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.

The secret guide for small business success – from the experts themselves

If you’re an avid Twitter fan you may have seen that since the 1st December 2009, we’ve been asking our beloved Twitter followers and friends to tell us their top tips and tricks to help small businesses tackle some of the challenges they face today, and inspire budding entrepreneurs to grow and improve their business. Each day, over the 12 business days of Christmas (#12DOC) we asked topical questions that were significant to small businesses in the UK.

The response has been so good we wanted to share them with you all! So we compiled your fantastic insights into ‘The Secret Small Business Guide’, created by small businesses for small businesses. 
You can download it for free here .We asked about everything from coming up with a great idea and designing a top website, down to good time management and financial skills. The guide features tips from a range of entrepreneurs and small business owners and experts.

Some of the key tips include:

• Planning – one of the most important requirements for any entrepreneur is a business plan; not one that lives in your head or one that is consigned to an office cupboard, but a live business plan. (Alan Gleeson, Palo Alto Software Ltd)

• Be social – Social Media is a big thing right now and will only get bigger. Make sure you set up a Facebook page for your business and register with LinkedIn and Twitter. All this combined will generate results eventually, but it takes time. (Mark Adams, ACS Computer Services Ltd)

Optimistic outlook from small businesses

It seems the mood has changed to a more positive tone amongst small businesses in recent weeks. There is a general consensus that conditions are improving.

This week, The Times in conjunction with Barclays, released results from over 3,700 small business owners, who were surveyed on how they felt about the recession. Overall, the survey suggests a much more positive view from small business owners in comparison to six months ago. Many feel that the weight of last year’s recession has been lifted and their outlook for the New Year is a lot more upbeat. In fact, more than 60% of respondents were feeling confident about the future of their business.

Switching priorities:

While last year the priority for small businesses was very much focused on keeping cost down and the doors open for business, the priority is now shifting to expansion and growth, with small businesses investing in the new technology, people and expanding their product lines. 53% of those surveyed planned to grow their business throughout 2010; this is a significant increase from this time six months ago when just 42% of respondents had the intention of expanding.   

It’s obvious that small business owners have endured a tough year with their strategies being tested to the max. Only recently, it was reported that the UK economy was still in recession – yet, despite this, small businesses are showing real determination and grit, and now it seems, feel optimistic about their future.

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.