Business121 Small Business Newsletter #40

In this week's Business121:

1. Top 10 small business tips
2. Bibby Financial Services offers Small Firms Loan Guarantee Scheme funding
3. A Guide to Key Inland Revenue Payroll Forms
4. eBay UK makes communications easier for online traders
5. 10 Hi-Tech Tips To Increase Productivity
6. New Age Discrimination Laws - Most Small Businesses in the Dark
7. Family-career balance key to small business success
8. FPB want tighter control on late payment
9. Directors hiring illegal migrants to be struck off
10. Women ignore grim data to drive rally in start-ups

Top 10 small business tips
A week off last week allowed me to re-charge the batteries and to catch up on some reading. One of the books I packed into my suitcase was, 'From Acorns... how to build your brilliant business from scratch' by Caspian Woods.

And what a good read it was - full of practical tips on running a small business - with some great real-life examples from entrepreneurs that really illustrate the advice being handed out.

I found myself nodding in agreement with most of the insight and ideas the book dishes out. This is particularly true for the Top 10 Tips it gives;

1. Get selling
Business is not rocket science. If you’ve got plenty of people buying things from you for more than they cost you, you are most of the way there. There are many distractions along the way, but you should always be spending at least 50 per cent of your time selling.

2. Strive to be different
There is a lot of noise out there, and a lot of big boring companies and products. Genuine original thinking does not cost a penny, and with a bit of it you can really leap ahead of the competition.

3. Don’t take rejection personally
You are going to get a lot of knock-backs in business – the secret is not to let them get you down. As any nightclub Casanova will tell you – success is a numbers game.

4. Cash is king – hire a dragon
You haven’t sold anything until the cash is in your bank. Lack of cash in your bank can bust even the brightest business. Hire a dragon to keep control of it.

5. Cost your own time properly
Your business’s scarcest resource? It’s your time. Only spend it on the areas where you add the most value. Also, cost your own time properly – you might be willing to work for 50p an hour, but you will never be able to find anyone else who will.

6. Raise your price ...
... and keep increasing it until your customers begin to squeak. Remember, the right price is what your customers are willing to pay. Your costs only tell you if you’ve got a good deal from your suppliers.

7. Get out of the engine room and onto the bridge
Don’t spending weeks lovingly crafting an intricate business plan then dump it in a drawer. Take time out regularly to think about the direction of your business, even if your plans are scribbled on the back on an envelope.

8. Get a mentor
Starting in business can be like climbing a mountain in flip-flops with only a road map to guide you. Why not get the advice of someone who has been there before?

9. Bear in mind, sometimes customers don’t want the best – they want the least worst
A prime factor in winning and keeping customers is reassurance. This feeling of trust comes from having a good brand. To build a good brand, you don’t need big bucks.

10. Be persistent and avoid isolation
Our greatest glory is not in never falling; it is in rising every time we fall. Surround yourself with supporters so you keep your mojo even when things are bad.

Good advice for every small business owner there!

If you'd like to get your hands on the book, Business121 readers can get a 20% discount on (plus free postage in the UK and Europe) by visiting; http://www.pearson-books.com/voucher and entering voucher code: QM008C. Offer ends 1st September 2006.

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Bibby Financial Services offers Small Firms Loan Guarantee Scheme funding
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Bibby Financial Services (BFS), one of Bytestart's partners, has announced it is now able to offer funding to UK businesses under the Small Firms Loan Guarantee scheme;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=56

A Guide to Key Inland Revenue Payroll Forms
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Our summary of some of the key HMRC forms you will get to know after setting up a new business. Including Forms; P45, P60, P11D, P35 and Self Assessment;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=53

eBay UK makes communications easier for online traders
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eBay is adding a new service for online traders which will let sellers add Skype functions; including free internet voice calls and instant messaging to their listings across a range of categories;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=55

10 Hi-Tech Tips To Increase Productivity
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More and more small businesses are taking advantage of advances in technology to increase productivity and reduce costs. Here are 10 tips to help you stay connected;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=57

New Age Discrimination Laws - Most Small Businesses in the Dark
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Legislation prohibiting age discrimination in the workplace comes into effect in October 2006. A recent survey shows, many small businesses are in the dark about what the legislation involves;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=52

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SMALL BUSINESS NEWS
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Family-career balance key to small business success
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A new survey of 500 small business owners has found that 62% considered a balance between family and career the key measure of a successful business, while only 19% considered profit a top priority;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=54

FPB want tighter control on late payment
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The FPB is calling on the Government to do more to help small firms understand their rights on late payment;
http://www.bytestart.co.uk/cgi-bin/click.cgi?id=58

Directors hiring illegal migrants to be struck off
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COMPANY directors could be struck off and their firm’s assets seized if they are caught employing illegal workers, under proposals being drawn up by the home secretary;
http://business.timesonline.co.uk/article/0,,8213-2272152,00.html

Women ignore grim data to drive rally in start-ups
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The Telegraph reports that the number of businesses ceasing trading has jumped by almost 50pc in the first three months of the year, according to figures from Barclays;
http://snipurl.com/_Business_closures

** For the latest Small Business News, visit http://snipurl.com/Bytestart_News **

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(c) Business121.co.uk 2006