Category: Business Advice

Starting a business can be an exciting yet daunting venture. One of the first pieces of advice you’ll often hear is to create a business plan. But what exactly is a business plan, and do you really need one? Let’s break it down into simple, logical steps.

What is a Business Plan?

A business plan is essentially a roadmap for your business. It outlines your goals, the strategy for achieving them, and the resources you need. It’s a way to plan out the journey of your business from inception to success.

Why Create a Business Plan?

1. Clarify Your Ideas: Writing down your ideas forces you to think them through logically and thoroughly.
2. Set Objectives: A plan helps you set clear, measurable goals.
3. Attract Investors: Investors and banks often require a business plan to understand your vision and assess the viability of your business.
4. Track Progress: It gives you a baseline to measure your progress against.

Is a Business Plan Important for Small Businesses?

Absolutely. Even if you’re starting a tiny business, having a business plan is still beneficial. Here’s why:

1. Focus and Direction: For a small business, resources are often limited. A business plan helps you focus your efforts and make the most of what you have.
2. Preventing Mistakes: Planning helps you foresee potential pitfalls and avoid common mistakes that can be costly for a small business.
3. Growth and Scaling: Even small businesses aim to grow. A business plan provides a framework for scaling up when the time is right.
4. Efficiency: Small businesses often juggle multiple tasks. A plan helps streamline processes and improve efficiency.

Steps to Creating a Business Plan

1. Executive Summary: Start with a brief overview of your business. Include the name, location, the product or service you offer, and the fundamental goals of your business. Think of this as the elevator pitch of your plan.
2. Business Description: Go into more detail about your business. What problem does it solve? What’s your mission? Describe your business model and how you plan to make money.
3. Market Analysis: Understand the market you’re entering. Who are your competitors? What’s the demand for your product or service? This section shows that you’ve done your homework and understand the market landscape.
4. Organisation and Management: Outline your business’s organisational structure. Who are the key players? What are their roles and responsibilities? This section helps clarify who does what and can reassure investors that you have a competent team.
5. Products or Services: Describe what you’re selling. What makes your product or service unique? How does it benefit your customers? Highlight the features and benefits that set you apart from competitors.
6. Marketing and Sales Strategy: Detail how to attract and retain customers. What marketing channels will you use? What’s your sales strategy? This part of the plan shows how you’ll reach your market and grow your customer base.
7. Funding Request: If you need funding, outline how much you need and how you’ll use it. Be specific. Whether it’s for equipment, salaries, or marketing, detail each aspect of your funding needs.
8. Financial Projections: Provide an overview of your financial expectations. This should include projected income, cash flow, and balance sheets. This section is crucial for showing investors that your business is financially viable.
9. Appendix: Include any additional information that can support your plan. This might be resumes of your team, legal agreements, product photos, or other relevant documents.

Do You Need to Stick Rigidly to Your Business Plan?

The short answer is no. While a business plan is a helpful tool, it’s not set in stone. Think of it as a living document that can evolve as your business grows. Here’s why:

1. Adaptability: Markets change, customer preferences shift, and new competitors emerge. A rigid business plan can hinder your ability to adapt. Be flexible and ready to pivot if needed.
2. Learning and Growth: As you gain more experience, you might find better ways to achieve your goals. Your initial plan might not account for everything you’ll learn along the way.
3. Opportunities: New opportunities can arise that weren’t available when you first created your plan. Being open to these can lead to unexpected growth and success.

Tips for Creating a Flexible Business Plan

1. Regular Reviews: Schedule regular reviews of your business plan. Assess what’s working, what’s not, and adjust accordingly.
2. Set Short-Term Goals: While long-term goals are important, focus on achievable short-term goals. This keeps your plan dynamic and manageable.
3. Involve Your Team: Get input from your team. They can offer valuable insights and help you stay adaptable.
4. Be Realistic: Set realistic and achievable goals. Overly ambitious plans can be discouraging and unrealistic.

Conclusion

Creating a business plan is a valuable exercise for any new business owner. It helps clarify your vision, set goals, and attract investors. However, it’s equally important to remain flexible and open to change. Your business plan should guide you, not constrain you. Regularly review and update it to ensure it remains relevant and effective as your business grows. Remember, the journey of a thousand miles begins with a single step, but sometimes, the path may change along the way. Stay adaptable, keep learning, and enjoy the process of building your business.

In the professional world, the roles of a business coach and a mentor are often pivotal in an individual’s development. While both aim to provide support and guidance, their approaches, relationships, and focuses differ significantly. Here, we explore these distinctions to help you decide which might be the best fit for your needs.

Nature of the Relationship

• Business Coach: Engaging a business coach is usually a formal and structured affair. Coaches are often paid professionals who provide targeted guidance to help you achieve specific business goals. These relationships are typically built around a set agenda with clear, measurable outcomes in mind.
• Mentor: A mentoring relationship tends to be more informal and can develop naturally over time. Mentors offer their wisdom, guidance, and advice based on personal experiences, often without any financial transactions. The dynamic is more relaxed, and the relationship is built on mutual respect and trust.

Focus

• Business Coach: The primary focus of a business coach is on improving particular skills, enhancing performance, and achieving defined business objectives. They employ various tools and techniques to help you overcome obstacles and realise your potential in a structured manner.
• Mentor: Mentors provide broader guidance, sharing insights from their career journeys and offering advice on both career and personal development. Their focus is more on your long-term growth and holistic development rather than specific, immediate business goals.

Expertise

• Business Coach: Coaches are trained in coaching methodologies and techniques. They may not always have direct experience in your specific industry but are skilled at helping you unlock your potential and solve problems through effective coaching strategies.
• Mentor: Mentors typically possess substantial experience within your field. They draw from their own successes and failures to provide practical advice and industry-specific knowledge, making their guidance highly relevant and actionable.

Duration

• Business Coach: Coaching engagements are often for a fixed period, such as several months to a year, with a defined schedule of sessions. This fixed-term approach is designed to achieve specific results within a set timeframe.
• Mentor: Mentoring relationships can last for many years and do not usually have a set end date. These relationships evolve naturally as your needs change, providing ongoing support throughout different stages of your career.

Approach

• Business Coach: Coaches often use a structured approach that includes assessments, goal setting, and regular progress reviews. This methodical process ensures that you stay on track to achieve your objectives.
• Mentor: Mentors typically offer more flexible, ad-hoc guidance tailored to your current needs. The approach is less formal and more adaptable, focusing on providing support as and when required.

Which Is Right for You?

Understanding these distinctions can help you make an informed decision about which type of support is best suited to your professional development. Whether you need the structured, goal-oriented approach of a business coach or the broad, experience-based guidance of a mentor, both can be invaluable resources in your career journey. Choose the one that aligns with your current needs and long-term aspirations to maximise your growth and success.

Navigating the world of business can be a daunting task, especially for small business owners and entrepreneurs. While determination and hard work are crucial, sometimes the guidance of an experienced mentor can make all the difference. Here are some key signs that indicate it might be time to consider working with a business support mentor.

1. Struggling with Strategic Direction

One of the most common challenges for business owners is deciding on the strategic direction of their company. If you find yourself unsure about your business goals or the steps needed to achieve them, a mentor can provide invaluable guidance.

• Clarity of Vision: A mentor can help you define and refine your vision and long-term goals. They bring an external perspective, which can be crucial in identifying opportunities and potential pitfalls.
• Strategic Planning: With their experience, mentors can assist in creating a comprehensive strategic plan. This includes setting realistic milestones, developing actionable steps, and prioritising tasks that will drive your business forward.

By leveraging the expertise of a mentor, you can gain a clearer understanding of where your business is heading and how to get there.

2. Facing Stagnation or Declining Performance

Every business experiences ups and downs, but prolonged periods of stagnation or decline can be particularly challenging. If your business growth has plateaued or you’re facing declining performance, it may be time to seek external support.

• Identifying Issues: A mentor can help pinpoint the root causes of stagnation or decline. Whether it’s outdated processes, ineffective marketing strategies, or operational inefficiencies, they can provide insights to help turn things around.
• Innovative Solutions: Experienced mentors often have a wealth of knowledge and can suggest innovative solutions that you might not have considered. Their fresh perspective can inspire new approaches and revitalise your business.

A mentor’s objective assessment can be the catalyst needed to reignite growth and improve performance.

3. Seeking Skills and Knowledge Enhancement

No business owner knows everything, and there’s always room for improvement. If you feel that there are gaps in your knowledge or skills that are hindering your business, a mentor can provide the necessary guidance and training.

• Industry Insights: Mentors typically have extensive experience in specific industries. They can share insights and best practices that are directly relevant to your business.
• Skill Development: Whether it’s leadership, financial management, marketing, or any other critical business skill, a mentor can offer training and advice to help you grow professionally.

Enhancing your skills and knowledge with the help of a mentor can directly impact your business’s success and sustainability.

4. Expanding Your Network

Building a strong professional network is essential for business growth. If you’re struggling to make valuable connections within your industry, a mentor can open doors for you.

• Networking Opportunities: Mentors often have extensive networks and can introduce you to potential partners, clients, suppliers, and other key stakeholders.
• Reputation Building: Being associated with a respected mentor can enhance your credibility and reputation within your industry, making it easier to form meaningful business relationships.

A mentor’s network can provide opportunities that might otherwise be out of reach, facilitating growth and collaboration.

5. Overcoming Specific Challenges

Every business faces unique challenges, and sometimes these challenges require specialised knowledge or experience to overcome. If you’re dealing with a specific issue that you can’t resolve on your own, a mentor can provide targeted assistance.

• Problem-Solving: Whether it’s navigating regulatory hurdles, managing a major project, or overcoming financial difficulties, a mentor can offer practical advice and solutions.
• Emotional Support: Beyond professional guidance, mentors can also provide emotional support. The entrepreneurial journey can be lonely and stressful, and having someone to talk to who understands your challenges can be incredibly reassuring.

Mentors can help you tackle specific issues with confidence, ensuring that your business remains resilient and adaptable.

Conclusion

Deciding to work with a business support mentor can be a game-changer for your small business. Whether you’re struggling with strategic direction, facing stagnation, seeking to enhance your skills, looking to expand your network, or dealing with specific challenges, a mentor can provide the guidance and support you need.

Remember, the right mentor should align with your business values, have relevant experience, and be someone you respect and trust. By investing in a mentorship relationship, you’re not only investing in your business’s success but also in your personal and professional development. Embrace the opportunity to learn from others, and watch your business thrive.

Navigating the world of business can be a daunting task, especially for small business owners and entrepreneurs. While determination and hard work are crucial, sometimes the guidance of an experienced mentor can make all the difference. Here are some key signs that indicate it might be time to consider working with a business support mentor.

Running a small business can be incredibly rewarding, but it also comes with its fair share of challenges. Efficient operations and steady growth are crucial for long-term success. Here are four practical and easy-to-action tips that can help your small business become more efficient and increase profitability.

1. Streamline Your Operations with Technology

In today’s digital age, leveraging technology is essential for business efficiency. There are various tools and software designed to automate and simplify different aspects of your operations.

•   Accounting Software: Use accounting software like Xero or QuickBooks to manage your finances. These tools help you track expenses, generate invoices, and monitor cash flow effortlessly.
•   Customer Relationship Management (CRM): Implement a CRM system such as HubSpot or Salesforce to manage customer interactions and data. This will help you improve customer service and streamline sales processes.
•   Project Management Tools: Platforms like Asana, Trello, or Monday.com can help you organise tasks, track project progress, and ensure that deadlines are met.

By integrating these tools, you can save time, reduce errors, and focus more on growing your business.

2. Focus on Customer Retention

Acquiring new customers is important, but retaining existing ones is equally, if not more, crucial. Repeat customers tend to spend more and can become advocates for your brand.

•   Personalised Communication: Use email marketing to send personalised offers and updates to your customers. Tools like Mailchimp or Sendinblue make it easy to segment your audience and tailor your messages.
•   Loyalty Programmes: Implement a loyalty programme to reward repeat customers. Discounts, special offers, and exclusive access to new products can incentivise repeat business.
•   Exceptional Customer Service: Ensure that your customer service is top-notch. Respond promptly to inquiries, resolve issues efficiently, and always go the extra mile to make your customers feel valued.

Building strong relationships with your customers can lead to increased loyalty and more referrals, boosting your revenue.

3. Optimise Your Online Presence

In an increasingly digital world, having a strong online presence is vital for attracting and retaining customers.

•   Website Optimisation: Ensure your website is user-friendly, mobile-responsive, and optimised for search engines (SEO). Fast loading times, easy navigation, and quality content can significantly enhance user experience.
•   Social Media Marketing: Leverage social media platforms to engage with your audience. Regularly post relevant content, interact with followers, and use targeted advertising to reach potential customers.
•   Online Reviews: Encourage satisfied customers to leave positive reviews on platforms like Google My Business, Yelp, or Trustpilot. Positive reviews can build credibility and attract more business.

A robust online presence not only makes it easier for customers to find you but also helps build trust and authority in your industry.

4. Implement Cost-Control Measures

Effective cost management is crucial for maintaining profitability. Regularly review your expenses and look for ways to cut unnecessary costs.

•   Supplier Negotiation: Negotiate better deals with your suppliers. Long-term relationships and bulk purchases can often lead to discounts.
•   Energy Efficiency: Reduce utility costs by implementing energy-efficient practices. Simple changes like using LED lighting, installing programmable thermostats, and encouraging employees to turn off equipment when not in use can lead to significant savings.
•   Outsourcing: Consider outsourcing non-core activities such as IT support, accounting, or marketing. This can reduce overhead costs and allow you to focus on your core business activities.

By keeping a close eye on your expenses and finding ways to reduce costs, you can improve your bottom line without compromising on quality.

Conclusion

Growing a small business requires a strategic approach and a willingness to adapt and innovate. By streamlining operations with technology, focusing on customer retention, optimising your online presence, and implementing cost-control measures, you can enhance efficiency and profitability. Start by taking small steps in each of these areas and watch your business thrive.

Remember, consistency is key. Regularly review and adjust your strategies to ensure they remain effective and aligned with your business goals. With dedication and the right approach, your small business can achieve sustainable growth and success.

Over the last few months I have done so much reflecting for so many reasons. I really wanted to share this with you, to prove to you, that anything can be achieved if you put your mind to it.  Sorry, I know that sounds cliche, but its true.

July 2016 marks 10 years since I sat at home as a 16 year old boy and wondered what to do with my life. I looked at an almost empty bank account and thought ‘what can this £3 be spent on’.

I had my first major life choice to make… ‘A Big Mac’ or ‘A Domain Name’, I won’t tell you what my gut told me, but I chose a domain name.

This domain name paved the way to change my life.

Over the last decade, through tough times, and great times, that one life choice has helped me grow my web design company Damteq from absolutely nothing, to an agency with a great team of people, a modern office, and over 350 clients based all over the UK (and beyond). We have never had a business loan or any type of financial support, the business has been sustained through organic growth alone.

I grew up in a normal family, and no one had ever run a business before, so I entered into the world of unknown. The risk-taking has been high and I have often sat with my eyes closed tightly, praying that I made the right choice.

However, through the ‘mostly’ calculated risk-taking we have won various awards and in late 2015 was awarded as a Top 50 UK Based Digital Marketing Agency by TopSEO’s. Our services have grown too, we now offer everything a business needs to work and flourish online, and in total I’ve setup, invested and run a total of 11 online businesses.

All of the businesses in the group are focused on the customer. We never settle for anything less than perfect in terms of customer service and with everything we do we offer a simple, realistic and honest approach. Over the years I have learned that companies often over-complicate things for absolutely no reason, so we don’t follow the leader of what is perceived to be the right way to work. My attitude helps keep team morale high, encouraging everyone in the business to work hard, keeping productivity up and as an end result, this reflects on every project we do, and keeps the client happy.

Not only have I been busy in the office, but more recently I’ve bought a beautiful first home and in just two weeks time, I become a married man. When I look back, I think of the absolutely incredible journey I have been on in the last ten years.

Moral of the story, it’s bloody hard work but if you have the passion and drive you are capable of achieving anything. Life will often give you back what you put into it. Money is the reward that comes from the hard work, but once you get it, don’t let it go to your head, use the money to make more money. Invest wisely.

Oh, also, if you’ve got a life choice to make and only £3…
Don’t choose the cheeseburger.

Check out my businesses here: www.damteqgroup.com
Damteq: www.damteq.co.uk
Contact me/Press Enquiries: adam@adam.social

You’ve thought of a great idea, congratulations, you’re one step closer to people buying it. You need to turn an idea in your head into a business, it’s so easy and the majority of the time it doesn’t have to cost you thousands of pounds.

Here are the 7 basic things you need to do before you start trading:

1. Name

Think of a great name for your company, this is how everyone will recognise you so it’s vital that you get it right. Have a think about your long term goals and ambitions. Shorter names are usually better, they stick in people’s heads.

2. Trademark

Have you got such a good idea that someone might want to steal the name? Think about registering the name as a trademark. It costs about £170 to register one class and lasts 10 years. Don’t use a third party to register it, they will charge you up to £500 and its so simple you CAN do it yourself.

3. Ltd, Partnership or Sole Trader

If you’re intending to trade over £40,000 a year it’ll probably more more tax efficient to register as a Ltd company, and there is less personal risk to you. Get advice from a business advisor, or contact me if you want some more information.

4. Bank

Before you can see the pound signs flowing into your personal account you need to notify the bank who will set you up a business current account. I have always used Barclays, they’ve always been great.

5. HMRC

Your business is going to be great, I promise, but sadly the taxman wants a cut of your success. Register early on to save the problems later.

6. Financial planning, funding and grants

Planning ahead is vital to a successful business so you will need to think about drafting a cash flow forecast. I personally don’t believe in business plans, you’ll spend hours writing one, then it’ll sit in a drawer gathering dust for five years. You might need to write a business plan for the lenders if you’re intending to get a grant or loan to fund your business.

7. Website, Branding, Marketing

Think about how you’re going to market your product or service and plan your budgets early. Think about your target audience and how you want your brand to be perceived. Register a domain name early as well as setting up a professional email address as this will go a long way.

I have tried to consolidate the absolute basics into a very short space. I would love to have a chat with you about your business, so if you need any help at all, I am here to help. Just click the button below to get in touch.

Over the last nine years I have had lots of experiences that have been rewarding, from renting my first office, to employing my first member of staff. One of the first things I thought of when thinking of the structure of my business, was to come up with a mission statement, and it was so easy for me. I chose Simple Creativity. Short, sweet, to the point and in itself – SIMPLE.

By living and breathing these two words for a decade, it has helped me establish a great presence with business owners locally and nationally to gain trust and reassure them that we won’t baffle them with bullshit to win them over.

Here are my top 6 tips to remember when starting your business. I promise you, by doing these 6 things you WILL be successful and you WILL get long term customers.

1. Be Yourself

We are all people, no robots. People buy from people. Be yourself and make sure your personality comes across in meetings, on your website and through your branding. In my business I don’t wear a tie and I never think twice about picking my phone up and texting a client ‘How are you doing today? What did you do last night!?’

2. Be Honest

If you’re expensive, be honest… for what you’ll do for the client, you’re probably great value for money. If you’ve forgotten to hit a deadline, be honest, it’s probably not the end of the world. We can all forget sometimes, its just human error. I have won so much business through just being honest.

3. Be Transparent

Don’t beat around the bush. Be clear to your customer with what they are getting and how it will work for them. No bullshit.

4. Be Responsive

How many times have you made an enquiry to a company and they get back to you a week later with ‘Sorry, no we don’t do that.’ It’s SHIT. We have a policy in my business that we respond to all customer enquiries within 3 rings of a telephone and within 30 minutes to every email regardless of the time of day. Customer service is paramount to a successful business. Any response is fine, so if you have to wait for your supplier to get back to you, don’t worry! Just go back to your client with a message saying ‘We are just finding out from our supplier, please give us a day or two and we will get back to you properly’….. That is bringing everything together. HONESTY, TRANSPARENCY and you are BEING YOURSELF. It’ll go a long way. Trust me.

5. Be Strong

Not everyone will buy your service or product. Not everyone will like you. You won’t win every quote. You won’t hit your targets every month. Sorry to tell you but that is part of life and business, but be STRONG, you will get over it.

6. Don’t baffle to win business

It has taken me almost a decade to get my business processes right.

I sit in so many meetings with potential clients and get told the horror stories about other marketing agencies, how they baffle with bullshit to win business and to justify there £3000 a month retainer. It shouldn’t be like this. I will tell you now, marketing isn’t rocket science, and if you had time, you’d be able to do it yourself. It needs to be clever and consistent to see results. We never baffle with bullshit, if something doesn’t work quite as it should, we own up to it. We are only human after all.

I hope you have found this blog useful. If you have a horror story, or would like help with your business. Talk to me. The link is below.