The stats are there, and quite shocking really – did you know that 40% of small business fail in first five years?
It’s a jungle out there folks! Anyone who has had any experience running a small business will know just how difficult it is to stay afloat. Lucky for you, we attended the Veritas Advisory Business Survival seminar and here’s the top tips of the morning to turn you into the Bear Grylls of the business jungle.
1. What is Your Why?
Always remember WHY you started the business, don’t get caught in the power play of being your own boss – it’s too easy to lose yourself in the perks of it and forget what you really started your business for. Unfortunately, those small businesses that ultimately fail within the first 5 years were usually started with the wrong intentions (i.e. – make a quick dollar, easy money, no physical input from the business owner).
2. Assemble Your Team
Having a marketing strategy is key – plan for success and remember that knowing how to update your Facebook status or tweet about the coffee you just bought does not equate to a knowledge of social media marketing! It is so important to surround yourself with skilled, knowledgeable professionals who are able to help your business to grow and develop, particularly in the areas that you, as the business owner, are not experienced in. As quoted by Darnelle O’Brien of The K.I.S.S. Marketing Agency “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.”
Your team should consist of a qualified external accountant, a qualified lawyer, and an experienced business advisor, at a minimum. A fabulous bookkeeping team will also be one of your key team assets!
3. Money, Honey
If something goes wrong, don’t panic! If you find yourself in a situation you don’t know how to handle, or your finances go belly up, seek professional advice before it’s too late. It’s worth spending a little more to get proper advice and an action plan to bring your business back from the brink. We heard from Daniel Riley, CEO of CML Group Limited. Daniel took us through the key main differences between the four most common forms of business finance, and how to determine which one is best for you. So, if things look grim, please don’t give up! Look into the options available to you, discuss with your accountant or financial planner, and look to the future.
4. Front Page News
Get your business noticed: while there are so many avenues available to small business in today’s technological market – Facebook, Instagram, LinkedIn, Twitter – all of these free to use, your business could also benefit from sponsored content through News Corporation’s many sites – they provide value for money exposure. Don’t be afraid to spend a little extra money on a professional who can get your business off the ground and out into the world.