As your business grows, you will probably need to hire new staff members. Recruiting the right people Without good people your business cannot succeed, and for a new or growing business, making the right recruitment decisions can be the difference between long-term success or failure. Consequently, you need a structured process for recruitment. Here are
Failure to plan for business taxes can cost you money. Although you should never let tax breaks persuade you to make a poor business decision, it is essential that as part of your planning for your new business, you build in steps to minimise taxes. What does business tax planning involve? The areas you’ll need
In any new business, retaining good financial control is vital. Achieving it involves: Deciding which areas you need to monitor and how frequently Generating the numbers quickly and accurately Sharing the results with everyone who needs to know them Interpreting the numbers correctly Taking appropriate and timely action based on your interpretations The starting point
If you are thinking of starting a new business, the chances are that you will need to raise finance from an external source. Like everything else, this requires careful planning and good professional advice. Sources of finance Some of the more common sources of finance are: overdraft loan mortgage share issue for your company hire
Creating a business plan is one of the most important things you will do when starting up. It will help determine whether you gain funding from potential investors, and it will help you to clarify your business objectives and direction. In this section we look at how to write an effective plan, the ingredients it
If you are starting your own business, you probably have a great idea, a new way of looking at things, or a vision. But have you thought about how you can exploit a niche, or differentiate yourself from the competition with a Unique Selling Point (USP)? Many business owners underestimate the importance of researching their
No matter what line of business you are in, marketing is essential. And whether you have a marketing department or the marketing department is you, putting these pointers into practice should greatly improve your performance. Make sure your products or services are distinguishable from your competitors’ Monitor your competitors’ marketing activities, and change your own
In the pursuit of improved profitability you might be forgiven for thinking that any kind of growth is desirable, but in reality there are two types of growth – healthy growth and unhealthy growth. You can tell whether your growth is healthy or not by looking at your profit and loss statement or at your
You may well have prepared a business plan some years ago to present to your bank manager. If you revisit that plan now, you will probably be surprised by how little relationship the position of your business now bears to that predicted in the plan. The reality is that most business plans fail. Here are
If you think your business performance can improve and, amidst the meetings, phone calls, e-mails and office crises, you find it difficult to know how to begin, then you will benefit from reviewing your business planning. Don’t confuse business planning with crisis management. The former should prevent the latter. Making time for planning now can
