2018-02-23 02:13:03 Small Business English https://djnx69zjp3mvw.cloudfront.net/wp-content/uploads/2018/02/23021423/blog-image.jpg #RecipeForSuccess – How UK Small Businesses Can Capitalise on Optimism in 2018

#RecipeForSuccess – How UK Small Businesses Can Capitalise on Optimism in 2018

4 min read

Entrepreneurs and founders have a lot of wisdom and tool tips to share with budding startups when it comes to mixing up the perfect #RecipeForSuccess in 2018. Each startup and small and medium-sized enterprise (SME) is different, but we estimated that SMEs need between 15-17 apps to help run their business successfully.

With recipes in mind, we turned to the experts, entrepreneurs and founders like you, and asked them what tools and advice they use as their ingredients to make their recipe for success.

Brexit: A Secret Ingredient

For SMEs, Brexit discussions dominated headlines and topped the list of worries for businesses in 2017. Despite SMEs’ and consumers’ concerns, research from the IoD 99, the Institute of Directors’ startup network, reveals that 83% of startup founders are optimistic about their business in 2018.  

Another ingredient to mix in with the high confidence for SMEs in 2018 is funding. The British Business Investments (BBI) have committed £30m to asset-backed lending to help fund rapidly growing SMEs who need working capital, but struggle to get it through traditional lenders. This move is meant to help increase confidence of SME founders amid Brexit news and worries.  

Managing Internal Factors

Continuing to focus on the high confidence of SMEs heading into 2018, what are the other ways that business owners can control their own internal factors to accelerate their growth in the new year?

There are some intangible factors to take into account when you’re setting yourself up for growth. Have you revisited your business plan? Do you have an established vision? If you do, is it still guiding you in the direction you want it to? Take some planning time at the beginning of this year to review your financials as well as your overall direction, purpose, and the people you’re working with. Mark Robson of Insight Group says stop, plan and start small. The best way to start is to set a frequency you can manage.

When it comes to establishing your recipe for success, Lawrence Gilbert from Company Partners recommends you start lean, meaning no extraneous spending. Just like healthy eating, healthy business spending practices are an important part of a robust and successful business. Gilbert says that starting lean means founders should work for minimum wage, reinvest their money in the company, and not spending foolishly, like “no big cars or designer offices.”

Time management is a huge factor to consider too. One of the costliest things to a business is unproductive meetings. Research shows that pointless meetings that eat away at precious hours of your team’s time can cost your organisation up to £973,000 each year. To combat time wasting events and tasks, Gina Edwards from Tally Pro recommends using time tracking software to see how your employees are spending their time. But that’s not the only benefit from using tracking software. Edwards shares, “time tracking software can answer the key questions. Who are the most profitable clients? Or, on the other hand, which employees are bringing in the highest billables? Using the tool effectively can highlight where profit margins are made.”

Mixing In Your Digital Ingredients in 2018

According to our research, digital natives will make up the majority of your customer base within the next 5 years. To help SMEs who may not be caught up with the digital revolution, check out some of the top tools that CEOs and founders recommend for running their business.

CONTRIBUTORS

 

Heather Bateman: Startup Donut

Mike Owen: Cre8ion

Simona Pop: InstaSupply

Nathan Kelsey: Make Me Local

Natasha South: Camino Partners

David Ohandjanian: UP Hotel Agency

Jennifer Warr: WAAR & Co.

Vishal Kurani: QX Accounting Services

Lawrence Gilbert: Company Partners

Gina Edwards: Tally Pro

Dr. James Huntington: IT Farm

Amy Mason: PNE Group

Patchesoft: Patchesoft

Tanya Dale: Cost Saving Marketing

Sam Martin: Socially Sam

Russell Bowyer: In Business

Liz Quigley: M2 Bespoke

Garry Davis: Grow Online Marketing

Abidemi Sanusi: abidemi.tv

Karen Spencer: The Business of Holiday Rental

Gary Tylee: Graphics Bite

Mark Robson: Insight Group

Hannah Matthewman: Tunafish Media

Ben Leach: HeX Productions

Fi Shailes: Digital Drum

Alice Elliot: Fairy Blog Mother

Ella Prendergast: HeadBox

Andrea McDermott & Katy James: Moo Web Design

Frankie Plummer: Wonderful Creative Agency

Kayla Toh: BrightLemon

Richard Megaw: Glaze Digital

Tim Chorlton: The Factory

Lucie Mason: 8 Digital

Curtis Williams: Digital Storm

Sam Rigby: Colourways

Chris Croft: Chris Croft Training

Dan Kelly: Workbrands

David O’Hearns: Dawn Creative

Ben Lambert: Neptik

Tim Knight: CloudApps

Lisa Rees: Website Wonder Woman

Ian Golding:  I J Golding

Kari Davies: uAttend

Vanessa Hunt: Vanessa Hunt Consulting

Katharine McNamara: Konductor

Nick Thompson: DCSL Software

Sue Richardson: Private Practice Hub

Anna Roberts: RotaCloud

Olivia Neale: CMC Partners

Natasha Orme: Insights For Professionals

Ruth Chamberlain: Investly

Mandie Holgate: Mandie Holgate

Natasha Stewart: Business Jump

Clare Evans: Clare Evans

MJS Media: MJS Media

Joanna Reed: ICAAL

Shahzad Ali: Get Licensed

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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