Small businesses that have an understanding of their customer relationships, sale points and overall business productivity are in an excellent position to thrive. This is especially true as we come out of perhaps one of the most difficult trading periods… Continue Reading →
VAT and the rules regarding registration may seem a little confusing but they don’t need to be. Read on as we look at what the small business needs to do about registering for VAT. When should you register? If your… Continue Reading →
Your business may be forced to close during lockdown, but this most certainly is not the time to go silent. Keeping existing customers informed is one reason that a visible presence is important. However, you could still work on retaining your… Continue Reading →
Throughout the recent pandemic, delivery businesses have thrived, but there is certainly room for others to reap the benefits of an industry that is seeing unprecedented demand. Making sure you have the necessary physical equipment and covering the legal aspects such… Continue Reading →
This may sound like one of the craziest things you have heard, starting a business in the midst of a global pandemic. Especially since that pandemic is forcing an increasing number of businesses of all sizes to close or scale… Continue Reading →
Find out how to use video to create a connection with your audience and what type of videos are good to try.
Any small business owner will tell you that success lies in getting customers to settle their bills on time, and it can be infuriating when this doesn’t happen. Sending out constant reminders is time and resource consuming, and the longer… Continue Reading →
The Data Protection Act 2018 enshrines in law new General Data Protection Regulations (GDPR), giving protection to EU residents on how companies and sole traders manage the collection, process and use of their personal and sensitive data. The regulations apply… Continue Reading →
Starting a new business at any time is a risk but with the current crisis once again stalling the economy, every startup needs to have a strong marketing strategy. What online tools should be considered? Marketing is about sales and… Continue Reading →
This is a worrying and confusing time for small businesses up and down the country with business owners perhaps not clear on where they stand with obligations to employees or whether help is available to access. Hopefully, our guide will… Continue Reading →
Video is a fantastically effective tool in marketing but only if it’s done right. Advances in video editing technology available to everyone with a smartphone has lead to an explosion of videos in every sphere you can think of and… Continue Reading →
When just starting up your business, it is not uncommon for mistakes to be made, especially if this is your first company. After all, you are on somewhat of a learning adventure. If you make a mistake, you simply need to acknowledge where you have gone wrong and do your best to rectify the problem. Nevertheless, there are some common start-up errors that can cause huge problems for your business. These are the types of problems that you really need to try and avoid altogether. With that being said, read on to discover some of the common start-up errors that could kill your business.
Selecting an unsuitable investor
You may discover a decrease in your cash reserves once your business begins to gain some traction. When in growth mode, you may need to apply for a loan or raise outside capital. There is one important rule to keep in mind, and this is the fact that not all cash is equal. There are a whole range of different types of loans available and other ways to raise funds and all have advantages and disadvantages so scrutinise all potential deals to make sure they are 100 per cent suitable for your situation.
Choosing the wrong premises
For some businesses it is essential to have a certain type of premises in the right location. For instance a high-end retail outlet is unlikely to be successful on an industrial estate, similarly the clients of a high value services company would expect to be able to visit suitable upmarket offices. But many businesses do not require these sorts of expensive premises and could save money by using self-storage units instead of expensive warehouses or be based in a business hub rather than committing to a long term rental of dedicated office space. There will be plenty of time for smart locations once your business is a success so don’t waste money now where you don’t need to.
Nowadays, the success of any business is largely dependant on their marketing campaign. After all, you can have the best product on the market or the best service in your sector, but if no one knows about it, you are not going to get very far. The trouble is that there are so many marketing options to choose from, a lot of which are expensive, and no one wants to spend their money on something if the results aren’t guaranteed. Keeping that in mind, below we have put together some top tips and marketing suggestions for SMEs.
It is always a good idea to team up with other companies that are related to the services you provide, however, are not a direct competitor. You can then discuss and share experiences of sales training courses for your sales team for example. Or you can embark on joint projects together, from promotional giveaways to special events. This means twice as much notice, as you are going to be introduced to all of the other company’s customers, which are no doubt going to be interested in what you have to provide.