YCEOM ISSUE 4

Business Advice of the MonthSteps small businesses cantake to secure future growthby Tim Campbell| founder of the Bright Ideas Trust7Adapted from is4profit.com Copyright © 2000 - 2014 | All rights reserved1. Make the most of your small sizeNo business can afford to remain staticin the products and services it offers,whether large or small, but small businessesare particularly well-positioned to reactquickly to changes in their industry or theeconomy, without the need for hundreds ofmeetings. If they spot a gap in the marketthey have the flexibility to be fleet of footand capitalise on it. Perhaps this is whyone in three small business owners (31%)are planning to develop new products orservices in the next six months, accordingto T-Mobile research. Making proactivechanges to refine your business model willensure you move beyond survival and intogrowth mode.2. Take a ‘glass half full’ approachWhen asked about the future of theirbusiness, the majority (58%) of UK smallbusiness owners feel positive. It may besurprising to some that small businessesare optimistic about the coming months.As a small business owner myself, I am farfrom surprised because I know that to besuccessful, you need to see opportunitywhere others see challenges and rewardwhere others see risk. Looking to economicchange as a chance to revise plans,update services and build stronger linkswith existing customers involves a proactiveapproach and an optimistic outlook.3. Use all available resourcesare here to help. All of these measuresshould instil confidence in the minds ofsmall business owners, helping them notonly to get started but also to expand.4. Put your heads togetherCollaboration is a key way small businessescan continue to grow and it wouldbe great to see more small businessescollaborating to diversify the services theyoffer. Networking with other local smallbusiness owners will help you look beyondyour own four walls to see what commongoals you can take to fuel growth.5. Stay focused on customer needsFinally, I would argue that as long as theneeds of the customer are at the heartof any new developments in productsor services, there is a good chance ofsuccess and growth for a small business.It is all too easy to get carried away withnew ideas and innovation, without askingyourself whether they really are necessaryto success. Alarm bells should be ringing ifyou can’t see how any new changes willactually benefit your customers.I firmly believe that the UK is a good placeto start a business, with lots of resources andsupport available. The new StartUp Britainscheme, for instance, promises supportranging from free Google advertising todiscounted business insurance. The Budgetannounced a reduction in taxation and thefunding of new ‘enterprise zones’ acrossthe country, amongst other measures tohelp small businesses grow. Contracts fromsuppliers are getting shorter and moreflexible and business angels and investors