19 Tips for Small Business Success

PRECISE. PROVEN. PERFORMANCE.
19 tips for small business success
www.moorestephens.co.uk/eastmidlands

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.www.moorestephens.co.uk/eastmidlands
Running a
business can be
hugely satisfying,
but…
many struggle
because of the
inexperience of
management.

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.
Here are our top tips for small
business success…
www.moorestephens.co.uk/eastmidlands PRECISE. PROVEN. PERFORMANCE.

LOOK BEFORE YOU LEAP
• Is it what you really want?
• What will be involved?
• What are the skills you need
to run the business and have
you got them?
Think carefully before you start:
#1

IN YOUR PRODUCT OR
SERVICE
#2

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.www.moorestephens.co.uk/eastmidlands PRECISE. PROVEN. PERFORMANCE.
If you don’t, it is
unlikely you’ll be able
to sell it.
Businesses that grow tend
to have owners who
understand how the product
or service makes a
difference to the customer
and the wider society.

HAVE A CLEAR
PLAN
Your business plan should
be reviewed and refined
ANNUALLY at the least.
Documentation can be
seen as red tape but if
kept simple it can help you
keep on track and avoid
misunderstandings.
#3

Know when to ‘test the
water’. Being in business is
about taking calculated risks
and getting a suitable
return, so even if you can
see possible downsides to a
proposed new venture, don’t
necessarily rule it out
straight away.
Be brave but not
reckless.
#4
BE PREPARED
TO TAKE RISKS

Write the story of
how it went wrong, make
changes to your plans to
mitigate against those risks
in future and re-evaluate.
It is unlikely that you’ll
succeed without
making a few mistakes
along the way, but
these don’t need to
define you.
#5
LEARN FROM YOUR
MISTAKES

Disgruntled employees
can damage your
business. Build a team of
committed people who pull
together and trust each
other.
Build a
motivated
team
Ensure your key team
members are suitably
rewarded and incentivised
(you want to keep them!).
#6

Make sure
individuals
focus on what
they do best
Don’t have your best
salesperson doing your
paperwork. Make sure every
one is clear as to their
specific roles and that they
have the skills and
experience for the tasks
involved.
#7

GET THE RIGHT
EXTERNAL
SUPPORT.
Small businesses often have limited access internally to
specialists. Establish a team of external partners to work
with you to help you achieve your goals. Having a good
accountant is paramount!
#8

PRECISE. PROVEN. PERFORMANCE.PRECISE. PROVEN. PERFORMANCE.www.moorestephens.co.uk/eastmidlands
Manage cashflows efficiently
& protect against
unnecessary shortages.
Maintain accurate cashflow
projections to highlight any
potential cash ‘squeezes’
before they occur, allowing
for planning to ensure
appropriate funding is in
place.
#9
CASH IS KING

#10
• Agree your business terms IN
WRITING, these could include
early settlement discounts and
interest charges for late
payments.
• Assess the credit worthiness of
potential customers and
suppliers.
• Establish a credit control
policy with clearly defined
credit limits for customers.
HAVE A ROBUST
CREDIT CONTROL
SYSTEM IN PLACE

Make sure the price you
charge for your product
or service reflects the
value that a purchaser
believes they are getting.
#11
The price
MUST be right.

There are a number of grants, incentives and
tax reliefs available for small businesses, but
many miss out because they’re unsure what
they can claim for.
Incentives such as small business rates retail
relief, National Insurance employment
allowance and R&D relief can all make a BIG
DIFFERENCE.
#12
MAKE THE MOST
OF AVAILABLE
TAX RELIEFS AND
REBATES.

All businesses with a VAT
taxable turnover of more than
£81k must be VAT registered
and submit a quarterly VAT
return.
Make sure you choose the
right VAT scheme – depending
on your industry sector you
may benefit from being on the
flat-rate VAT scheme
(designed to simplify VAT
accounting for smaller
businesses) or other VAT
scheme.
#13
DON’T FALL
FOUL OF VAT

Make sure you get
the best possible
rent terms for your
business. Getting
it wrong can lead to
significant costs in
future.
#14
Negotiate
commercial
property leases
carefully.

Ask for break clauses
to be included and
make sure the length
of the lease is
adequate for your
business purposes.
Getting a good
commercial property
solicitor involved at an
early stage can ensure
you get a fair deal.
#14
Negotiate
commercial
property leases
carefully.

Make sure you
have adequate
insurance
#15
Employers’ liability insurance
is a legal requirement if you
employ staff, and if you have
visitors to your place of work
or if you visit customers on
their premises you might
need public liability insurance
to provide cover in case of
accident or damage to
property.

Satisfied customers are vital to
business success. Listen to
what your customers want and
adapt your approach
accordingly. Make sure you
understand why customers buy
from you – what needs does
your product or service satisfy?
How necessary is it that they
buy what you provide?
Remember, the customer is
always right!
#16
PUT YOUR
CUSTOMERS
FIRST

Your business should
become known for its
reliability and consistency
and so you need to set
internal standards and lead
by example.
#17BE CONSISTENT
Strike the right balance
between a standardised
approach and allowing
people space for flexibility
and initiative.

Don’t neglect your marketing.
Customers won’t purchase from
you if they don’t know who you are
or what you offer!
Effective marketing doesn’t have to
cost a fortune. A low-cost DIY
template website can be as little as
£3 per month, and most social
media sites are free to use, yet a
survey by Yodle showed that only
about half of small businesses have
a website and only 1 in 10 are
using social media.
#18
STAND OUT
FROM THE
CROWD.

GET THE RIGHT
BALANCE
Many business owners work
very long hours. Sometimes
this is a lifestyle choice
because running the
business brings great
satisfaction & fulfilment.
For others the business can
become a slave driver; and
long hours can put pressure
on family life.
Boundaries need to be
discussed, set and adhered
to.
#19

Moore Stephens East Midlands
@MS_EastMidlands
(Corby and Peterborough
offices)
Peterborough
T 01733 397300
Corby
T 01536 461900
www.moorestephens.co.uk/eastmidlands

19 Tips for Small Business Success

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