The chancellor has changed, but what does it mean for small business? And, not entirely unrelated, what can you do to survive in a landscape of increasing uncertainty? Plus, plan out your new product, service or business in super short time using the lean canvas.
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The shortest serving chancellor of the exchequer since the 70’s left his position this month, and a new one is now in office. What does it mean? Essentially: Delays. A decreased or axed entrepreneurs relief on capital gains tax seems inevitable in March, but many other features that targeted the Spring budget will now be delayed until Autumn. Also, the new chancellor made comments about HMRC going easy on businesses during the first year of the IR35 changes due to hit the private sector then. Does this reveal a foregone conclusion in the upcoming review of IR35? Are the originally-planned changes increasingly inevitable?
Tracking your Strengths, Weaknesses, Opportunities and Threats (‘SWOT analysis’) is a great way to monitor your position in an uncertain world – using PESTLE (Political, Economical, Social, Technological, Legal and Environmental) categories to prompt your thinking around external factors you might need to consider. Just don’t forget to re-review it frequently, not just at the outset of a new activity. Developing opportunities and/or threats might need you to ‘pivot’ your business activities, to borrow the startup parlance.
An unrivaled tool for thinking out your new small business, product or service, using a single page and about an hour of consideration:
Inspired by the 4 Hour Work Week by Tim Ferris, I tend to lead with the question: Who can I afford to reach? Check out leanstack for a run-through, filling it out online and piece-by-piece. Like SWOT analysis though, it can change with your business, so make it a living document.
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