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Top 10 tips for business start-up success

Don't go it alone

make sure you've got a relationship with an accountant, solicitor and banker. Make your choices carefully as it's imperative that you select someone who understands both your needs and the direction in which you want the business to go. (See our 10 questions to ask your accountant before you hire them). Counsel from an outsider may also stop any rash decisions being made. Nothing beats partnering with those who can give you quality advice now and grow with you in the future.

Start as you mean to go on

Make sure you've got the right structure (link to structure questions) and protections (link to business insurance page) in place for your business (and your brand).

Focus where the cash is

Most businesses fail for the same two reasons – either they spend too much which puts too much stress on their cashflow or they don't sell enough. Figure out which of these is likely to be your pain point and be laser focused on that.

Go with your gut, but do your numbers

Lots of business people will tell you they've succeeded where the numbers suggested otherwise. That may be. BUT, at least they did their numbers. More have failed when they've ignored doing any numbers at all and made decisions on a whim.

Watch your cashflow

This is the number one reason many businesses fail. There's little point having years of orders if you can't pay this or next month's bills. Producing a cashflow statement will keep you ahead of the curve. Get your BusinessOntrack

Negotiate longer credit terms with your suppliers but set shorter terms for your customers. Consider how early settlement or volume discounts could benefit your business.
Be specific with your own terms – establish and agree credit terms with your customers upfront. Ensure invoices are issued promptly, clearly displaying the conditions of the transaction such as "payment due".

Concentrate on your areas of strength

No doubt, there are things you are great at and other things not. Focus on what you do best and delegate or outsource the things that aren't.

Know your customer intimately

Those whose businesses succeed best know as much or more about their customer as they do about their own product or service. Even better, everything they do is viewed from the customer's perspective rather than showcasing the intricacies of their product or service.

Learn to say no

Particularly in the early days when you're keen for more and more business, you'll likely find there's a point when, although you'd like to keep saying yes, there are a number of reasons you'll have to say no.

Safety
Sanity – ie: there are only 24 hours in the day and you do need to sleep occasionally or
Finance – there's little point doing a job and losing money regardless of how noble/exciting the work is.
Focus – when you're your own boss, there are lots of things that will compete for your attention including everything from well meaning friends dropping in for a chat or offering their own 'sage' advice to other entrepreneurs offering yet more great and interesting business opportunities.

Go Online

If you don't have a functioning website, for the majority of your potential customers, you don't exist. Do whatever it takes to create a website - it is crucial to your businesses well being. There are lots of web designers who can get you up and running for minimal costs (ranging from a few hundred to a few thousand) depending on your individual needs.

Do it once and then use it again and again

Lots of business owners find themselves doing the same things over and over, but starting from scratch every time especially on materials like letters, quotes, presentations, emails, bills, etc. Develop a couple of standard responses or materials that you can re-use and have someone automate the process for you. Paying for a couple of hours of someone's time, will repay you a thousand fold over time. The same goes for shipping and other process driven activities.

And an extra tip for good measure

Love your clients

It's perhaps the most important tip of all. Deliver the product or service your clients have paid for in a timely fashion and then thank them for allowing you to do that. At every opportunity, tell them and show them how much you appreciate their faith in you and your business. Ask them for suggestions, thank them if they complain (consider it free market research) – make them feel like they are an important part of your business. Only then can you ask them to share the love and refer you to a friend or colleague.

To get your business where you want it to go, let us help. We can get you ontrack and achieving your goals.

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