When you’re starting or running a business, it’s important to have a clear understanding of the different business funding options available to you. Some funding options are outside of your control, such as bank loans or venture capital. Relying on these sources of finance can take time and ultimately lead to your business never starting up. It doesn’t have to …
Budgeting is one of the most important business tasks in running a business as it sets expectation and parameters for your business to operate. If you do not set a budget it increases the risk of risk failure and closure. Most companies that set a budget just see it just another administration task and do not stick to it because …
If you are looking for ways to improve your business, most business owners try to look for operational improvements, however, the answer may be improving your identity through branding. Branding is not just for large companies, it is an essential way for small business to communicate with their customers what they stand for and what to expect from them. Branding …
Along with your mission and vision statement, when writing your business plan you need to convey your company’s core values and principles. A company’s values and philosophy act as a “guiding beacon” that underpin your mission and vision and provide your business with a purpose beyond making a profit. The importance of stating what your company stands for should not …
The next step in developing your strategy in your business plan is developing your Mission Statement. Whether you are starting up a new business or running an existing business you must identify the fundamental reason for your business to exist. Making money is an obvious choice but this is not a good enough reason alone for the business to exist. …
The first section of your business plan after the executive summary is your business strategy. In this section, you will have to explain what our business is about, where you want to go and how you will get there. The first stage in developing your business strategy is defining what your business is and what it will be in the …
There are many ways to improve business performance, but not all of them are effective for every company. The following eight tips are a good place to start if you want to improve your business performance. Whether you’re the owner of a company or business, marketing manager, or marketing coordinator, you want to be thinking of ways to increase your …
Many small businesses do not produce management accounts, by not doing this they are putting at risk. Small business owners tend to perceive management accounts as just another administrative task. Booking keeping & financial statements are focused on record-keeping and compliance. You can leverage high-quality financial reporting to help understand and improve your business. Key benefits of producing management accounts: Getting …
The last economic crisis profoundly impacted how entrepreneurs and business owners finance their businesses and write business plans. The 2022 Mini-Budget and increasing interest rates will have a similar impact. Banks have been reluctant to lend money to start-ups without offering significant collateral against the loan. Despite all the publicity that they are lending more money than ever, banks are …
If another business is able to copy or steal your ideas, inventions, contacts, designs or knowledge your business is at risk. Protecting your ideas and intellectual property is crucial for the sustainability of your business, potential investors will reluctant to invest in a company whose intangible assets are not protected. There are five main ways to protect your business‘s intellectual …
