Think with your eyes wide open

It was great to read the news today that a report has revealed that more people are thinking of starting a business than ever before.
Perhaps with the current economic climate this may be forced on some people, but from the work we undertake with startups, then their certainly appears to be a higher level of positivity for entreprenuership.
We meet and talk to many people with an idea and the desire to run their own business. Quite often they have mentioned it to family and friends and as you would suspect many encourage them.
However we encourage you to enter the initial considerations with your eyes wide open and undertake good market research to establish there is a market for your product or service.
Quite often you have to push your comfort zone with market research, but look to ask your 'ideal customer' how much they pay a possible competitor, why they buy from them and how often.
This information is critical to help you build you business plan, forecasts and strategy.

www.startyourownbusinessdvd.co.uk

Working with Influencers for your business

A key marketing strategy for many businesses is to gain new customers from referrals.
So when meeting key business influencers for your business, remember to:
1. remind them what you do and why you can help their contacts
2. engage them with your trust, excellence and results evidence
3. ask! but focus on your ideal customer

Prospecting with a plan

When you are prospecting for your sales pipeline, then this should be a process and have a plan.
What is your goal, what is your edge, how is your attitude and what is your key activity for an action plan?
We suggest to all our clients to keep a record of activities and measure against your objectives, especially around the areas of size of pipeline, number of resales, referrals received, referrals met, introducer meeting and events held or attended.
Keep your prospecting strong and pipeline flowing.

Investment opportunities for smaller companies

£500 million of Government investment for small and mid-sized businesses is open for applications. The Government is asking for applications to manage the investment available through the Business Finance Partnership (BFP).
The BFP aims to ease the flow of credit to small and mid-sized businesses in the UK by diversifying their sources of finance and making them less reliant on bank lending. To read more please click here

Could Factoring Free Up your Business Cashflow?

Historically factoring or invoice discounting had a poor reputation as a last resort finance, however more and more business owners are benefiting from a more positive experience.

The lifeblood of any business is cash. You need good cash flow to keep your business viable. In some ways it's more important than turning a profit because even profitable businesses can go under due to poor cash flow during the economic downturn. If cashflow is an issue for your business, factoring could provide a good solution. Factoring companies will advance you cash based on the value of your invoices, within a few days of you issuing the invoice.

Limited Companies and the Responsibilities of Directors

We are surprised by the number of people who establish limited companies because they are aware of the limited liability factor, but do not learn more to know about their responsibilities as a Director.

If you are starting a Limited company, then please visit the companies house web site and read more on the Directors Role and Responsibilities.

Business Continuity Planning

The more years you put into running your business, the more you will feel the need to protect it and ensure no-one can take it away from you. No wonder people refer to their business as their baby!
Without getting into the area of reputation damage, product failure or an employee stealing your clients, there are broadly speaking five areas to be aware of that could badly affect your business. What is your continuity plan for the following?

• Fire
• Flood
• Theft
• Data Loss
• Malicious Damage