Global Entrepreneurship Week: Intuit takes to the airwaves!

As we mentioned earlier in the week, in honour of Global Entrepreneurship Week our resident small business specialist, Catherine Harrell, took to the airwaves to discuss why entrepreneurs are so important to the UK economy and to offer some top tips on starting a new business in tough economic times.

Catherine chatted with more than 20 stations around the UK, sharing insights that prospective small business owners and those who have already taken the plunge can use to be ensure their success.

Couldn’t get to the radio in time? Click the podcast below to hear Catherine’s interview with BBC Surrey (104.6FM).

BBC Surrey Interview

Throughout the day, Catherine offered these top tips:

Put your plan on paper – whether you’re approaching a bank or your friends and family, getting a strong business plan in place is crucial to securing funding. This should cover how you plan to attract customers to your business, as well as what your contingency plans are for when things go off track.

Cash is king – Awareness of how much is being spent and for what is important, as is tracking VAT and making accurate returns. It is important to keep on top of bookkeeping right from the start, otherwise there is a risk of forgetting crucial costs or, even worse, failing to invoice a customer.

Focus on customers – Do your homework and don’t assume you know the market inside out. Talk to your customers to understand their unmet needs. This type of consideration is especially crucial for those who are in the process of setting up a new business.

Market even harder – For as hard and long as it may be, no recession lasts forever. When the economy upturn will finally arrive, the name of your business should be front of mind. Word-of-mouth marketing and web presence are more important than ever to ensure that your small business is visible to potential customers.

Comments

[HelloTrade]

Thank you! My favorite is “Market even harder.” I feel marketing by itself may stir up some demand. And promoting your small business over the Internet and through word of mouth are low-cost means as well.

[Jean Wolfe]

Delighted to see you got so much publicity. I felt that the event did not get the attention it deserves.