How To Be Successful In Business

How To Be Successful In Business - Navigating The Minefield

How to be successful in business is a perennial question asked by existing owners, leaders and managers of businesses, or those who want to run businesses, ever since trading began. There is a vast array of advice available, in print or online, much of it purporting to be targeted at those who run SMEs. Navigating through all this advice can be daunting. How do you know, for example, which source is offering genuine, useful advice and which is simply advertising disguised as meaningful guidance? If money changes hands, are you buying into a useful and supportive information service or just a provider who’s peddling 'snake oil'?

Why Help For Small Businesses Is Needed

Most current and potential business owners would see the advice offered in titles such as “How to be successful in business without really trying” or similar as being less than helpful! There is certainly a need for more practical and pragmatic assistance though: the UK Government Department of Innovation and Skills estimates that around 50% of start-ups are likely to go under within the first five years. Think of all that time, energy and money – not to mention optimism - wasted. Similarly, the position for existing SMEs is equally grim. Only around seven in every ten make a profit through selling their goods and services, and less than a third have the skill or good fortune to grow their turnover year on year. This picture is replicated across most other countries too. It’s not that small business owners lack expertise in their own goods or services. It’s that they have no source of advice in running a business. Nor do they have the funds available to access this type of expertise and training. Help for small businesses is needed to support them so that they can compete on a level playing field. This needs to be made available at the early planning stages through reliable small business startup help; and continue with good small business advice UK routinely available throughout the business cycle.

How To Make A Successful Business - Developing An Evidence-Based Programme

Many small firms report the two biggest problems in surviving the first five years are the UK tax system; and the lack of available finance. Many SME owners ask “How can I make my business successful?” To answer this, we need not only to look at successful businesses but also at those that have failed. When asked, the companies analysed provided the following types of reasons for their lack of success: the absence of planning or poor planning; the unavailability of funding (including lack of investment and poor cash flow); inferior management skills; growing too fast; having no 'backup plan' for when things go wrong; inability to forecast and/ or budget; and inadequate marketing. This insight give us a blueprint for developing targeted advice, tips and training programmes to inform small business owners about how to make a successful business. Business professionals, academic institutions and business associations now agree that anyone who is willing to learn new skills, techniques and tools, and implement them, can therefore learn to become a great businessman. But where will training in these business skills and techniques for SMEs come from? The good news is that sound advice and tips about how to make a business successful is now more equitably available to all.

Showing SMEs How To Grow A Business

SME owners eager to learn how to be successful in business must have an eye on the bigger picture. It’s not enough to know how they should be operating on a daily basis: they must also learn how to make a small business grow. To get ahead in today's business environment, SME leaders need to have good organisational skills; be flexible in their approach; and have a great business plan. Many start a small business with unrealistic expectations. They may have a great product or service to sell, but expect to start earning as soon as they begin trading. It rapidly becomes clear that making money through a business is far more difficult than imagined. No matter which industry or profession your small business operates in, and no matter what the state of the economy is, there are some generic but useful ways to make your business grow. Advice on how to grow a business needs to encompass a wide variety of issues. Some of these include planning out a strategy; analysing the competition; calculating and managing the risks; keeping detailed records; being creative and looking for innovative solutions; and being consistent and providing great service first time, every time. Effective training for all small businesses will address all such points.

Small Business Advice UK Wide For SMEs

What else should guidance for SMEs cover? Well, help for small businesses in UK jurisdiction needs to encompass the many rules and regulations which govern them, but can be a major stumbling block to growth. One example particularly fraught with difficulty is the UK tax regulations. Falling foul of these can result in a huge bill, or even a fine, which could break the business in one fell swoop. Small business advice must also cover the appropriate and relevant European legislation and how it ties in with the law in this country. As well as matters of compliance, though, which will help ensure that businesses stay the right side of legal, effective small business advice UK wide must also answer the question most asked by owners: how to grow my business. There are many ways to grow a business that small business owners can implement; for instance, marketing strategies that will help take the business to the next level, such as the effective use of social media. To cover such a wide range of topics in an accessible yet valuable way, it’s essential that individuals advising SMEs on how to grow a small business are themselves experts with a solid track record of business management and growth. And this is exactly the kind of qualification that I-Thrive possesses.

Exceptional Guidance On How To Be Successful In Business Available From I-Thrive

I-Thrive is a company which is dedicated to helping SME owners, leaders and managers to ensure their businesses succeed. We are a group of committed professionals with a wide range of skills and business experience; and our mission is to provide exceptional guidance on how to be successful in business. Our flagship course, the Small Business Multiplier, is designed to provide tools and advice SMEs can immediately apply. To find out more, visit https://www.i-thrive.co.uk/, where you can download a free course overview, read reviews of the services we provide and access our blog pages. Contact us via our online form or phone 01223 967260 today.