OFF THE GROUND.. with Ulster Bank
Published Date: 5th May 2010
Over the past year, we've covered a variety of tips and advice
for young or budding businesses. Here are 30 of the key
messages to keep in mind at the start of another year.
1. Cultivate relationships with key people in your field; remember that people talk and that you're always on show.
2. Lead by example. People take their cue from the boss; it's impossible to demand high standards if you don't set them yourself.
3. Think big. Whatever self-doubts you might have about your business, it's vital to project an assured, confident image that reassures your likely clients.
4. Make sure you have a written safety statement that is specific to your workplace.
5. Honour matters in the long run; it leads to better relationships which will benefit your business.
6. Don't skip the research. Make sure there is actually a market, of sufficiently large size, for your proposed product.
7. If you are at an early stage of your planning, why not apply for a feasibility study grant from your local Enterprise Board?
8. The most important question any budding entrepreneur can ask – even before assessing the business idea – is whether he or she is cut out for running their own business.
2. Lead by example. People take their cue from the boss; it's impossible to demand high standards if you don't set them yourself.
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3. Think big. Whatever self-doubts you might have about your business, it's vital to project an assured, confident image that reassures your likely clients.
4. Make sure you have a written safety statement that is specific to your workplace.
5. Honour matters in the long run; it leads to better relationships which will benefit your business.
6. Don't skip the research. Make sure there is actually a market, of sufficiently large size, for your proposed product.
7. If you are at an early stage of your planning, why not apply for a feasibility study grant from your local Enterprise Board?
8. The most important question any budding entrepreneur can ask – even before assessing the business idea – is whether he or she is cut out for running their own business.
9. Delegate as much routine work to others as possible so you can focus on core business.
10. A comprehensive business plan for your venture is essential. But try to avoid getting bogged down in a process where plans are formulated, revised and redone in ever-increasing detail.
11. Spend a lot of time on your pricing strategy. Give yourself a good margin from the start and try to avoid a race to the bottom.
12. Know your competitive advantage. How exactly is your product different?
13. Ensure you maintain a work-life balance.
14. Ensure you have an employee handbook that documents all policies and procedures.
15. Drill down on your marketing budget and establish as clear a link as possible between costs and revenue from sales.
16. Address staff discipline concerns such as absenteeism early and always document your discussions in case you are eventually forced to dismiss the employee.
17. Give blogging a go. Becoming known as a commentator on your industry will open up consulting opportunities and speaking engagements and will also develop your contacts network.
18. Get to know your customers, listen to them and find out their own plans and adjust expectations.
19. Implement an effective credit management system. It's far easier to put in place than it is to chase outstanding debtors.
20. The principle key to ranking high in Google is getting other relevant sites in your industry to link to yours.
21. Ideally, it is a good idea to have access to monetary reserves equal to one year's projected revenue plus expenses.
22. Become a member of business organisations and groups in your sector or area, contribute articles to important publications in your industry, send free samples or information about your business to consultants in your field.
23. The acquisition of a new customer costs five times as much as retaining an existing one. Build and maintain an organised customer list to which you can market.
24. Focus on your order book and analyse your customers carefully to ascertain their ability to pay. During a downturn, you have to revise your credit policies as previous credit rating may not be an adequate guide.
25. Plan your recruitment. Research shows it takes more than three months to fill a mid-level management position.
26. You can start an ecommerce website on a shoestring by using a virtual payment processor such as paypal.com.
27. Spend time writing effective ads and pay-per-click marketing can be a goldmine for your business.
28. Try "fusion marketing". Look around your business community for companies you can partner and collaborate with. Promote their products while they promote yours.
29. You shouldn't be afraid to be aggressive when setting growth targets but each target should have a corresponding strategy plan to achieve those goals.
30. Continuous improvement of your business should be an always present aim. Sometimes in a successful business, the product can grow stale, but by always considering what the customer wants, the product should continue to be a success
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