Kicking your new business off on the right foot - 5 top tips

In the spirit of Global Entrepreneurship Week which starts from 16th November, I thought it might be worth sharing with you some of my insights, observations and general business know-how on how to get your new business off on the right foot.

Here are my five top tips for success:

1) HAVE A GAME PLAN. Spend time brainstorming, understanding and documenting your gameplan, or 'mission statement'. Why have you started your business? What are you trying to achieve? How much do you want to earn? Where do you want to end up? How will you eventually exit the business?

In the sometimes lonely world of being an entrepreneur, having this down on paper will provide support, focus and a line along which to work, even if you tweak it as you develop!

It will almost certainly influence how you run and market your business and if you know the end purpose, you'll be more likely to take those calculated risks which are part and parcel of making your business successful.

2) WHAT ARE YOU ACTUALLY SELLING? Are you clear on what exactly it is you are offering to the world? Are you 'just a plumber' or do you save people money on their heating bills by upgrading their boiler? Are you 'just a wedding planner' or do you save people money by managing their budget? Are you 'just an accountant' or do you make money for your clients through effective tax planning? You get the picture. The important thing is to avoid being a 'me too' business.

Such statements as, 'no job too big or small', 'free quotations' and 'customer focused service' simply don't cut it (shouldn't these things just be a given?!). You need to establish how you differ from your competitors and then sing from the hill tops about it!

Too often I meet with people who cannot tell me what they actually do. Sounds like a simple question but it's worth assessing whether your message is clear - both internally to your staff and externally to your customers.

3) INVEST IN AN IDENTITY. It is not uncommon for new businesses to try and cut corners by putting aside the investment required to create a professional identity and brand. I often hear the terrifying words: "I think we'll wait a year or so, see how things go and then maybe sort out a logo". Talk about setting yourself up for failure!

Not creating an identity right from the outset, in my opinion, says two things: 1) I don't really take my business seriously, and 2) I'm not really sure I'm going to succeed.

You should budget for the professional creation of a logo, stationery and marketing materials in your initial business plan. It shouldn't be an afterthought or viewed as an unneccesary cost to the business. A realistic budget should be no less than £1000 to get you off the ground for this aspect alone. To include a decent website, add another £1000 as a starting point.

4) UNDERSTAND THE FIGURES. I was lucky that through my initial employment with printing.com, having a keen understanding of the figures was insisted on right from the outset. I couldn't have had a better preparation for running my own business!

I cannot emphasise enough the need to understand and scrutinise the figures in your business - everything from the turnover, profit and balance sheet through to how your sales break down and where your sales come from (and many other figures beyond that!).

You've seen individuals torn apart in Dragon's Den for not knowing even simple figures in their business and for good reason!

Don't just rely on your bookkeeper or accountant (albeit a good one will be worth their weight in gold). Make sure you understand what's going on so that you can make better decisions, spend in the right areas and know when and where to cut back. You'll invest your money better, you'll not be panicking about spending money (on important things like marketing!) and you'll achieve greater wealth as a result.

5) FINALLY.... DON'T GO IT ALONE! One of the best things you can do for your business is learn from the entrepreneurs around you. Mix with successful people, attend seminars and entrepreneurial networking events, read business books, ask credible and recommended individuals for advice and use business support agencies/networks such as SENTA, Business Link, BIG, Entrepreneur's Exchange and Trade Sheffield to make connections. Not only will you meet people who can help and inspire you but some of these agencies can also help you access funding to facilitate your business's growth.

Don't get me wrong, this is an extremely simplified outline of how to achieve business success but hopefully, if you've either just started a business or you're thinking of starting a business, I've given you some food for thought and I'm always happy to chat with anyone wanting someone to 'bounce ideas off'.

Further articles will be posted which go into more detail on particular topics so watch this space and be sure to forward my blog onto friends and colleagues who could benefit.