19 Tips for Small Business Success

PRECISE. PROVEN. PERFORMANCE.

19 tips for small business success

www.moorestephens.co.uk/eastmidlands

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.www.moorestephens.co.uk/eastmidlands

Running a

business can be

hugely satisfying,

but…

many struggle

because of the

inexperience of

management.


PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.

Here are our top tips for small business success…

www.moorestephens.co.uk/eastmidlands PRECISE. PROVEN. PERFORMANCE.


LOOK BEFORE YOU LEAP


• Is it what you really want?

• What will be involved?

• What are the skills you need

to run the business and have

you got them?

Think carefully before you start:

#1


IN YOUR PRODUCT OR

SERVICE


#2

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.www.moorestephens.co.uk/eastmidlands PRECISE. PROVEN. PERFORMANCE.

If you don’t, it is unlikely you’ll be able to sell it.Businesses that grow tend

to have owners who

understand how the product

or service makes a

difference to the customer

and the wider society.


HAVE A CLEAR PLAN


Your business plan should

be reviewed and refined

ANNUALLY at the least.Documentation can be

seen as red tape but if

kept simple it can help you

keep on track and avoid

misunderstandings.

#3


Know when to ‘test the water’. Being in business is about taking calculated risks and getting a suitable return, so even if you can see possible downsides to a proposed new venture, don’t necessarily rule it out straight away.

Be brave but not reckless.

#4BE PREPARED

TO TAKE RISKS


Write the story of

how it went wrong, make

changes to your plans to

mitigate against those risks

in future and re-evaluate.

It is unlikely that you’ll

succeed without

making a few mistakes

along the way, but

these don’t need to

define you.

#5LEARN FROM YOUR

MISTAKES


Disgruntled employees

can damage your

business. Build a team of

committed people who pull

together and trust each

other.


Build a motivated

team

Ensure your key team

members are suitably

rewarded and incentivised

(you want to keep them!).

#6


Make sure

individuals

focus on what

they do best

Don’t have your best

salesperson doing your

paperwork. Make sure every

one is clear as to their

specific roles and that they

have the skills and

experience for the tasks

involved.

#7


GET THE RIGHT

EXTERNAL

SUPPORT.


Small businesses often have limited access internally to specialists. Establish a team of external partners to work

with you to help you achieve your goals. Having a good accountant is paramount!

#8

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.www.moorestephens.co.uk/eastmidlands

Manage cashflows efficiently & protect against unnecessary shortages.

Maintain accurate cashflow projections to highlight any potential cash ‘squeezes’ before they occur, allowing for planning to ensure appropriate funding is in place.

#9

CASH IS KING



#10

• Agree your business terms IN

WRITING, these could include

early settlement discounts and

interest charges for late

payments.

• Assess the credit worthiness of

potential customers and

suppliers.

• Establish a credit control

policy with clearly defined

credit limits for customers.

HAVE A ROBUSTCREDIT CONTROL

SYSTEM IN PLACE


Make sure the price you charge for your product or service reflects the value that a purchaser believes they are getting.


#11The price MUST be right.


There are a number of grants, incentives and tax reliefs available for small businesses, but many miss out because they’re unsure what they can claim for.

Incentives such as small business rates retail relief, National Insurance employment

allowance and R&D relief can all make a BIG

DIFFERENCE.


#12

MAKE THE MOST OF AVAILABLE TAX RELIEFS AND REBATES.


All businesses with a VAT

taxable turnover of more than

£81k must be VAT registered

and submit a quarterly VAT

return.

Make sure you choose the

right VAT scheme – depending

on your industry sector you

may benefit from being on the

flat-rate VAT scheme

(designed to simplify VAT

accounting for smaller

businesses) or other VAT

scheme.


#13DON’T FALL

FOUL OF VAT


Make sure you get

the best possible

rent terms for your

business. Getting

it wrong can lead to

significant costs in

future.


#14Negotiate commercial property leases carefully.


Ask for break clauses

to be included and

make sure the length

of the lease is

adequate for your

business purposes.

Getting a good

commercial property

solicitor involved at an

early stage can ensure

you get a fair deal.


#14Negotiate commercial property leases carefully.


Make sure you

have adequate

insurance


#15

Employers’ liability insurance

is a legal requirement if you

employ staff, and if you have

visitors to your place of work

or if you visit customers on

their premises you might

need public liability insurance

to provide cover in case of

accident or damage to

property.


Satisfied customers are vital to

business success. Listen to

what your customers want and

adapt your approach

accordingly. Make sure you

understand why customers buy

from you – what needs does

your product or service satisfy?

How necessary is it that they

buy what you provide?

Remember, the customer is

always right!


#16

PUT YOUR CUSTOMERS FIRST


Your business should

become known for its

reliability and consistency

and so you need to set

internal standards and lead

by example.


#17BE CONSISTENT

Strike the right balance

between a standardised

approach and allowing

people space for flexibility

and initiative.


Don’t neglect your marketing.

Customers won’t purchase from

you if they don’t know who you are

or what you offer!

Effective marketing doesn’t have to

cost a fortune. A low-cost DIY

template website can be as little as

£3 per month, and most social

media sites are free to use, yet a

survey by Yodle showed that only

about half of small businesses have

a website and only 1 in 10 are

using social media.


#18STAND OUT

FROM THE

CROWD.


GET THE RIGHT

BALANCE


Many business owners work

very long hours. Sometimes

this is a lifestyle choice

because running the

business brings great

satisfaction & fulfilment.

For others the business can

become a slave driver; and

long hours can put pressure

on family life. Boundaries need to be

discussed, set and adhered

to.

#19


Moore Stephens East Midlands


@MS_EastMidlands



(Corby and Peterborough

offices)

Peterborough

T 01733 397300

Corby

T 01536 461900

www.moorestephens.co.uk/eastmidlands

Small Business & Entrepreneurship

19 Tips for Small Business Success