5 Things to get right when starting a business
Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.
But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner.
Building the right foundations
So, if you’ve got a great business idea and you’re eager to get your company off the ground, what are the key foundation elements you need in place?
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Use the Fresh Start Effect to achieve positive change
Around the world, people usually start each new year by setting goals and making positive changes.
But once we’re past the New Year’s deadline, it’s still possible to harness the energy of a resolution and create what’s known as the Fresh Start Effect.
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Is my Accountant a cost or investment?
Accountants tell their clients to reduce their overhead costs as one of the seven ways to grow your business. One of your overhead costs is your accounting fees. So, is what you spend with your accountant an expense which needs to be reduced, or is it an investment?
An expense is a necessary evil. It can’t be avoided and is a grudge purchase with very little value add.
An investment is about the return on your spend - what you get back as the benefits of the service; more cash, more discretionary time, or simply peace of mind that everything is done as it should be.
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Growing Revenue through increased market share
Whatever industry you’re in, if you can grow to dominate a particular niche or specialism, you’ll quickly start to see the positive impact on sales, revenue and end profits.
Through strategic use of sales, marketing and business development techniques, you can build your brand profile and increase market share – making you the go-to provider in your niche and secure a larger slice of the sales and revenue pie.
A strategic approach to increased market share
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Why bookkeeping is essential for your small business
Why bookkeeping is essential for your small business
As a small business owner, do you need a bookkeeper, an accountant, or both? Bookkeepers can seem a little mysterious. In fact, they deal with the organisation, the recording and the reporting of financial transactions of a small business.
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Document your sales process
Documenting your sales process
Businesses that follow a documented sales process generate more revenue.
Prospective customers should receive the same service no matter which member of your sales team they deal with. A documented sales process ensures your sales team knows the correct process to follow; providing prospective customers a consistent experience.
It’s important to include your sales team in the development of your sales process to gain valuable insights and ensure they’re on board with the new process.
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Get strategy at the heart of your successful business
Get Strategy at the heart of your successful business
Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.
Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with purpose. Few businesses have a strategic plan or a robust planning process. Changing this situation should be a top priority! Here are two top tips for business owners.
1. Process Creates the Plan
2. Key elements of an effective strategy
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Make your business more profitable
Make your business more profitable
Making a profit isn’t something that happens overnight – to create a good return from your business you need a clear focus and a well thought-out strategy for increasing profitability.
This means reviewing your business model and looking at every area of the business, to see where you can cut costs, increase margins and maximise revenue.
Focus on your key drivers
Having surplus cash at the end of the year allows you to invest back into the business, fund your growth plans and increase the size of your own dividends and drawings as the owner.
To achieve these profits, it’s important to focus on the key financial drivers in your business.
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Whats the point of market research
Whats the point of market research
A successful small business needs to have customers making purchases, ideally over and over again. You can make that an easy decision for them, by finding out (and providing) precisely what they need.
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Simple things your sales team must avoid
Simple things your sales team must avoid
Help your sales team avoid these selling faux pas to improve their results:
1. Chasing unsubstantiated leads.You must earn the right to sell to someone
2. Being unprepared.If unprepared, you’ll instantly be on the back foot and prospective customers will sense it.
3. Not qualifying leads.Not every opportunity is equal.
4. Turning up late.This is rude, annoying, and reflects poorly on you and the business.
5. Giving too much information.
6. Not listening.
7. Not explaining the value.
8. Saying yes without being able to back it up.
9. Closing the sale before you’ve established the value to the customer.
10. Ignoring the sales process.Rushing a sale can backfire.
11. Product pushing / overselling.
12. Failing to up-sell / cross-sell. Up-selling is when a customer spends more money by upgrading to a more expensive model or purchasing additional features.
13. Not delivering on your promises.
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The value of real-time management reporting
Improving your financial efficiency requires a clear overview of your key numbers, so you can track your performance and drive improvements.
This is where detailed, up-to-date management reporting makes a real difference. Management information helps you measure your key performance indicators (KPIs), track progress against your core goals and provide some real impetus behind your progress.
Getting proactive with financial management
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