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What you need as a small business to survive

by on March 9, 2020 in Business, Lead Article, News you can use, Nuggets, Small Business, Startups

What you need as a small business to survive

Starting and growing a business is a tough thing to do.  Did you know that only 80% of businesses get past the 5-year period? 

As such, it takes a lot of planning to make your business a success.  Here we give you some top tips, so you don’t end up on the wrong side of the statistic.

Have a 5-Year Plan

Planning ahead is imperative when starting a business.

You need to have goals and an idea of where you want to be in 5 years.  By doing this you will have a clear vision and something to work towards. Not only is it a good idea to create this, but to review it on a regular basis to see if you are on track.

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Get a Business Coach

Getting a business coach is something that’s becoming increasingly common these days. It’s great having all the ideas – but often we need someone to motivate us and hold us accountable for our actions. They also may be able to identify potential issues in your strategy – and advise on how to boost your profit margins.

Hire a Reliable Accountant

The numbers are important in a business, particularly when you are just starting out. Cash flow projections ensure you don’t get into financial trouble. They can also help you automate elements of your accountancy tasks, and make sure your invoices are paid in a timely fashion.

They can also help you by submitting your VAT returns on time, and your end of year accounts.  At which point, they can also let you know if there is anything you need to do to improve your financial position. There are some fantastic Cheltenham accountants who will be able to set you straight.

Get the Right Team Behind You

It’s important that you get the right team of people behind you to support you in your business.  When recruiting – it might be a good idea to outsource this to a recruitment agency. They are the professionals, and you will often get recruitment agencies that specialise in specific industries.

Typically, they will have a pool of people that they can reach out to, and will sift all of the CVs to bring you the best possible candidates for your business.

Make your Mark Online

It is a competitive market out there – and in order to claim your portion of the market share, you need to build your brand online.

This, of course, starts with killer branding – so make sure you take some time on your logo.

You will also need a website that not only looks the part but is SEO friendly.  Building your brand on social media channels is also critical. They are one of the first places prospective clients will look. The key is to update regularly and to show your personality off.

If you are starting a new business venture – then make sure you take all of these things into consideration.

That way, you will have a clear road ahead and have the right support behind you to make your company a success.

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