The recent election has ushered in a new Labour government, bringing with it a host of changes that can impact businesses across the UK. A few weeks ago we asked our clients what was most important to them, you can read more about that here.
To help you stay ahead and proactively manage these changes, we’ve put together a comprehensive checklist based on Labour’s manifesto promises and policies. This business checklist will guide you through key areas to review and adjust in your business operations.
Business Checklist for a New Labour Government
1. Review employment practices
Employee rights are changing:
- Are you prepared for changes in employment law, including day-one rights for sick pay, parental leave, and protection against unfair dismissal?
- Action: Review and update your employment policies to ensure compliance with new regulations and watch Babs talk about the changes you can expect to see here.
- Do your employment contracts need updates to comply with new regulations on workers’ rights and conditions?
- Action: Consult with HR or legal advisors to revise employment contracts as needed.
2. Evaluate financial health
Tax planning:
- Have you assessed the impact of maintaining the corporation tax rate at 25% on your financial planning?
- Action: Work with your financial advisor to adjust your tax planning strategies accordingly.
Cash Flow Management:
- Are you prepared for stricter regulations on late payments to SMEs? Do you need to adjust your invoicing and payment processes?
- Action: Implement robust invoicing and payment systems to improve cash flow management.
3. Sustainability and green initiatives
Green investments:
- Can your business benefit from the £28 billion Green Prosperity Plan? Are there opportunities for grants or incentives in renewable energy or green technology?
- Action: Explore available grants and incentives to invest in sustainable practices.
Environmental regulations:
- Are you up-to-date with the latest environmental regulations and standards that may affect your industry?
- Action: Conduct an environmental audit to ensure compliance with new regulations.
4. Access to finance and support
Funding opportunities:
- Are you aware of new funding and support mechanisms for SMEs, such as simplified access to public contracts and regional business support programs?
- Action: Research and apply for relevant funding opportunities and support programs.
Loan and grant applications:
- Have you reviewed your eligibility for new financial support or grants aimed at promoting innovation and business growth?
- Action: Prepare and submit applications for financial support where eligible.
5. Adapting to market conditions
Market strategy:
- How will the economic outlook under Labour’s policies affect your market strategy? Are there new opportunities or risks you need to address?
- Action: Reevaluate your market strategy to align with the new economic landscape.
Competitor analysis:
- Have you analysed how your competitors are responding to the new government policies?
- Action: Conduct a competitor analysis to identify new market trends and adapt your strategy accordingly.
6. Legal and compliance
Regulatory changes:
- Are you prepared for potential changes in regulations affecting your industry? Have you consulted with legal advisors to ensure compliance?
- Action: Stay informed about regulatory changes and seek legal advice to maintain compliance.
- Are your data protection practices in line with any new requirements that may arise from Labour’s digital and technology policies?
- Action: Review and update your data protection policies and practices.
7. Innovation and technology
Tech investments:
- Are there opportunities to leverage government investments in technology and infrastructure to enhance your business operations?
- Action: Invest in new technologies that can drive efficiency and growth.
Cybersecurity:
- Is your business protected against cyber threats, particularly in light of any new digital economy policies?
- Action: Strengthen your cybersecurity measures to protect against potential threats.
8. Stakeholder communication
Informing stakeholders:
- Have you communicated potential changes and impacts to your stakeholders, including employees, investors, and customers?
- Action: Keep your stakeholders informed through regular updates and transparent communication.
Strategic partnerships:
- Are there opportunities for new partnerships or collaborations to navigate the changes effectively?
- Action: Explore strategic partnerships that can help you adapt to the new government policies.
9. Long-term planning
Strategic review:
- Have you conducted a strategic review of your business plan to align with the new government’s long-term economic policies?
- Action: Reassess your business plan and make necessary adjustments for long-term success.
Future-proofing:
- Are there steps you can take to future-proof your business against potential economic shifts or regulatory changes?
- Action: Implement strategies that can help your business remain resilient in the face of change.
So there it is, your business checklist to prompt thinking and to share with your team to make sure all areas of your business are prepared. All eyes will be on No 10 over the coming weeks as we see policy promises coming into force. To make sure you stay ahead and build these changes into your business, contact Jamieson Law now to run through the business checklist and identify where we can help you plug some gaps.
