The business world is constantly changing, but then again, some things always seem to stay the same…Oh dear…another horrendous cliché…will this article be the same ol’ hackneyed message from another professional advisor?.. well if it ain’t broke don’t fix it – right?
Let’s take a look at some of our favourite old business clichés and see if it’s possible for a professional advisor to get away from trite business truisms and add something fresh and useful to put you ahead of the curve…
KNOWLEDGE IS POWER:
We live in a world where we have access to so much information that sometimes it can be difficult to know who to listen to and where to go to get the best advice. Do your research and make sure you talk to someone who has been there and done it before.
Take advantage of the help that’s out there. There are a number of government schemes, such as the Business Support Helpline, with experience across a broad range of issues and dedicated to assisting small businesses.
For those more complex issues, or to make sure you make the most of a particular opportunity, why not benefit from speaking to a legal professional to get the right advice and key insights to give you that competitive edge.
CASH IS KING:
One of the main issues facing small business owners is cash flow. You pay your bills and provide a top service but if you do not keep on top of your collections you’re limiting your ability to grow. Make sure you keep good, accurate records of all invoices and implement (and most importantly stick to) a system to collect.
If you are experiencing problems collecting payments or debt recovery, could we hone your terms of business? Our team offer an efficient, stress relieving service that’s cheaper than you might think.
TAKE THE BULL BY THE HORNS:
Prioritisation is a key skill to effectively running a business but ignoring a squabble with a supplier, or cutting corners to find that quick fix solution to deal with an employee complaint can have a significant and damaging effect on the success of your business.
A recent study of 10,000 SMEs across the UK focused on factors affecting growth. 23%, of interviewees, when asked about the effects of unaddressed legal issues, reported a significant loss of income and 46% said that they had lead to a tangible adverse impact on their business, with the average financial cost per business about £14,000.00!
So, think long term – by taking the right advice now and addressing a problem head on you could be saving yourself from bigger and more costly issues later.
BUILD YOUR BRAND:
Today’s consumers have greater access to information and a much wider variety of service providers than ever before. When choosing a service provider, many will browse the internet searching for the best option. Optimising your website and investing in a robust marketing plan could be the making of your business. Make sure your website says what you want it to say and delivers something relevant to the consumer or they are likely to click onto a competitor’s page.
Bear in mind, new consumer rights laws mean that, as well as making sure you get your message out there, you must make sure your website is compliant and your terms and conditions are fair.
THAT’S ALL FOLKS:
So we’ve taken a look at some of the classics and, although this article is coming to The End, let me leave you with this… don’t bury your head in the sand, instead: get the knowledge, bring in the cash, take the bull by the horns and, get your brand out there!
Why not see what we could do…speak to a more entrepreneurial firm.
Contact Charlie Pattihis to talk about how to grow your business, attract investment, recover a debt, website compliance or for general commercial advice (DD: 0207 822 4136, email: firstname.lastname@example.org).