Category Small Business / SOHO

Entries 14 Total

Data management – failing to plan is preparing for failure

Jan 31, ’12 6:00 PM
Author Stefan Töpfer (Editor) Categories Disaster Plan, Guest Blog

In the 1980s, the idea of protecting your company against a data loss may simply have been a policy of “back that file up on a floppy disk”. Fast-forward a quarter of a century and the reliance on digital systems is so massive it is a safe conclusion to say that the vast majority of companies would be unable to function should their IT systems breakdown. With this in mind, two new business sectors have developed: Business Continuity Planning and Disaster Recovery.

How does Business Continuity Planning and Disaster Recovery work?

Business Continuity Planning and Disaster Recovery are very closely linked and essentially describe a company’s ability to react and recover well in a time of crisis. This is achieved through the planning and procedures involved in Business Continuity Planning and Disaster Recovery.

Effective examples of company’s adopting Business Continuity Planning and Disaster Recovery work include:

Putting measures in place to minimise and eliminate threats to key personal and facilities;
Creating strategies to manage crisis communication;
Putting action plans in place to protect the reputation of a business in the aftermath of a disaster;
Preparing network communications and IT infrastructure so that a company is confident it can get back up and running as quickly as possible in a worst-case scenario.

The importance of Business Continuity Planning and Disaster Recovery

An effective Business Continuity Plan and Disaster Recovery procedure can be the deciding factor between the long-term success or failure of a company. It is estimated that for every 20MB of data that is lost, someone would have to spend 19 days re-typing it, while nine in every ten companies that suffer significant data loss, without having put plans in place, go out of business within two years.

Key factors to consider when putting procedures in place

Scenario assessment – establish what the impact would be, before the disaster strikes;
Resuming business – put step-by-step plans in place detailing how to get back on your feet should the worst happen;
Data capture – take extensive measures to reduce the risk and amount of data that could be lost in a disaster;
Best practice for recovery – it is crucial to know exactly how you are going to implement your plans, often communicating across various locations;
Compliance – make sure your plans are in-line with regulations for safeguarding sensitive data.

Getting it right

Remember, reacting to a disaster effectively is crucial for business, but it also plays a significant role in the lives of all the staff associated with the company. When livelihoods are at stake, it is the company’s responsibility to get it right for the sake of its employees and its shareholders.

GUEST BLOG: This business advice article was provided by Iron Mountain Incorporated.

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Collaborate to Accumulate

Jan 26, ’12 9:57 AM
Author Lorraine Allman Categories Entrepreneur, Small Business / SOHO, Small Business / SOHO, grow your business

There’s no denying times are tough for small business. Competition for customers is fierce, overhead costs are rising, and although there is much talk of ‘going global’ the reality is for many small enterprises the costs of breaking in to new markets are often prohibitive.

Yet there is a way for small business to remain competitive, increase capacity, enter new markets and secure new customers with expansion costs being kept to a minimum – collaborate.  In its’ simplest form, collaboration involves two or more people working together with a common goal to improve their position. In many cases this will involve sharing knowledge and planning how best to use the joint resources (client lists, technology, networks, investments etc.) to achieve the goal or goals for each party.

Technological developments means your list of potential collaborative partners no longer needs to be restricted geographically, so the opportunity to share the development costs of entering new markets, taking on larger clients, and securing new customers is open for all to take. There are  also plenty of ‘tools’ available to assist your collaborative efforts from the simplest of email and telephone, to web conferencing and the increasingly popular document & calendar sharing, social media, and web forums.  The majority of these tools cost little or no money to use so the ‘barriers to entry’ for collaborative working are minimal.

My own company actively works in this way with a number of projects on the go with different collaborative partners, some over 300 miles away! We speak regularly, have plans mapped out (Gantt charts can be useful for time sensitive tasks and identifying responsibilities), keep an eye on shared costs, and are clear about what we each want to achieve from the collaborative effort.

Tips for a successful collaboration

  • Think carefully about your collaborative partner(s).  They may be a company you already have a relationship with, in which case consider whether a collaborative project would enhance or be detrimental to that, but if not then take the time to research who might be suitable. Some basic ‘due diligence’ in terms of trading history, previous successful collaborations, and general reputation is a good idea.
  • Consider how the collaboration may be viewed by significant others in your business e.g. customers, suppliers, shareholders if appropriate. If there is any question that this approach will not be positively viewed, have a re-think.
  • Be clear and put in writing the objectives of the collaboration, who is responsible for what and when, costs and how these are shared (who pays for what), and crucially be clear about ownership of Intellectual Property.
  • Be clear from the start about what you want from the collaboration in terms of furthering your own business objectives and make sure that these are complimentary (they don’t have to be the same) to the company you are partnering with. The whole point of collaboration is to achieve a very specific quantifiable goal (e.g. secure a public sector contract, increase client numbers) rather than just a general mutually agreeable relationship with no clear focus.

I’m a keen advocate of collaborative working and have been doing this myself for many years. I’m not, however, saying you should just hop in to bed with the next business that comes along! Collaboration for collaboration’s sake is unlikely to be successful, but you may be surprised where opportunities arise. Keep an open mind as to whom you could partner with, including those you currently view as competitors, to achieve greater recognition and success.

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Crowdfunding – could it work for your business?

Jan 18, ’12 7:21 PM
Author Lorraine Allman Categories Business Funding, Business Startup, Finance, Finance, Micro Business, Small Business / SOHO, find funding

Crowdfunding is becoming an increasingly popular method for small businesses and social ventures to raise much needed funds.  The map below gives you some idea of the scale of growth in Crowdfunding over recent years.  Interestingly, the same source indicates that 46% of all UK Crowdfunding platforms were launched in 2011 alone, so with the growth in such sites I wanted to write about the ups and downs of Crowdfunding from a small business perspective.
Worldwide map of Crowdfunding platforms

What exactly is Crowdfunding?
The idea behind crowdfunding is a relatively simple one. You have a business idea or want to grow your business but need money to make this happen. Visit your chosen crowdfunding platform, create your pitch, set your financial target, and promote your project to anyone online or offline who you think might want to invest in it, for example family, friends, clients, suppliers, twitter followers, linkedin (you get the idea). You offer rewards (traditional Crowdfunding) or a share of equity/revenue (commercial Crowdfunding) in return for the investment. When you reach your target, you get your money and get delivering on all those promises.

Sounds simple enough! So once your project has been listed you sit back and let the money roll in?
Alas, nothing could be further from the truth. In fact if you haven’t already been building your profile and marketing to your target audience before you post you’re going to have to work flat out to raise the funds you need. The onus is very much on YOU to promote your project and get the investors in.  At the time of writing this blog 31 projects, that’s 67% of those listed currently on the commercial Crowdfunding site Crowdcube® have 10% funding or less (many at 0%). Looking at some of the successes on the site it’s not difficult to spot the more established companies securing their investment fairly quickly (Kammerling’s £180k; The Rushmore Group Ltd £1m).  I’m not saying they didn’t have to work to secure their investment but a more established brand is likely to have a head-start.

How much does it cost to post a project?
At the current time the majority of sites don’t charge to list your project, but do  take a fee when projects reach their investment target. The average seems to be around 5% of the target achieved.

What do I have to offer in return?
Different sites have different rules so be clear about this before deciding whether to part with equity or offer rewards. Rewards (or ‘perks’ as they are called on some sites) could be anything relevant to your project such as free tickets to a show to an acknowledgement on a website or free/discounted products depending on how much is pledged.  Crowdcube® require you to release equity in return for pledges so you’ll need to make sure you have the right company structure for this and think carefully about how much equity you’re prepared to offer.  Most sites have an area where you can interact with investors and let them know how plans are progressing.

The art of pitching
Creating a memorable pitch (usually in video format) is a crucial part of the Crowdfunding process and it’s probably true to say many small businesses don’t have spare video footage hanging around that can be used. Even if you did, you need to know how to make your video appealing to potential investors and get your message across in a very short space of time.

You have to remember that whilst the Crowdfunding websites are providing a platform for you, that is all they are doing. It is YOU who has to put the work in to promote it, market it and reach your intended audience. You’ll be competing against plenty of other businesses so creating a compelling pitch, sometimes in less than a minute, can be a real challenge.  It’s worthwhile looking at the different sites and watching the videos of those projects who have secured 100% funding to get some ideas for your pitch. It may even be worth having a chat with one or two of them to find out just how much work they put in ‘behind the scenes’ to reach their target.

Dribble Delights – an example of a small business Crowdfunding
I caught up recently with Cheryl Ryder owner of Dribble Delights who currently has her project posted on Bloom VC a site which allows you to ‘make a promise’ to investors in return for their money. I asked her about her Crowdfunding experience so far.

Cheryl’s idea for a range of dairy-free foods for babies and toddlers stemmed from her own experiences as a Mum of a now 3 children, all of whom are dairy-intolerant. She became exasperated at the lack of choice on the shelves when it came to party food and treats in particular.  She entered the company into The Pitch 2011 competition with just an idea and became one of five finalists in the Scottish heat. This spurred her on to take the idea forward but as is often the case, funds were needed to turn it into a reality. Enter Crowdfunding.

“It seemed like a good idea” said Cheryl “we had nothing to lose and everything to gain by trying to raise funds this way”. Although Dribble Delights have not yet reached their target funding (they have 30 days left but have so far secured just 3% of their target £7300), Cheryl is keen to point out what a positive experience it has been for them and the value of using the Crowdfunding platform to get their message out there.

“If anyone enters Crowdfunding simply to get money then they’re fools” said Cheryl. “It’s a bonus if you get your money but the exposure and opportunity it presents is priceless. We’ve had amazing coverage and recognising  we’re operating in a very niche market, but being able to reach that, ask questions and effectively test out what we’re doing has been incredibly helpful”.

Cheryl isn’t put off even if they don’t raise their funds in the next month, but feels that the most successful projects are those who have been working on building their market well in advance of posting their project and already have a following.

Making your ideas public
I asked Cheryl whether she had any concerns about drawing attention to her business idea before it was off the ground in case somebody came along and copied it. As her company was already very much in the public domain having been a finalist in The Pitch 2011 it wasn’t really an issue, but for others it could be so you have to balance whether the exposure with potential financial return balances out or outweighs the possible risk of someone with deeper pockets taking your idea and turning it into reality before you have chance to.

Here’s my summary of the ups and downs of Crowdfunding for small business:

Some good reasons to choose Crowdfunding:

  • More straightforward (and less expensive) to raise finance than through Business Angels/VC
  • An alternative to bank finance which is difficult for small business to secure
  • Free PR for your business – gets your message out there
  • Positive endorsement from potential clients
  • Builds future buyers database

Some things to think about:

  • Waiting time to know if you’ve raised sufficient funds to go ahead
  • Lack of good contacts, networks and mentoring that normally comes with external investment
  • Risk of failure to gain investment
  • Multiple investors to communicate with
  • Risk of idea being copied

It’s up to you to decide whether its right for your business but it should certainly be given serious consideration.

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Benefits of Storage for Small Business

Jan 13, ’12 3:08 PM
Author Stefan Töpfer (Editor) Categories Disaster Plan, Guest Blog, Home Business

Not long ago it was significantly more costly to set up a small business. Advances in resources for working from home, such as high speed broadband among others have played a huge part in the changes. Factors such as lower priced technology and the increasingly cheap and more flexible options offered by storage companies also plays its part in the rise of small entrepreneurs.

Business no longer needs a physical shop space and so can advertise to the world from its home and so in the last decade we have seen a huge change in the way many businesses begin and are handled.

Home Business

Running a business from home used to come with the negative, of either having to section off an area of the home for stock, or having to purchase or rent a retail space. The advent of self-storage allows a flexible answer to this. Users can use their own stock control methods to ensure they have the goods needed on hand, while they can store others for periods in stores.

Flexibility

Storage options are significantly less costly than retail space, and many have the additional benefit of allowing entrepreneurs to use more or less space as their stock levels require it, mirroring this in costs, which are usually charged per square foot. Second to this, a storage solution for delicate goods is also provided for, with humidity controls in place for goods susceptible to damp environments.

Obviously, security plays an important factor when storing goods. Many entrepreneurs don’t feel comfortable with thousands of pounds of stock sitting around the house. Storage companies providing 24 hour CCTV, with individually alarmed rooms and sturdy perimeter fencing, provide safety homes never could.

Receiving Stock

For entrepreneurs who receive large stock, or deliveries via articulated truck, storage solution companies provide space and parking answers, which conventional streets, or roads just can’t. They also present options for unloading, such as pallets, trolleys and in some cases designated forklift drivers that require investment. Such lifting equipment obviously takes the cost, time and pain out of unloading stock.

Clearly, access is imperative and many of these storage points provide this seven days a week, with some even making provision for packaging needs via an onsite shop. This allows entrepreneurs to prepare items when onsite and save time, while being as productive as possible when on task.

Financial Aspect

Financial, storage solutions are also a positive, with costs low and storage flexible. People with storage needs often find the room required fluctuates, fortunately with such storage solutions it is possible to increase or decrease storage room depending on levels of stock. This means taking up less footage of an area when it’s required and so means paying less. Contract lengths are also quite short, with contract termination periods as low as seven days and storage allowed on the day signed up.

Storage solutions flexibility, economic costs, access and safety make them undoubtedly an ideal solution for the ways of much commerce in the 21st century.

GUEST BLOG: This helpful business advice was provided by Drew Davies on behalf of Big Yellow Self Storage

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8 Top Tips for Start-Ups

Jan 11, ’12 8:09 PM
Author Lorraine Allman Categories Business Startup, Micro Business, Small Business / SOHO, Start-Up, Start-Up, start-up in business, start-up in business

January is perhaps unsurprisingly one of the busiest months of the year to start up a business, yet the statistics on survival rates continue to make shocking news. For example in 2010 297,000 UK businesses went bust, equivalent to more than 1,170 every working day. Further research shows that less than 50% of companies established in 2005 were still trading at the close of 2009. (source)

So what measures can you put in place to avoid being a negative statistic, giving your business a better chance of doing more than just surviving?

Do your research Yes, I know it sounds boring but researching at least the basics about your market (e.g. trends, scale), target groups (where they spend their money and time), and competitors is essential to inform the rest of your business plan.

How are you helping the market? For most businesses to succeed you need to have a pretty clear idea about what problem your business is providing a solution for and/or what need you are meeting. If you’re thinking of entering an already busy market, consider how you’re going to differentiate your business from competitors. What are you going to do that’s better?

Keep listening and talking to customers This sounds obvious but it’s surprising particularly during the early years how we can be so focused on getting the business off the ground, learning the ropes and managing day-to-day that we forget the most basic of requirements for a successful business to listen to and talk with your customers. Create an authentic and meaningful relationship with them to engender loyalty and make sure you’re meeting their often changing needs.

Don’t take everything on yourself Easy to do in the early days when money is often scarce, but take a long, hard, and honest look at your skillset and time available. Consider outsourcing anything you’re not so good at. Doing your accounts is an obvious one (particularly if you’re Limited company) but help with administration or sales could be equally valuable. Ensure your network of colleagues complements your own skills and knowledge and don’t forget to keep an eye out for collaborative opportunities with complementary businesses – so much more can be achieved with a collaborative effort

Avoid starting with debt Being under-capitalised is one of the key reasons why businesses can fail. If your cash flow is poor to start with you could face an uphill struggle making the figures stack up. If you’ve done the figures and are short of money to start up take a look at some of the alternative funding sources such as crowdfunding (I’ll be writing a blog about this very soon) or even for small amounts your local credit union.

Find a mentor Many new initiatives that have started in the last year encouraging start-ups and existing businesses to find and benefit from a mentor. Some of these are volunteers and others charge a fee. Recent evidence suggests 70% of mentored small businesses survive longer than 5 years (double the number of non-mentored enterprises) so finding a mentor or coach isn’t really an option anymore, it’s essential.

Consider finding a Non-Executive Director This option isn’t for everyone however if you have genuine aspirations to grow your company quickly but need investment and skills to do that, you may want to consider finding an Investing Non-Exec. Once the domain of large corporations, an increasing number of start-ups are now choosing this route to add credibility to their management team as well as much needed funds and contacts. You can read more about this with some case studies here.

Test-trade or work 5-9 Thousands of people right now are holding down full-time jobs whilst starting a business of their own. They do this by working what is commonly referred to as the ‘5-9’ shift although in reality of course the hours are much longer! Test trading in a small way and/or working 5-9 can be an excellent way to find out a) whether you’re suited to being self-employed (it really isn’t for everyone despite what you may hear others say!) and b) help you determine basic information such as whether there really is a market for your business and if so how much people will be prepared to pay for your product/service.

Whatever your situation and whatever you decide to do, I wish you every success in 2012 and beyond.

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2012:The Year Enterprise Rocks

Dec 30, ’11 6:21 PM
Author Tony Robinson OBE Categories Announcements, Employment, Freelancer, Getting Things Done, Home Business, Micro Business, MumEntrepreneur, Self-employed, Small Business / SOHO, Small Business Support, Sole-Trader, Start-Up

Making it Better and Fairer

It will be a rocking good start to 2012. The UK Enterprise Rockers movement is inviting journalists to kick off 2012 by covering the launch of our #MicroBizMatters campaign. The Enterprise Rockers, all micro business owners, have chosen Scarborough to host the media launch event at noon on January 9th.

Scarborough is a former winner of both the most enterprising place in Britain and the most enterprising town in Europe. Oh and the two founders of the Enterprise Rockers, the wonderful Tina Boden and me, live there.

The aim of the Enterprise Rockers movement is to make life better and fairer for all Micro Business Owners. The #MicroBizMatters campaign will improve awareness of the importance of the UK’s 4.5 million micro businesses, including start-ups, to jobs, the economy and communities.

Although the UK is the first to launch the Rockers there is already interest being shown in many countries to take up our movement, including the US.

Positive Messages Will Tackle Discrimination

The campaign also seeks to make people more aware of the discrimination by Government, Banks and Big Businesses against micro business owners and what the benefits to Britain would be if they gave them a fairer chance to survive and thrive. The campaign also positively recognises large organisations that the Rockers agree are micro enterprise friendly such as Apple, the Co-op, British Library and ACAS.

Founder Tina Boden, who owns a fine food company, explained, ‘We’re not a political, lobbying or a fee paying membership organisation. Micro business owners freely get involved in the Rockers to do as much or as little as they like. We agree everything by majority decision.

We believe that by thousands of us supporting each other, trading with each other and carrying the same messages in villages, towns and online all over the UK that we can harness the power of plenty to make life better and fairer for micro business owners.

Our #MicroBizMatters campaign will make people aware why it is important that Britain is more micro enterprise friendly. This in turn will improve the future prospects for micro-business owners including start-ups.’

Why this way works?

For me, it is really important that everything we do is really positive. As micro enterprise owners we are and have to be positive people and we’re used to just getting on with ‘doing the biz’ so we’re certainly not moaners and we’re not looking for hand outs.

We’ve made very little progress in the last twenty years consulting with Government Ministers and their officials to try and get a better deal on skills and support for start-ups and enterprise owners. So the Enterprise Rockers movement is a welcome change of direction.

As one in seven of the adult workforce in the UK are running their own micro businesses there can’t be many of the population that don’t know, and more importantly, would like to help a micro business owner to earn an honest living.

Politicians are only interested in what the public think around election time but by the next UK election we’re pretty sure that we’ll have enough public opinion on our side so that they, for the first time, will need to state what they are going to do for micro business owners (0-9 employees).

Fact: Micro-Business Matters

Influencing public opinion and in turn government is a small part of what we’ll achieve. After all, we’ll never be as important to Ministers as Big Business and the Banks but we can hopefully stop 95% of government funding and support going to bigger business so that the 95% of all UK businesses that are micros get a fairer deal and an even break.

We’re growing. We already provide most of the new jobs, innovation and best help to communities and we contribute a third of all private sector jobs and a fifth of UK turnover. The thousands of Enterprise Rockers actively involved on Twitter, Facebook, Linked In and ready to champion our #MicroBizMatters campaign will make life better and fairer for us all.

The #MicroBizMatters campaign already has 750 signatures on its ‘Tell Us What You’re Doing for Micro Enterprises Not for’ SMEs’ government e-petition. This already puts it at Number 14 out of over 600 e-petitions to the government’s Department of Business, Innovation and Skills.

Whilst the Rockers are not campaigning, through #MicroBizMatters for government funding they are requesting that government reduces its funding and support to Bigger Business. For example for every £50 million of government support 4.5 million micro businesses get 6000 big businesses get £1 billion.

Time to join our band?

The launch of #MicroBizMatters takes place in the Penthouse, the Sands, North Bay, Scarborough at 12 noon on Monday, 9th January. If you know a journalist then ask them to either register here http://enterpriserockersofficiallaunch.eventbrite.co.uk/?ref=enivtefor&utm_source=eb_email&utm_media=email&utm_compaign=invitefor&utm_term=readmore&invite=MTU1Nzk2OS90b255QGVudHJlcHJlbmV1cnN1ay5jb20vMA== or they can arrange to interview the founders of the Enterprise Rockers by e-mailing tony@entrepreneursuk.com with their requirements.

There’s also no better time for you to get involved with the Enterprise Rockers. It’s free and you can join our Enterprise Rockers discussion groups and MicroBizMatters discussion groups on Facebook and Linked In or follow us on Twitter @EnterpriseRocks or check out our website http://enterpriserockers.co.uk and sign our Government e-petition at http://t.co/QK36cLlU

Thanks lots – enjoy 2012 the year of the Enterprise Rockers.

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Purchasing supplies for your business more effectively

Dec 19, ’11 7:40 PM
Author Stefan Töpfer (Editor) Categories Guest Blog, Suppliers

When it comes to the day to day running of a business, it’s easy to let supply purchasing slide to the bottom of priorities, especially during rougher economic times. More firms than you would imagine take this approach, but that would be missing the point. The best way to increase profit in business is to cut outgoings, and there’s no easier way to do this than by managing what the company buys more effectively.

• The first thing to remember when buying for a company – whether that’s essential trading supplies such as those intended for use in the manufacturing process, or simply office supplies that every business uses like cardboard boxes – is the increased buying power that results from the higher volumes you will be purchasing. Firstly, building up a healthy working relationship with suppliers is key, and will allow you to negotiate discounts over time as a result of your loyalty and any increases in volume. Secondly, try asking about money off for combining orders due to the cost reduction of joining shipping and admin costs together. One last possibility with more eco-friendly companies is to ask if there are any money off incentives for recycling efforts on the part of your company.

• A professional and fit-for-purpose inventory system is not only vital for purchasing supplies, but even affects the business as far as budgeting and finance company-wide. The relatively small amount of capital and man hours needed to put an efficient system in place pales in comparison to the benefits it will bring, including an exact knowledge of what needs ordering and when, which over time will mean that supplies can be ordered in anticipation of them running out, eliminating over and under-ordering and breaks in the supply chain.

• Another important thing to take into account is to balance the ‘cost of money’ – the interest accrued on money used to purchase supplies, and a system used by many businesses, particularly start-ups – against savings made from discounts, recycling schemes etc. If the savings are larger than the cost of money, the decision to purchase more supplies should rest on the needs of the company, the other way around however, and the company will be losing money on every purchase. It’s important to note however that even in these circumstances, not purchasing supplies that are needed can end up creating a bottle-neck and losing the firm even more money.

GUEST BLOG: This helpful article was kindly provided by Daniel Nicklin.

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Get more customers by understanding your sharers

Dec 14, ’11 6:00 PM
Author Adrian Swinscoe Categories Business Marketing, Business Psychology, Marketing/PR, Marketing/PR, Marketing/PR, Online Marketing, Social Media, market and sell

Consumer and customer behaviour is changing in front of our eyes. As a result, there is a lot of talk about how our marketplaces are changing, the influence of digital channels, the importance of word of mouth, how social media channels are allowing customers to find and share us with their friends and networks and how we as businesses should be adapting.

However, one of the things that I find when I talk to business owners is that they are often confused about what sort of activity they should be getting involved in in online and social channels. As a result, they often get caught up in how they can maximise their number of fans or followers. But, more fans and followers don’t necessarily mean greater word of mouth or more sales and greater profitability.

Let’s be clear. Sharing is not new. People have been sharing great companies, cool stuff, tips or deals with their friends and family since time began. However, what is new is that it’s getting a whole lot easier to do so. So, as a business, to tap into the sharing potential that surrounds your business and to get the most out of sharing, word of mouth and recommendation for your business it is becoming increasingly important to not just understand and engage your customers but also those people that are finding and sharing your business with their friends and contacts in the online world.

A recent study of US and UK consumers by the folks at Beyond looked into this very issue. Here’s some of the things that they found out:

  • Over 65% of sharers, share because they think it will be relevant or helpful to their friends
  • There are 7 different types of sharer in the UK
  • Before embarking on any new social marketing activity it is important that the business understand their customers journey
  • Different online channels exert different levels of influence depending on the level of risk (involvement) on the part of the customer. For example, when researching a high risk (involvement) purchase like a car, customers are more likely to look to and be influenced by review sites, search engine results and the business’ own website rather than other online channels.
  • When it comes to sharing, email is still king

You can learn more by checking out the full study here or take a take a look at the infographic that they produced here.

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Mirror Mirror on the wall…’tis the season to reflect

Dec 6, ’11 12:00 PM
Author Lorraine Allman Categories Business Checklists, Business Ideas, Business Startup, Entrepreneur, Entrepreneur, Micro Business, Self-employed, Small Business / SOHO, Small Business / SOHO

I have often been quoted as saying you need more than just a good idea to get a business off the ground.  I’m sure over the festive season many people taking a rest from work will be hearing the cogs whizzing as they take some time out to ponder on a new business idea, and wondering if 2012 will be the year it all takes off.

I read an interesting and slightly amusing article the other day written by Jason Hesse concerning where entrepreneurs get their ‘big ideas’ from. A survey showed nearly half of British entrepreneurs come up with their business idea in bed, so I have a feeling over Christmas many new business ideas will be born for those fortunate enough to have a lie in or two.

Now I don’t want to be accused of “Bah, Humbug!” so I’m not going to start listing all the things required to accompany these ‘big ideas’ and spoil your ‘Eureka!’ moment. Instead, my advice is to go and talk to those people already in business. They will tell you the reality about what’s required not only to get your business idea off the ground but to survive and thrive.

If you’re one of those businesses up and running, then you’ll know how important it is to take time to work ‘on’ your business, reflecting on what’s going well and areas of the business (and yourself) you need to prioritise to make 2012 a better year.

Here are some areas to focus and reflect on:

Business Plans – What were your plans for 2011 – did you achieve/exceed them? What made a difference? What are your plans for 2012 – will you achieve them on your own or would some collaboration/partners/employees help?

Market trends – What’s happening in your target market? Future trends? Are your target groups changing? Where will they be spending their time/money in 2012?

Competitors – What are they doing? How are they doing it? New competitors on the horizon?

Accounting systems – Are they working for you, could they be improved? Are they effective in helping you manage/predict cash flow?

Mentoring/Coaching – how are you developing yourself as well as your business? Are there skills you’re going to need for future plans? Who do you talk business with?

I’m sure there are other areas specific to your business, but this is a start. Talking of start, everything detailed above is also relevant to those of you dreaming up those big ideas in bed this month too (so I guess I did manage to sneak a list in!). There is plenty to be thinking about.

Whether you’re spending Christmas in bed dreaming up your new business, or sat at the computer on Boxing Day trying to work out the online self-assessment system, have a wonderful time and don’t forget when your mirror asks the question “Who is the greatest of them all?” you know the answer!

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The mindset of small business

Nov 29, ’11 9:53 PM
Author Lorraine Allman Categories Business Infographics, Business Psychology, Micro Business, Small Business / SOHO, Small Business / SOHO

I recently came across a couple of interesting INFOGRAPHICS relating to small and micro-enterprises in the UK and USA which I would like to share with you.  The first is from the UK based on research from Smarta – the DNA of Sole Traders. In a nutshell it says that UK sole traders are ‘motivated by freedom; are web-savvy but use a spread sheet to do their accounts; go to bed late, don’t have a pension and don’t like the government’.

DNA of a Sole Trader

DNA of a Sole Trader

The second is the US ‘Small Business Happiness Index’ indicating that 77% of micro-businesses are happy or extremely happy that they work for themselves; have more customers than they did at the start of the year; welcome expert advice on a whole range of business issues and rely heavily on referrals as the most effective marketing tactic.

Given the economic climate world-wide and the lack of support generally for micro-enterprises (by this I mean businesses employing 0-10 people, including sole traders) it’s a wonder we’re not all shutting up shop and yet the number of new business start-ups continues to grow. In the face of adversity, feeling the pressure of economic downturns, established small businesses are clinging on and making the best of what they have, and it would appear remaining optimistic and positive about working for themselves.

Later this week, the Enterprise Rockers web site re-launches with a brand new look and clear mission – to make life better and fairer for micro-enterprises. For this to succeed, the positivity and energy of small business needs to be channelled into supporting each other through inter-trading, improving the quality and value of essential services, and finding a united voice which stands out loud and clear that micro-businesses matter, that micro-businesses make a positive difference to our communities, our economies, and to the general wellbeing of our countries. The tenacity, resilience, perseverance, flexibility and absolute self-belief in what they are doing make micro-business a force to be reckoned with.

There is much to be learnt from the mindset of small business – isn’t it time to start listening?

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