One aspect of growing your business, is having strong foundations in place

 

In fact:

  • Building a strong foundation for your business is essential to long-term success. Without a solid foundation, any growth you achieve is likely to be unstable and unsustainable. – Forbes
  • Businesses that take the time to build a strong foundation before scaling are more likely to succeed in the long term, with higher survival rates and greater profitability. – McKinsey

 

This lesson will prepare you for growth by helping you assess if you have the foundations you need in place.

Use the quizzes in this lesson to test your knowledge on each of our 10 suggested foundations. The quizzes take around 20 minutes.

Where you find gaps or want to refresh what you know on a topic, you can take one of our 15-minute lessons. You can also re-visit them at any time!

 

The ten foundations are:

  • Business purpose
  • Operations
  • Finances
  • Online safety
  • Environmental sustainability
  • Governance
  • Product and service design
  • Marketing
  • Online and digital tools
  • Receiving online payments

Please note

There are many foundations involved in running a business. We’re giving you these ten to get you started. Based on our research, we believe them to be the main topic areas you’ll need to make the most of our programme.

Take time to reflect on your business as you go through the 8 weeks and make a list of any topics you’d like to research at the end.

Foundation 1

Business purpose

Read time:

2 mins

What does this foundation look like?

Having a clear and purposeful strategy can help give direction and motivate. It makes it easier for customers to know who you are and why they should buy from you.

To have this foundation, you should have a clear strategy. This means a strong mission, vision and goals. If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: SMART stands for Specific, Measurable, Achievable, Relevant, and Timebound.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on identifying your purpose.

That's right!

Want to refresh your knowledge on this topic? Or maybe you'd like to learn more about turning your purpose into your brand. Here's our lesson on identifying your purpose.

Foundation 2

Operations

Read time:

2 mins

What does this foundation look like?

Operations are the day-to-day activities that keep your business going. From the logistics to the tools and the people.

Businesses who manage their operations well can improve their efficiency. They also make it easier to grow their operations with their business.

To have this foundation, you should have the right processes and people in place. If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: Most businesses will need to think about both physical and digital tools in how they operate.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on preparing your operations for growth.

That's right!

Whatever your business, it's good to consider both physical and digital tools.

Want to refresh your knowledge on this topic? Or maybe you'd like tips on how to make your operations more efficient. Here's our lesson on preparing your operations for growth.

Foundation 3

Finances

Read time:

2 mins

What does this foundation look like?

Before you can fund growth, you need to be able to plan and manage your finances. This means keeping track of your accounts and having the right processes in place.

To have this foundation, you should have clear financial planning and processes. If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: It's useful to know that you can use assets like premises or vehicles to help fund your business.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on plan and manage your finances.

That's right!

Want to refresh yourself on this topic? Or maybe you want to explore other funding options. Here's our lesson on plan and manage your finances.

Foundation 4

Online safety

Read time:

2 mins

What does this foundation look like?

Keeping up to date with the latest scams can help you and your team to avoid them.

To have this foundation, you should have the right policies, knowledge and systems in place to keep your business and customers safe.

If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: Never follow a link or rely on contact details in the email itself.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on how to stay safe online.

That's right!

Want to refresh your knowledge on this topic? Or maybe you just want to check you're up to date on the latest scams. Here's our lesson on how to stay safe online.

Foundation 5

Environmental sustainability

Read time:

2 mins

What does this foundation look like?

Environmental sustainability needs to be part of everything you do. When you make any decision, you should be asking yourself – how do I do this with environmental sustainability in mind.

Good sustainability practices can help your business reduce costs and improve its reputation. Plus, you can help create and a healthier planet for everyone.

If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: Your carbon footprint measures the greenhouse gases – like carbon dioxide – that you add to the atmosphere.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on become a more environmentally sustainable organisation.

That's right!

Want to refresh your knowledge on this topic? Or maybe you'd like to learn how to measure your carbon footprint. Here's our lesson on become a more environmentally sustainable organisation.

Foundation 6

Governance

Read time:

2 mins

What does this foundation look like?

Governance is the system of rules, practices and processes you use to direct and control your business.

Good governance helps to make sure that you can run your business efficiently. It should help you better achieve your goals and gain stakeholder trust.

To have this foundation, you should have policies and processes in place to make sure that the business operates responsibly and ethically.

If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: It's important to obey both of these, though they are different. The government sets laws, while other agencies may set legislation.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on governance.

That's right!

Want to refresh your knowledge on this topic? Or maybe you'd like to learn more about how these rules affect your business. Here's our lesson on governance.

Foundation 7

Product and service design

Read time:

2 mins

What does this foundation look like?

To create products and services that appeal to your customers, you need to put them at the centre of the design process. Doing this well can create a unique selling point for your business. This is because it can give your customers a reason to buy from your business over others.

To have this foundation, you should be able to design and evolve products and services that are safe, sustainable, scalable and customer-focused.

If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: Feedback from customers can tell you if your product or service would work for them. It's an important part of the test process.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on product and service design.

That's right!

Want to refresh your knowledge on this topic? Or maybe you'd like to learn how to design with your customers in mind. Here's our lesson on product and service design.

Foundation 8

Marketing

Read time:

2 mins

What does this foundation look like?

To succeed in your marketing efforts, you’ll need to create a meaningful strategy that serves your organisation and your users.

For this foundation, you should understand how digital marketing works. And with this, you can build an effective marketing strategy. From search engine optimisation, to creating effective content for a range of platforms.

If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: With the right tools, it's easy to track and measure how well your digital marketing campaigns are doing.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on creating your marketing strategy.

That's right!

Want to refresh your knowledge on this topic? Or maybe you'd like to learn more about how online and offline channels can help promote your business. Here's our lesson on creating your marketing strategy.

Foundation 9

Online and digital tools

Read time:

2 mins

What does this foundation look like?

Digital tools can help your business improve and be more efficient. Use them to simplify processes and create new ways of offering products and services to customers.

To have this foundation, you should know how to find platforms and tools that are ready to grow with you. These tools should help you achieve your aims.

If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: Collaboration tools help you work together with your team and others. Holding video calls instead of travelling to meetings helps save you time and money.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on online and digital tools.

That's right!

Want to refresh your knowledge on this topic? Or maybe you'd like to learn more about how online tools can help your business. Here's our lesson on online and digital tools.

Foundation 10

Receiving online payments

Read time:

2 mins

What does this foundation look like?

Selling online lets you reach people all over the world, 24 hours a day, 7 days a week. So, it can really expand your customer base. Plus, with the right design, you make buying easier for your customers.

In having this foundation, you should have online sales platforms that help customers buy online with ease. If you want to learn more, you can take our 15-minute lesson here or use our quiz to test your knowledge.

Test your knowledge

Answer this question by selecting one answer from the three options provided.

That's not quite right!

Hint: While most eCommerce businesses start with a website, some just use a mobile app or other channels.

Not sure you have this foundation in place? Or maybe you'd like to check you have all you need. Why not take our lesson on receiving online payments.

That's right!

Want to refresh your knowledge on this topic? Maybe you'd like to learn more about online payment tools – or the laws around eCommerce. Here's our lesson on  receiving online payments.

 

Lloyds Bank Academy is committed to providing information in a way that is accessible and useful for our users. This information, however, is not in any way intended to amount to authority or advice on which reliance should be placed. You should seek professional advice as appropriate and required. Any sites, products or services named in this module are just examples of what's available. Lloyds Bank does not endorse the services they provide. The information in this module was last updated on 21st April 2023.