Small Business Matters | A Blog for UK Small Businesses

Top 10 Small Business Goals for 2010

The last 12 months have been incredibly tough for all of us, but we’re optimistic that 2010 will be a great year for UK small businesses. To succeed, businesses will need a sound understanding of their priorities and strategies. Based on our discussions with small business owners, we have come up with the Top 10 Goals for 2010 that every small business owner needs to think about.

Here is a taste of some of the tips on offer:

1. I will sort out my finances
Sometimes even the greatest business ideas can fail due to a simple lack of readily available cash. This is something that many small business owners find challenging to keep track of, but it’s vital to be aware of how much is being spent and for what, 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.

2. I will learn something new
Going solo can be nerve-wracking and lonely at times, however there is an absolute wealth of advice and top tips available online, as well as many forums and communities where other small businesses share their experiences. Our blog has advice and tips, including the ‘Secret Guide for Small Business’, which was created by small businesses for small businesses. Smarta, Enterprise Nation and BusinessLink are just a few other examples of sites where you can get free information and support.

Finger on the [Business] Pulse

The 2009 Business Pulse research launched at this year’s Small Business Week (19 – 23 October) has uncovered some interesting statistics and trends from Small Business Britain.

One point that stood out to us was that 48% of small business owners said that advice is essential to advancing their business. The fact that many small business owners are calling out for access to better advice and resources is something that we have blogged about previously and that we feel very strongly about. Initiatives like Small Business Week are a good chance to shout about these issues, and to make sure that small businesses are getting the support they need.

The small business owners surveyed were also largely optimistic about the future. 62% said that they expected to see a significant growth in profit within the next 18 months, primarily through increased marketing spend and investment in technology. Interestingly, it was the businesses who want to be at the forefront of technology who were also the ones who said that they have been least impacted by the recession and were most optimistic about the upturn.

It’s not over yet, but the future’s bright!

According to a new survey from The Open University Business School there are few signs that the recession is lifting for Britain’s small firms. Over half of the firms (52%) surveyed have seen their sales fall, and the economic climate is still their top problem, as it has been for all this year. On the other hand the future is looking slightly brighter, with one third of respondents expecting to increase sales over the next three months.

One sales channel that many small businesses overlook is the internet. In fact, according to research from PayPal and Mr. Site, more than half of small businesses in the UK do not have an online presence at all. This could be costing them valuable sales, especially as many potential customers will use the Internet to research their options.

Cyber sisters

A recent Sunday Times Style magazine highlighted the success of female entrepreneurs who are flexing their business skills online. Currently there are an estimated one million female entrepreneurs in the UK, creating an impressive turnover of about £4.4billion combined. From shoes to ethnic greeting cards these ladies are making their mark in the cyberspace.

More and more business women are deciding to leave the bricks and mortar of the traditionally glass ceilinged corporate world, to run their home grown businesses online. Aside from the cheaper start up costs and opportunity to finally turn their creative ideas into reality, these ladies are enjoying the freedom of online business as well as the luxury and independence of being their own boss.

Digital Britain report – impact on UK small businesses

Last week’s Digital Britain report will have a positive effect on many UK small businesses, but could be considered a baby step in the right direction for those aiming to compete internationally. The Government outlined its commitment to ensure universal access to faster broadband, which will make a huge difference to small business owners, particularly those based in rural areas. Many owners rely on the internet to conduct their business, and in the report, the government acknowledges that entrepreneurs are using digital technology to “revolutionise how they operate through online marketing and sales, improving accounting and internal procedures, online tax returns and record keeping and payments.”

The ability to improve accounting and internal procedures is more important than ever in the recession where small businesses are fighting for survival. In addition, as more financially-savvy consumers opt to spend online in search of the best deals, the internet is increasingly a vital channel that small businesses can use to reach a wider audience with their products and services.