elliot@strategyandgovernance.co.uk
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Over the years, I have reviewed many Strategic Plans. Some are very detailed, others a bit sparse, but most cover at least some of the following:
One area that is regularly missing is a SWOT analysis.
For anyone unfamiliar with the acronym, SWOT stands for:
It’s one of the most useful things you can do for your business, and without it you’re missing important details that can help shape your plans.
Why You Need a SWOT Analysis
Many owners of SMEs spend so much time working IN the business that they rarely have an opportunity to step back and work ON the business. This is understandable, particularly when customers, employees, suppliers and cashflow all need immediate attention.
Time working on your business is always well spent. If you don’t do this, you risk bouncing from one urgent problem to the next without ever deciding where you actually want your business to go.
This matters even more during periods of relentless change. Since 2020, businesses have dealt with Brexit, Covid, inflation, energy price rises, labour shortages, global instability and digital and AI transformation (here’s an article I wrote about this earlier this year).
And as we’re learning this summer, economic and political turmoil doesn’t stop. We are adjusting to more and more change - whether that’s a new Prime Minister, tax policies or increasing costs.
While things shift around your business, if you understand your market, your competition, your customers and your goals, you’ll be able to make quicker, better decisions when you need to. You can’t do this if you don’t know where you are strong, where you need to improve, what your opportunities are and when you’re at risk. That’s where a SWOT analysis is invaluable.
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One of my regular tasks is reviewing Charity Commission inquiry reports to identify what today's trustees can learn from yesterday's mistakes.
What strikes me is that most investigations do not begin with fraud or financial collapse. They usually start with something much more ordinary – poor governance, weak financial oversight, inadequate record keeping or complaints from members of the public.
Recent inquiries continue to highlight the same recurring issues:
None of these should be inevitable. Most are entirely preventable.
From time to time I am happy to publish guest blogs from experts in other areas which can be of help to my client. This particular article by Gavin Bates of Smart Business Recovery is one of the best I have read about Charities under pressure and for me is essential reading for all my charity trustee followers. Both of us have the same philosophy that early action can provide more solutions and I commend the article to you.
We all know that charities are built around purpose. They help people, support communities, fund research, provide care, protect vulnerable groups and deliver services that often matter deeply to those who rely on them. That makes financial pressure doubly difficult to deal with, but the reality of a tough economy need to be addressed.
The value of charities.
There are very human stories behind every charity. Staff care about the work. Volunteers give their time because the cause matters. Trustees often feel a strong personal responsibility. Beneficiaries may depend on the service. Donors may have supported the organisation for years.
We need them to champion the causes that need our awareness and the people that need our help. They exist because good people have empathy for a worthy cause.
However, sadly, empathy does not remove the need for a realistic assessment if things are looking bad financially. A charity may not exist to make private profit, but it must still pay wages, rent, suppliers, utilities, insurance, tax, pension contributions and other operating costs. It still needs enough money to deliver its work safely.
It also needs trustees to understand whether the organisation can meet those commitments.
In short, the reality is still the reality.
If rising costs, falling income, uncertain funding or increasing demand are putting pressure on the organisation, trustees need to face that position early.
I have a confession to make. I used to hate networking.My firm would regularly send me to business events and I had absolutely no idea what I was supposed to do. Put me in front of 250 people with a lectern, a laptop and a PowerPoint presentation and I wouldn't bat an eyelid. Ask me to walk into a room full of strangers, coffee in hand, and strike up conversations... that was an entirely different challenge.Then I started my own consultancy.It didn't take long to realise that clients don't magically appear because you've got a good website or an active LinkedIn profile. If nobody knows who you are, they're unlikely to buy from you. Reluctantly, I took the plunge and, to my surprise, discovered that I actually enjoyed networking.
Not every event, admittedly. Some are excellent. Some are forgettable. And every now and then you wonder whether you'd have achieved more by staying in the office and writing a blog!
What I have learnt, though, is that networking is one of the most misunderstood activities in business.
“Networking isn't a sales technique; it's simply another way of building relationships.”
There isn't a "best" networking group
People often ask me which is the best networking organisation.
The honest answer is that there isn't one.
The best network is simply the one that helps you build relationships with the people who matter to your business. It could be a structured referral organisation, a Chamber of Commerce, a sector-specific group, an informal breakfast meeting or even LinkedIn. It depends on your business, your customers and your personality.
This is a question that charities frequently ask me about and the answer depends partly on what use you make of your annual accounts and who is the intended audience. SORP 2025 dictates the basic structure of the report and places increasing emphasis on linking the narrative with the financial statements, ensuring the “words and numbers” tell a consistent story.
However, there remains a considerable difference between charities of a similar size and nature as to how detailed their Trustees’ Report is. We have seen relatively small charities produce Trustees’ Reports running to more than 14 pages. Equally, some much larger charities produce comparatively brief reports within their statutory accounts.
In the latter case, this is often because the charity publishes separate impact reports, annual reviews or stakeholder publications which explain their achievements, strategy and future plans in greater detail. In the former case, charities may use the Trustees’ Report itself as their primary communication document, helping funders, beneficiaries and supporters understand the charity’s activities, impact and financial stewardship.
Charities and PLCs have long recognised the importance of risk management. In both sectors, assessing and managing risk is embedded within governance frameworks and recommended practice — although recent reports suggest there is still room for improvement, particularly within parts of the charity sector.
Owner-managed businesses, however, often take a very different approach.
Many SMEs focus understandably on day-to-day trading, sales and cashflow, but formal risk assessment is frequently overlooked. Yet private companies, sole traders and partnerships are often just as exposed to risk as larger organisations — and in some cases even more vulnerable because they have fewer resources to absorb problems when they arise.
Most businesses recognise financial risk, although the continuing number of business failures suggests that even this is not always assessed properly. However, financial risk is only one part of the problem
As we move further into 2026, many SME owners might be forgiven for wondering whether the phrase “unprecedented times” is still appropriate. “Unprecedented times” are far too common to be unprecedented Since 2020, businesses have faced Brexit disruption, Covid recovery, inflation, soaring energy costs, labour shortages, global instability and now the growing impact of AI and digital transformation.For many SME’s, survival is no longer enough. The challenge today is how to remain profitable, resilient and relevant in an increasingly uncertain marketplace.
Whilst no business can predict every economic or political twist ahead, there are several practical strategies that SME’s should consider if they want to strengthen their position for the years ahead.
When I review a charity’s annual report and accounts, I always begin with the Trustees’ Report before I even glance at the figures.
Why? Because it reveals far more about the quality of governance than the numbers ever can.
If you work with boards long enough, you learn two truths: (1) conflicts of interest are everywhere, and (2) managing them well is a sign of a healthy organisation. Handled badly, they corrode trust, decision-making and, ultimately, impact.
For UK charities, delivering your objectives effectively is as important as financial sustainability. Benchmarking allows charities to assess their performance against similar organisations, identify areas for improvement, and enhance their overall effectiveness.
When you're starting a business or seeking to expand, it’s tempting to take on any client who shows interest.
The excitement of securing contracts and generating income can lead to a "more is better" mindset. However, as you grow and establish your brand, it's crucial to recognise that not all business is good business.
I am often asked how such matters should be dealt with. There is no specific Charity Commission guidance but, in my experience, every board I’ve dealt with have handled matters in the same way and if you think about things, it's a matter of common sense.
Have any questions or want to find out more?
Call Elliot Harris on 07896 894 711 or email elliot@strategyandgovernance.co.uk.
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