One of the most daunting aspects of starting your own business is the thought that you have no boss to turn to when things become difficult. In fact, managers and employees look to you for answers, and draw on your
You have a fantastic business idea, you’ve done your market research, and you know your business is going to be the next big thing…but you keep telling yourself that now just isn’t the perfect time to start your own company.
Entrepreneurship isn’t only for young, tech-savvy people. In fact, a growing number of older entrepreneurs are starting their own businesses in the UK, mainly due to pension shortfalls and the need for change in their professional lives. If you’re a
Although in some cases it’s a good idea to build up some experience and contacts before striking out on your own, sometimes a great idea and hard work is all you need for success. These teenage entrepreneurs are proof that
Although a mass exodus of employees is seldom good for business, not all employee turnover is bad for business, either. When an employee leaves, whether voluntarily or involuntarily, it could benefit your small business. Despite the costs of recruitment and
Your employees’ behaviour is crucial to the success of your small business because it affects everything from corporate culture to profitability. This means that you may need to inspire employees to change the way they do things and the way
As a small-business owner, you’re often a manager, coach, and mentor rolled into one. To make the most of your employees’ talents, you need to know how to develop their skills and knowledge. Learn how to be a great mentor
Choosing the right employee mentors is an important aspect of your small-business mentoring programme. Although you may prefer to mentor senior managers yourself, this approach is too time consuming to implement on all levels. Ask Who’s Interested Although you understand
One of the many hats you wear as a small-business owner is that of a manager. You have to lead your entire staff, including department managers and supervisors. Being a manager is more than simply telling people what to do:a
Coaching in the workplace holds numerous benefits for small-business owners and their employees. When workers develop their skills and knowledge in a supportive, challenging environment, they’re happier and more productive. You can delegate without worry, reduce errors and performance problems
Developing the skills and abilities of your workforce is essential for employee satisfaction and the success of your business. Building a culture of mentorship weaves ongoing development into the very fabric of your enterprise, setting a tone that suits your
Managing, mentoring, and coaching play important roles in developing your staff, and all three are necessary for the success of your small business. To strike the perfect balance for your company, learn how these three approaches differ and overlap. Combine
One of the most important aspects of being a good leader is having the ability to motivate those around you, and a motivated workforce is a productive one. Moreover, unlike large companies mired in red tape, small businesses can provide
SWOT analysis is an inexpensive yet effective decision-making tool that can help you with anything from formulating a marketing plan to assessing your competition. Understand what this analysis entails to include it in your planning activities. What is SWOT Analysis?
Even if you do everything else right, choosing the wrong location for your small business can lead to the failure of your start-up. Before you begin your search, think about what you need, what extras you’d like, what would be
Whatever the size of your business, employee fraud and theft is a risk if you employ others. Employee dishonesty can be more damaging to morale and the bottom line than external theft is because employees have more opportunities to help
Offering a guarantee with your product or service is an inexpensive marketing tool that allows you to build trust in your brand. When you sell something, you already offer an implied guarantee, which means that consumers can expect a certain
Product packaging should do more than protect items during transit. It should be an extension of your brand that attracts attention, sets your product apart at a glance (online or on the shelf), and convinces consumers of the product’s benefits
Although offering discounts may seem like an easy way to attract new customers and retain existing customers, it is important to understand the pros and cons of using this strategy before you do. Consider the following factors when assessing the
There’s more to engaging your customer base than providing outstanding content and excellent in-store customer service. Although social media is an excellent tool for spreading information about your products or services, its greatest benefit is as a relationship development tool,
Return on investment, or ROI, refers to the profits you make from a specific investment and the money you save from that investment. It shows whether the time, effort, and money you invest in a certain activity benefit your small
Although developing sales leads are an important aspect of growing your business, keeping the customers you attract is equally important. Outstanding customer care is the cornerstone of customer retention, but it’s crucial to understand what providing excellent customer service entails.
As a small business owner or entrepreneur, you’ll probably find yourself lying awake at night worrying about the business at some point. If this is a regular occurrence, you’re suffering from insomnia, which can affect your health and productivity. Too
Everyone is susceptible to burnout, but the prolonged stress under which some entrepreneurs and owners of small businesses operate makes these groups even more likely to feel emotionally, mentally, and physically exhausted. Burnout can leave you feeling overwhelmed, unable to
Many small businesses operate without written legal agreements or formal contracts. Although verbal agreements can be enforceable and binding, it can be difficult to prove the agreed terms. A written agreement doesn’t have to be complex, and it can save
Because your company logo is a visual representation of your brand, it’s a crucial aspect of your branding. A good small business logo captures your corporate identity and becomes a familiar, trusted symbol in the minds of your audience. Even
Although the thought of redesigning your small business website may seem daunting, several reasons to do so make this a worthwhile expense. In many cases, your website gives customers their first impression of you and your business, and some may
LinkedIn is an excellent networking tool for professionals that allows people to connect and do business. Many small business owners fail to use the platform effectively, collecting connections without ever interacting with anyone, while others find it intimidating. These nine
Making sales is what keeps your business afloat. Smaller sales may be straightforward without room for negotiation, but landing a big client may require a little flexibility on your part. Whether you’re selling products or services, use these seven tips
According to research published in December 2014 by Oxford Economics for the Institute of Family Business, the family business sector provides 9.4 million jobs and accounts for 25 percent of the UK’s GDP. Family businesses include sibling partnerships, parent-child collaborations,
Everyone’s productivity flags from time to time. Use these seven tips to boost your productivity and do more. 1. Wake Up Earlier Even if you’re not a morning person, waking up earlier is a great way to start the day.
Nothings saps confidence like making a huge mistake. Because every business needs a confident leader,regaining your confidence after a business blunder is crucial. Use these seven techniques to get your groove back as quickly as possible. 1. Acknowledge Your Mistake
Although starting a business poses the same challenges at any age, there are some advantages and disadvantages for older entrepreneurs. For example, people over 50 tend to have more free time and usually have nest eggs they can tap into
Whether you want to start your own business or want to expand your existing business, fear of failure may be stopping you from achieving your goals. Business is never a sure thing, and every entrepreneur has to face and overcome
Your mind is your greatest asset, but you may need to change your way of thinking to make the most of it. Limiting beliefs are the thoughts you have about yourself that stand in the way of your success. If
Most entrepreneurs understand the importance of networking when establishing their businesses, but many overlook the importance of maintaining the relationships they have and building new ones. Networking is one of the most important tools you have to grow your business
When starting a business, you need to practice strict financial controls to keep your costs as low as possible and increase your likelihood of success. This means distinguishing between needs and wants. You can defer, reduce, or completely avoid the
Although the definition of ‘start-up expenses’ varies, most definitions include the costs involved in setting up a business. Reining in costs is crucial to the success of your business; most start-ups fail because owners spend too much and earn too
However effective your business plans and processes, your small business is almost guaranteed to experience a financial setback at one time or another. While effective strategizing offers some protection, how you deal with this type of challenge can make or
Marketing can be an expensive exercise, especially when you assign a pound value to your own time. These eight tips can help you make the most of the time and money you set aside for marketing. 1. Don’t Change a
A marketing plan provides direction for the marketing activities of your company. As such, it should be easy to understand and straightforward, and it should contain information relevant to your business and industry. This short guide can help you learn
Effective marketing is a key aspect of business success because it allows you to create and grow a customer base. Knowing what small businesses tend to do wrong can help you avoid common mistakes and make the most of your
Starting your own business is incredibly hard work and it’s easy to lose confidence when facing setback after setback. However, staying motivated is essential for success. If you feel your confidence flagging, these techniques can help you stay focused and
Keeping your employees motivated helps with everything from skills development to employee retention to increased productivity. Unfortunately, no magical formula exists for keeping everyone motivated all the time. However, your strong leadership and enthusiasm goes a long way to energising
Although meetings with employees and managers are essential, they can turn into a waste of time for small business owners and their teams. Preparing reports for and attending meetings can drain away as much as a full workday per week.
Reviewing, monitoring, and assessing performance allows you to streamline your business processes by identifying wasted resources. Everyone in the business, including you, should be using his or her time efficiently for maximum productivity. Factors that influence productivity include implementing the
The cost of employee training may make you reluctant to develop the skills of your staff members. However, your employees should be assets to your business, and the most effective way to ensure that you surround yourself with the best
Although several factors influence the likelihood of business success, some entrepreneurs who fail make the same mistakes. Know what to avoid when starting your own business to ensure that common pitfalls don’t obstruct the success and growth of your company.
If you have a business idea but aren’t quite ready to quit your day job, becoming a part-time entrepreneur may be the ideal option. Learn more about the advantages and disadvantages of working for yourself in your spare time, and
Social media offers inexpensive, user-friendly platforms that allow you to build relationships with your customers and promote your brand. Chances are most of your customers and potential customers are already using some form of social media, which makes reaching them
Money management includes everything from receiving payments to investing surplus cash. Effective financial management reduces the risk of loss and fraud while maximising profits and business growth. Use these seven tips to streamline your financial procedures. Find the Right Banking
In previous posts we’ve establish the importance of communication skills in leadership and business management. Miscommunications cause conflict and frustration and can even cost you money. Fortunately, you can improve your communication skills whatever your skill level. Use these six
A successful business relies on an entrepreneur who has developed the skills she needs to manage it. The list of skills a small business owner needs seems daunting, but some develop over time while others are relatively easy to learn.
Leadership is a crucial yet often overlooked aspect of entrepreneurship. Leadership is almost exclusively about managing and inspiring those around you, from investors to employees. Learn which skills you need to turn your great business concept into a successful business.
Whether you offer a product or service to business or regular customers, customer service is a crucial part of making your business stand out. Without customers, you wouldn’t have a business, so keeping your customers happy and having a reputation
The start of a new year is the perfect time to set new goals for your small business. Short-, medium- and long-term goals keep you and your employees focused on the important things you want to achieve, whether it’s growing
Knowing where and how to find the right talent for your small business is one thing, but choosing the right candidate (and leaving the person with a positive view of your company) can be a challenge. Use these six tips
Finding the right employees for a small business can be extremely difficult. Recruitment is time consuming, and you need to find employees who meet your business needs and can work in your business environment. In small businesses, employees usually have
When running a small business, keeping track of your finances is crucial. Good bookkeeping ensures that you know exactly what to expect in terms of expenses and cash flow, allows you to monitor and attain your business goals, and helps
Choosing the right legal structure for your small business is essential because it determines factors such as your personal liability for business debts, the taxes you must pay, and the profit structure. Remember that you can change your business structure