<div class="editor-cover-image" data-dimensions="780:300" data-pmr-editor-image="" style="background-image: url(&quot;https://leaders-council-web.s3.eu-west-2.amazonaws.com/uploads/store/222c9a7251616dda13624e76eb93671e.jpg&quot;);"></div>

 <div data-pmr-editable="" class="medium-editor-insert-plugin">Coming up with a business idea and then starting a business can seem overwhelming and complicated. When it comes to starting a business or organisation, aspects such as forming a business plan, registering the business and understanding your new financial, accounting, tax and regulatory obligations can be daunting. But before considering all of that, what is crucial is getting that first step right, which will set you on the road to success. The German philosopher Johann Wolfgang von Goethe once said that ‘there is magic in the first step’, and this is something that published author and third sector guru, <a href="http://www.leaderscouncil.co.uk/members/john-baguley">John Baguley</a>, kept at the forefront of his mind when setting up his organisation, <a href="https://groupifc.com/">the International Fundraising Consultancy [IFC]</a>.Today, the IFC is a management consultancy with a global presence that is focused on fundraising for charitable organisations, NGOs, not-for-profits and social enterprises. When it came to setting up his own organisation, it became abundantly clear to Baguley that he would not be able to account for all the elements of risk associated with his venture. To that end, he urges hopeful entrepreneurs to embrace the magic of the first step that Goethe spoke of and be ready to tackle any obstacles that may arise.<a href="https://www.youtube.com/watch?v=Oew-mCXD140">Baguley tells the Leaders Council:</a> “When you actually take that first step of launching your organisation, problems begin to face you and you enter a process of starting to deal with them as they emerge. It may seem easy to try and set up an organisation without risks and so you might keep postponing the start of your venture, but you cannot actually cover all of the risks. You must simply go for it.”However, Baguley also stresses that before even taking the plunge of starting a new business or organisation and embracing the challenges that come with it, any hopeful business leader ought to carry out thorough market research to help lay the foundations for success.“You have to do your market research before the first step. You need to know that the product or service that you are providing is one that people want to buy and are interested in. If they are not, you don’t have a scalable product, and the whole thing won’t work.”When carrying out this research, entrepreneurs should consider whether there is a market for the business, product or service and indeed whether that market is big enough to support the ambition for that business. This also includes consideration of the competitive landscape, what the strengths and weaknesses of the competition might be, and market opportunities and threats. A clear idea of the overall market is essential, and where the business will eventually fit into it.<a href="http://www.leaderscouncil.co.uk/members/jonathan-craig-wright">Jonathan Craig Wright</a>, director at Clearwell Mine Management Ltd which operates the <a href="https://clearwellcaves.com/">Clearwell Caves</a> tourist attraction in the Forest of Dean, also speaks very highly of the importance of undertaking thorough market research before launching a business.Although the Clearwell Caves business was founded by Jonathan’s father, Ray Wright, he has been actively involved in developing the business over many years since it first opened to the public as an attraction in 1968.<a href="https://www.youtube.com/watch?v=YL0Q3pQsqSA">Wright says:</a> “You have to identify a need. Do that market research to ensure people want the service you are providing and then it is about providing that service is an imaginative way.“This is where understanding your competition and researching them becomes critical - you need to make sure you do things that will make you stand out from other people.”With a plan in place, brilliant recruitment practices are linked to the success of your venture. As Baguley puts it, a leader is only as good as the team they build around them and being willing to invest in the right people and share responsibility is one of the key elements that an entrepreneur must get right early.Baguley explains: “You cannot do it all by yourself. You won’t be able to scale up alone because you won’t have enough time.“To help you, you should bring in experts, people who you can trust who are great at their job. That will ensure your organisation that you are building really delivers for its clients.”The work and responsibility that comes with employing people are tremendous. Adopting the right approach to finding and bringing the best people on board for the role and the wider business or organisation are essential.To attract the best candidates, important aspects not only include a competitive remuneration package, but also being able to sell your vision to candidates. Inspire them with the vision, ensure that there are career progression possibilities in place, and build a progressive, diverse and engaging workplace culture which shows candidates that they are valued.By clearly outlining company culture and making it one of the main objectives of the business, it can be properly integrated into the hiring process and every new or prospective employee can be introduced to it. Culture ought to be at the core of any business or organisation.With these considerations in mind ahead of taking that first step, you should be on the road to building a successful business or organisation. We wish you the very best of luck! Photo by <a href="https://unsplash.com/@freegraphictoday" style="">AbsolutVision</a> on Unsplash</div>

Coming up with a business idea and then starting a business can seem overwhelming and complicated. What is crucial is getting the very first step right, which will start you on the pathway to success. 

Starting a business: The keys to the first step according to those who have done it

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 <div data-pmr-editable="" class="medium-editor-insert-plugin">The International Monetary Fund [IMF] has <a href="https://www.bbc.co.uk/news/business-60128099">said</a> that the UK economy is set to grow more slowly in 2022 than previous forecasts had suggested.The IMF’s latest global economic outfit has revised the predictions for UK economic growth to 4.7 per cent this year, down from five per cent, but this remains the fastest growth within the G7.Much of that upward momentum is fuelled by the rebound effect from the Covid-19 pandemic, after the economy plummeted in 2020 because of the lockdowns.Gita Gopinath, chief economist at the IMF, told BBC reporters that there was a strong case for targeted help for vulnerable households in the UK over 2022, with the rising cost of living likely to have an adverse impact.Gopinath explained: “The UK has done very well on the vaccination front, on testing and tracing and so on. All that has to be continued.“An argument can be made that, especially for instance, in April, as more of the energy price pass-through happens, then that could be a big, sharp increase in the cost of living. And one could see a case for very, very targeted help to highly vulnerable households for a short space of time.”In the 12 months to December 2021, inflation stood at 5.4 per cent in the wake of higher food and utilities prices.Globally, the IMF expects growth to drop from 5.9 per cent last year to 4.4 per cent over 2022, revising its annual growth down by half a percentage point compared to its previous forecast in October 2021.In its latest report, the IMF declares that the global economy has entered the New Year in a “weaker position than expected” with rising energy prices and supply chain disruptions driving inflation.<a href="https://www.youtube.com/watch?v=XxTQFw3N6jA">Commenting on supply chain disruption in the construction industry</a>, <a href="http://www.leaderscouncil.co.uk/members/martin-mockler">Martin Mockler,</a> lead advisory partner at London-based accounting, auditing, business and tax advisory firm, <a href="https://www.evansmockler.co.uk/">Evans Mockler</a>, said: “From our clients’ perspective, supply chain has been a significant issue, primarily for contractors looking to import.“Significant cost increases have had an impact and particularly in the construction sector some of our clients that may have agreed contracts 18 months ago to carry out a job for a certain price, have now found that their operating costs for completing the job have gone up significantly because getting hold of certain materials has been a problem.”New Covid curbs in some countries in the wake of the Omicron variant have also hampered recovery in some nations and stunted potential growth.The IMF report says: “Rising energy prices and supply disruptions have resulted in higher and more broad-based inflation than anticipated, notably in the US and many emerging market and developing economies.“And the ongoing retrenchment of China's real estate sector and slower-than-expected recovery of private consumption have limited growth prospects.”The IMF also said in its latest economic forecast that the world economy would be hit by high inflation for longer than expected, explaining that it is likely to last for much of the year thanks to uncertainty arising from supply chain issues, volatility in energy prices and localised wage pressures.Elsewhere, the IMF has revised down its growth projections for both China and the US. China’s expected growth was cut from 5.6 per cent for the year to 4.8 per cent, while US predicted growth went from 5.2 per cent to four per cent after factoring out the effects of president Joe Biden’s monetary policies after the <a href="https://www.bbc.co.uk/news/world-us-canada-59720745">legislation’s progress in Congress was halted.</a>Photo by <a href="https://unsplash.com/@alevisionco">alevision.co</a> on Unsplash</div>

The International Monetary Fund [IMF] has said that the UK economy is set to grow more slowly in 2022 than previous forecasts had suggested.

IMF predicts slower UK and global economic growth than previously thought

<div class="editor-cover-image" data-dimensions="780:300" data-pmr-editor-image="" style="background-image: url(&quot;https://leaders-council-web.s3.eu-west-2.amazonaws.com/uploads/store/a6fafa33a02dda0394576fa0e9040862.jpg&quot;);"></div>

 <div data-pmr-editable="" class="medium-editor-insert-plugin">The Metropolitan Police has said that it will launch its own <a href="https://www.telegraph.co.uk/politics/2022/01/25/boris-johnson-news-birthday-party-sue-gray-nusrat-ghani/">investigation into parties</a> that were held in Downing Street during the Covid-19 pandemic, when social restrictions in place at the time prohibited such gatherings. Announcing that the party probe would be carried out, Met Police commissioner Dame Cressida Dick said that the force was to investigate “potential breaches of Covid-19 regulations” in Downing Street and Whitehall over the last two years.The police investigation comes after revelations emerged of another Downing Street party being held in June 2020, which saw staff convene to celebrate prime minister Boris Johnson’s birthday during the first national lockdown.The PM maintains that he has <a href="https://www.bbc.co.uk/news/uk-politics-60123850">not acted in breach of the law</a> and told the House of Commons that he welcomed the police investigation which would “give the public the clarity it needs” over reports of Covid rule-breaking.Johnson told the chamber: “I welcome the Met's decision to conduct its own investigation because I believe this will help to give the public the clarity it needs and help to draw a line under matters.”The police investigation was called after the Cabinet Office inquiry team, led by senior civil servant Sue Gray, passed information that it had collated over to the police.It has been suggested in some <a href="https://inews.co.uk/news/politics/will-sue-grays-report-be-delayed-now-met-launches-police-investigation-into-downing-street-parties-1421537">report</a>s that the police investigation could delay the release of the findings from Sue Gray’s inquiry, which were due to be published this week, while <a href="https://www.telegraph.co.uk/politics/2022/01/25/boris-johnson-news-birthday-party-sue-gray-nusrat-ghani/">others suggest that the civil servant's report could still be presented in full.</a>Meanwhile, the prime minister’s spokesman has indicated that some findings from Sue Gray’s inquiry could be withheld from publishing until the Metropolitan Police concludes its own investigation into the matter and it remains unclear as to the length of time it could take for the police probe to end.After news of the police investigation broke, Labour deputy leader Angela Rayner once again called for the prime minister to step down.<a href="https://www.bbc.co.uk/news/uk-politics-60123850">Speaking in the Commons</a>, Rayner said that the need for a police investigation into Downing Street conduct came as a “truly damning reflection on our nation’s very highest office”.However, government ministers reiterated their calls for MPs to await the findings of the Sue Gray inquiry.Several Conservative MPs are believed to be waiting on the findings of Sue Gray’s report before deciding on whether to submit a letter of no confidence in Johnson’s leadership to the chair of the 1922 Committee of backbench Tory MPs.Former cabinet minister David Davis, who himself <a href="https://www.leaderscouncil.co.uk/news/pmqs-pressure-to-quit-piles-on-prime-minister-as-tory-mp-defects">called for the prime minister to resign</a> in last Wednesday’s Prime Minister’s Questions session, was disappointed that the police investigation came as a prolongation of the Downing Street party controversy and warned MPs that Parliament had to “get back to dealing with real threats as quickly as possible.”Another Conservative MP, Sir Edward Leigh, called for a “sense of proportion over the prime minister being given a piece of cake in his office by his own staff” while the cost-of-living crisis intensifies and Europe “stands on the brink of war” with <a href="https://www.leaderscouncil.co.uk/news/johnson-calls-prospect-of-russian-invasion-of-ukraine-disastrous-as-nato-deploys-more-resources-eastward">Russian troops amassing on the border with Ukraine</a>.Photo by <a href="https://unsplash.com/@petrokas">Tadas Petrokas</a> on Unsplash</div>

The Metropolitan Police has said that it will launch its own investigation into parties that were held in Downing Street during the Covid-19 pandemic, when social restrictions in place at the time prohibited such gatherings.

Metropolitan Police to launch probe into Covid rule breaches in Downing Street

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 <div data-pmr-editable="" class="medium-editor-insert-plugin">Hospitality business <a href="https://beckettssouthsea.co.uk/">Becketts</a>, a hotel and restaurant based in Southsea, Portsmouth, has been honoured with a Bronze Award of the <a href="https://www.armedforcescovenant.gov.uk/support-and-advice/businesses/">Armed Forces Covenant</a>. The honour constitutes another significant milestone and an historic first for Becketts, as it became the first hospitality venue in the city of Portsmouth to win such an award.Businesses, charitable concerns and public sector organisations can sign the Armed Forces Covenant to demonstrate their support for the UK Armed Forces. Covenant signatories then become eligible for the Armed Forces Covenant Awards, which are handed out through an <a href="https://www.gov.uk/government/publications/defence-employer-recognition-scheme/defence-employer-recognition-scheme">Employer Recognition Scheme</a>. The scheme identifies those that have provided exceptional support to the Armed Forces community and defence by going above and beyond their covenant pledges, recognising them with the award.The awards are allocated according to a three-tiered approach of bronze, silver and gold awards, which is indicative of the different levels of commitment provided by employers. The awards also enable the Ministry of Defence to publicly thank and honour organisations for their support.Becketts’ general manager, <a href="http://www.leaderscouncil.co.uk/members/terence-carvalho">Terence Carvalho</a>, commented: “We are very proud to announce that Becketts has been awarded a Bronze Award of The Armed Forces Covenant.“Becoming the first hospitality venue in our city to do so is a source of immense pride for us, and a sign of our commitment to our Armed Forces.”As businesses such as Becketts are being recognised for such work, there is an indication that support is growing for the Armed Forces in the face of their courage and devotion. However, it is not to be forgotten that for some service personnel, there remains a need for key services to help settle them back into civilian life after leaving the forces, with the adjustment proving difficult for some.Using eco based interventions, a variety of indoor and outdoor activities and peer camaraderie, <a href="https://www.battling-on.com/">Battling On</a> is an organisation that seeks to address this issue by supporting military veterans through providing them with a safe, empathetic and non-judgmental environment.Much like Becketts is in the hospitality sector, Battling On is a multi-award-winning organisation in its own field. A signatory of the Armed Forces Covenant also, some of the honours that Battling On has received include the receipt of the Queen’s Award for Voluntary Services, and recognition as a Centre of Excellence.Battling On’s founder, <a href="http://www.leaderscouncil.co.uk/members/nikki-markham">Nikki Markham</a>, was <a href="https://www.youtube.com/watch?v=F9vq8XPLtjo&amp;t=17s">awarded an MBE in 2021</a> having featured on the Queen’s Birthday Honours List, for her work providing services to communities in the southwest of England where the organisation is based.More recently, Nikki has been vocal in <a href="https://www.leaderscouncil.co.uk/news/woefully-lacking-battling-on-founder-critiques-government-support-for-ex-servicepeople">calling on government</a> to provide a greater level of funding for support schemes targeted at Armed Forces veterans who are re-adjusting to civilian life.Nikki told the Leaders Council: “In terms of helping veterans, overall resources are woefully lacking. The government announced £5 million of funding into Armed Forces charities to support the mental health of ex-servicepeople…but part of that is being invested into technology such as user-friendly apps and I can’t help but ask why this is the case.“I can tell you from having worked on the frontline with veterans in crisis, they don’t use websites and it won’t help them. They want to be able to look someone in the eye. There is no effort to hold their hand over the whole journey by just pumping money into online resources, and that is what they need. Government money needs to be invested at grassroots into people that are actually working on the frontline and talking to these veterans, not going to large charities that are moving everything they do online.“Meanwhile, organisations like the Armed Forces Community Fund Trust have been amazing in their work, but they're not given enough money by the government to support everything they want to do. The £5 million will be a drop in the ocean in terms of trying to deal with the wider issues we face.”Photo taken from <a href="https://commons.wikimedia.org/w/index.php?search=british+afghanistan&amp;title=Special:MediaSearch&amp;go=Go&amp;type=image">Wikimedia Commons&nbsp;</a></div>

Hospitality business Becketts, a hotel and restaurant based in Southsea, Portsmouth, has been honoured with a Bronze Award of the Armed Forces Covenant.

Becketts’ latest award indicative that business is getting behind the UK’s Armed Forces

Ildiko Mokran is the founder and managing director of IM Bookkeeping, a specialist bookkeeping firm in Preston, Lancashire.

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Starting a business: The keys to the first step according to those who have done it

IMF predicts slower UK and global economic growth than previously thought

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Becketts’ latest award indicative that business is getting behind the UK’s Armed Forces

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