Once established, many start-up owners begin thinking about how to grow their business, but it’s hard work and the UK is still operating under difficult business conditions.
According to UKBI, a professional association for start-ups, only 30% of small and medium-sized companies registered survive for longer than five years.
So, how do small businesses not only survive, but thrive in these tough economic times?
Plan, plan, plan
Some entrepreneurs either don’t like planning, or don’t feel that they’re able to spare the time for it. Following your gut instinct and making ad hoc decisions might have been enough to turn a new business idea into a start-up, but growing a new enterprise into a sustainable business requires a lot more thought.
Developing a business plan should ideally be the first thing you do before starting a company. This plan should be a work-in-progress document that gets revised on a regular basis – at least once a year. Your business plan will not only act as a guide and provide your staff with a common understanding of your goals, objectives, tactics and resources, but it will also act as a benchmark. What’s more, if you’re planning on getting a bank loan, government funding or venture capital, you’ll definitely need a business plan.
Published on blog.flexioffices.co.uk. To read the full article, please click here. If you’d like to join us for business networking and to receive high quality business referrals in San Diego, California please visit our website at www.sdrefnet.com.