day personnel issues such as annual leave, maternity leave, sick leave etc. There is much to consider and not every business owner had the time, expertise or inclination to manage the HR function of the business effectively.

For many businesses large and small, new or established, it can be more cost effective to outsource your HR needs to an external company, buying in expertise as and when it’s required is increasingly popular amongst businesses and organisations.

Staff are often the biggest asset a business has, so employing the right people at the right time can be a boon for your business. Understanding the legal requirements you have to fulfil when you employ staff, both to them and to the HMRC is one of the key foundations of your business. Taking all the right steps before you begin can ultimately help you to build a successful future for you and your business.

Triple Three Solutions offer expert HR Consultancy services  in Cheshire and Manchester to businesses large and small, new and established in the UK. Call us today on 0161 300 1214 or email lisa@triplethreesolutions.co.uk for more information.