One BACK TO WORK AND TIME TO REINVIGORATE YOUR BUSINESS
Index Introduction 1. Review your business 2. Dream big 3. Update your plans 4. Alternative forms of investment 5. Speed up cash flow by taking online payments 6. Go on an efficiency drive 7. Market to success 8. Find a mentor 2
Introduction The TV s full of adverts for school uniforms, the kids are getting bored, and quite frankly, you never want to see another name tag again. As well as the end of the school holidays for the children, it s also time to focus on getting back to work. When you re running your own business, going back after a bit of a break can be a great chance to give it an honest assessment and make plans for the future. Whether it s time to make changes or to start planning for the next stage of business growth, here are our top tips to make sure you make a profitable return on your summer holiday investment. 3
1. Review your business How are things going in your business? What s going well and what could be doing better? Take some time to think about all the things that really make a difference; from cash flow, to products, prices, employee performance (if you have any) and the way you promote your business. Be objective. If it helps, talk it through with someone you trust - a colleague, family member or business advisor. Think about what will help you add value to your business in future. 4
Too many people worry about what other people are doing. Look at yourself and improve. Don t look at your competitors. If you focus on yourself, you ll become THEIR competition. Gary Dennis, Crazy Beat Records Sage One Customer 5
2. Dream big Remember why you got into business in the first place? What was your dream, your passion your vision then? What is it now? If there s something you ve always wanted to do with your business, then now could be the time to get started. Whether that s as simple as making it easier for your customers to pay with electronic payments, or ambitions to break into new global markets, set out your goals. Don t be put off by having a big idea. Break it down step by step and work out what you need to do to make your business what you want it to be. Make a statement of your goal and stick it somewhere you can see it every day. Then do one thing each day to help you get there. IF THERE S SOMETHING YOU VE ALWAYS WANTED TO DO WITH YOUR BUSINESS, THEN NOW COULD BE THE TIME TO GET STARTED 6
Be creative, constantly looking to change and keep one step ahead of your competition. Most importantly, enjoy it as there s no more rewarding feeling than working for yourself! Simon Williams, Evergreen Art Café Sage One customer 7
3. Update your plans When did you last look at your business plan? It really should be a living document that reflects your business as it is and reflects changes as your business grows. How up to date is yours? Are your costs and profit projections realistic based on how your business is performing? Or have you exceeded your initial targets? Are there areas where you ve had to spend more money than you anticipated? Or things that you ve managed to save money on? Do you need to invest in new equipment, source new products or update pricing for your services? Whilst it s important to stay on top of money coming into and going out of your business on a day to day basis, it s good to think about the future too. 8
Write a business plan from day one and keep updating it every 6 months. Jon Petrie, DS Music Sage One customer 9
4. Alternative forms of investment If your plans for your future are going to need funding, then look at how you can attract investment. Access to working capital can be an issue, with 24% of small and medium-sized businesses saying that it s their biggest challenge when it comes to funding growth. But the new and growing market in alternative funding offers great opportunities for UK businesses to access cash quickly without having to deal with the traditional big banks. Crowdfunding, peer-to-peer lending, angel investors and even grants are all alternatives to bank loans and could provide you with the ready cash you need to finance your business future. Find out more about alternative funding for your business: http://sage.es/recursos-de-negocio/biblioteca-empresarial/tabs gestion empresaria /pymes-en-busquedadefinanciacion?utm_source= Other &utm_medium=ebook&utm_campaign=summercampaign&utm content=reinvigorateyourbusiness 10
4. Speed up cash flow by taking online payments It s not just big businesses that deal with online payments Simple and inexpensive technology means even smaller businesses and those dealing in services can take advantage of them too. Online payments are fast, convenient and secure, so they really benefit your business and your customers. Making it easier and faster for your customers to pay you, means speedier cash flow for your business, and less need for you to spend time chasing payments and debts. Sage Pay helps small businesses take payments online, via the phone or directly from an electronic invoice. It can also open up your business to global opportunities, by allowing you to take payments in different currencies. 11
We ve seen a significant decline in late and irregular payments now that we use e-invoicing and now have a more dependable cash flow. All of our existing customers were very pleased to have the convenience and flexibility of new payment options. John Jarvis, Broom Leys farm Sage One customer 12
5. Go on an efficiency drive It s tough when you re trying to juggle everything you need to keep your small business going, but making more efficient use of your time can help you get some breathing The average small business owner spends 52 hours a week on admin. Take a look at the tasks that you do on a regular basis and see where you can simplify, delegate and save time. For example, while it s important to know how your business is performing financially, spending hours typing figures into a spreadsheet isn t the most practical or efficient way of getting that information. Good accounts software like Sage One can make it faster to record your figures and show you exactly how well your business is doing. And because it s online, it gives you the flexibility to catch up with your business admin anywhere there s an internet connection, using your mobile phone, tablet or laptop. So you can send out invoices or catch up with your banking on the go. Finding ways to work more efficiently can give you back more time to focus on your business and making it even more successful. FINDING WAYS TO WORK MORE EFFICIENTLY CAN GIVE YOU BACK MORE TIME TO FOCUS ON YOUR BUSINESS 13
I use an iphone with the Sage One app on it because I don t use an office. Natty runs solely from this phone and I like it that way. It was made to run like that. I don t have to spend much time ever putting my accounts on. I do little and often from anywhere. Liam Watson, Natty Milk Sage One customer 14
6. Market to success How do you tell potential customers about your business? How do you let your loyal customers know you have something new or special to offer them? There are lots of different ways to spread the word about your business through traditional and social media. Whether your business has an online shop or it s a real physical location, having an online presence is pretty much a must. It s a great way for customers to find you. You don t have to be a technical whizz to create a simple online presence through a business Facebook page, and tools like WordPress and Blogger also provide simple templates for an e-commerce page. Make sure your existing marketing materials are up to date, and reflect what s great about your business. Attractive photos and design can help ensure they gain attention and drive custom. 15
Just get stuck in. There are so many services and websites out there to provide help and guidance with your business. Paul Stewart, Uni baggage Sage One customer 16
7. Find a mentor Research has shown that 70% of small businesses that receive mentoring survive for five years or more, which is double the rate compared with entrepreneurs who don t have one. A mentor is someone who can take an objective view of your business, and offer advice from the point of view of the customer or business area. They can often see things that are not obvious to you, and bring a wealth of experience to your business. Look for mentors who have experience in your industry and be clear about what you both want to get out of the relationship. It s important that you trust your mentor, and trust their guidance, so that means you have to be prepared to be honest with them too. A MENTOR IS SOMEONE WHO CAN TAKE AN OBJECTIVE VIEW OF YOUR BUSINESS AND OFFER ADVICE 17
Learn your strengths and weaknesses and accept help in the areas you need it. My mentor said to me that unless you make money and grow, it is not a business, it s a hobby and that s always stayed with me. Lorna Syson, Lorna Syson.co.uk Sage One customer 18
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