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What I learned from going bust

September 5, 2017

Business startup lessons

Every business owner can learn valuable lessons from studying how successful businesses are born and grow.

Looking out for, and replicating, key drivers of success in other businesses, can help to drive our own business forward.

However, vital insight can also be gained from business failures. In many cases, what we can learn from terminal business mistakes can prove even more illuminating than what we can glean by following the high-flyers.

Here, Robin Booth shares his experience of going bust, and highlights lessons we can all learn from a business failure.

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steps to successful financial planning

Good planning is important for both startups and established businesses, and a financial plan is no exception.

As a new business owner, you have probably never had to produce a financial plan, so it can definitely be a daunting prospect. However, investing a little time and effort in making a financial plan for your new business can save you a lot of money and pain down the line.

So to help you get your financial plan right we asked Robin Booth of Brixx.com to outline the 6 steps to develop a coherent, holistic financial plan of your business. Continue…

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factors affecting your business plan

Thinking about your business in different ways affects how you plan for the future, opening up some new avenues, but making others potentially harder.

By being aware of how you view your business you’ll also invent new ways of thinking about it, which will give you a more balanced and flexible approach to financial planning. Robin Booth of Brixx.com explains how to think differently about your business, and the benefits of doing so; Continue…

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planning your business for short term and long term success

Planning ahead is important. It helps you to understand where you want to get to and how you’re going to get there.

However, financial planning can be a bit of a mystery for many small business owners. So to help demystify it, we asked Robin Booth of Brixx.com to answer the questions business owners often ask about financial planning;

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According to Bloomberg’s infamous, mythical study, 8 out of 10 businesses fail in their first 18 months.

The Bloomberg figure has been shown to be nonsense, but business failure statistics given by other sources still report business closure rates of 20-40% within the first 2 years of trading, which is still a very high failure rate.

In this article, I’m going to explore one of the ways to avoid the financial pitfalls many businesses find themselves in. I’m going to talk about not just having a financial plan – but understanding the discipline of testing it.

There are myriad reasons why such a large proportion of businesses don’t succeed, but for small businesses cash flow problems are one of the most common reasons. There are practical ways to stave off cash flow problems – but much better if they can be avoided in the first place. Continue…

Financial reports are standardised measures of a business’ financial health. They are a necessity for publicly traded companies, but this does not mean that they are only useful for large organisations.

Each of the various types of financial reports in this article takes a different view of the business. These reports can seem intimidating at first, but you don’t need to be an accountant to understand them. With a little knowledge you’ll find new ways to look at and analyse your business.

To help you get a fresh insight into your business, I’m going to show you what the purpose of each financial report is, and the kind of information it can reveal about your business. Continue…

When you decide it’s time to get your business started, you’ll find the first piece of advice given by most experts is to “get a business plan written”.

And they’re right; that is the first step to turn your business dream into a reality. But many people find it the hardest step to make.
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When it comes to writing a business plan, there is one single golden rule that dwarfs all others – your business plan must address each of the key concerns of your potential backer.

If you fail on this first point, all the other things you should and shouldn’t do pale into insignificance and even a great business idea might fail to get backing it needs. A good business plan keeps the investor happy, so follow these 10 Dos and Don’ts to ratchet up your chances of success:

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Writing a business plan is an important step in the business start-up process. And, if you want to raise funding for your new business, you simply must produce an up-to-date business plan to show potential backers.

Even if you don’t place much importance on the business planning process, the simple act of writing down your thoughts can help focus your mind on aspects of the business which you may otherwise have neglected.

So to get you started on the right path, here are 10 business planning tips to help you produce an effective plan; Continue…

There is a lot to be gained from business planning but many businesses will search for a million reasons to avoid it. However large or small your business is, planning for the future is critical to its success.

Apart from the obvious benefits of setting your stall out for the year ahead, creating an annual strategy will motivate, inspire and focus you on what needs to be done and when.
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If you’re starting-up or running a small business the ability to put together a persuasive business proposal will really help you to succeed.

If you have impressed a prospective client or partner after an initial meeting, phone call or email, you will frequently be asked to submit a business proposal.

This is not the time to become complacent. There will be others on the short list too, so a well-written and attractively presented business proposal is a crucial sales tool. It is often the difference between getting the go-ahead with your idea or missing out on a lucrative new opportunity.

Fortunately, if you follow these 10 golden rules, it’s not too difficult to put together a winning business proposal Continue…

One of the most useful bits of advice that established entrepreneurs give to people starting their own business is this: ‘cash is king’.

It doesn’t matter what business you’re in and how profitable it is, if you run out of cash, your business will struggle to continue. If you can’t pay suppliers you’ll have nothing to sell, and it’s a quick, vicious circle from there to insolvency.
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Many of the world’s most successful business people became that way with help from a key figure in their lives.

When you have a mentor or a coach, you are involving someone else in the decisions you need to make to grow your business. They will help you stay focused, on track, and get the most out of yourself.
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The second instalment of our two-part guide to writing a business plan for business angels, examines each of the main chapters in detail, highlighting the areas that need particular attention if you are to successfully attract funding from a business angel or private investor. Continue…

This guide has been written for ByteStart by John Courtney of Beer & Partners Ltd.

There are many books on writing business plans – all the banks provide a handy checklist for example. Yet business plans should always be written with the audience in mind. This guide is therefore aimed at helping you put your message across to one particularly critical audience – the business angel.

We see nearly 2000 plans a year and we know what our angel investors are looking for; more importantly perhaps we also know the pitfalls and howlers to be avoided. Continue…

Marketing your business should be fun and simple. Surely there can be no better way to spend a day than working on something which is going to help you achieve your objectives more quickly?

Sadly many business owners don’t see marketing that way. They see it as a necessary evil; something that “must be done” rather than something to look forward to and clear time for.

Often this is because they’re not really sure where they should be spending their time and marketing spend.

If this is you, you need a plan. And the good news is you don’t have to spend hours on it. You can put together a very good marketing plan for your business in just 60 minutes. It’s just a case of answering a few simple questions, doing a little bit of thinking, then adding the magic ingredient: Continue…

Life can be great when you’re running your business as a one man band. You get to escape the shackles of employment including a boss telling you what you do and when.

Of course there are downsides, such as the loss of a regular salary and other employment perks. And the most serious of these is how you would continue to earn money if something happened to you or your business.
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As you start up your business, the need for a well thought through business plan is clear.

Even if you are just going to be you sitting in your spare bedroom selling things over the internet, you need a business plan to understand how you are going to market your products or services and actually turn a profit.
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One of the keys to success in any venture is having an accurate and informative business plan. It will set a clear direction and ensure you spend your time productively. As a vital document, you need to invest time getting it right before you make any key business decisions.

There are numerous tools and sources of information online, that allow you to research and plan virtually any business idea. Here are a few of our favourites.
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Starting your own business is a really exciting thing to do. You get to take a dream that you have been harbouring for years and turn it into reality.

That means lots of planning and thinking about your business and how you want it to pan out. You can decide where you want to be years down the line and aim for it.
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How to restructure and reorganise your business

May 21, 2012

Restructuring a business can be a turbulent time; you may be juggling legal issues with disgruntled employees, expansion plans with uncertain investors or faced with frustrated customers. However, that isn’t a world away from the day-to-day nature of running a business, and you shouldn’t feel unnecessarily daunted just because you’re moving in a new direction.

What is a Business Plan?

September 25, 2011

A business plan is a document which captures how you expect your business will grow, according to a large number of factors such as funding, how the market behaves, the people involved in the business, and – of course – how successful you are at selling your product or service.

Turn your business into one that doesn’t need you

September 25, 2011

On day one of your new business, as you sit at an empty desk wishing the phone would ring, you think about the future and how exciting it will be to be busy. Fast forward two years to when you are working 14 hours a day, six days a week (with enough work to fill […]

Planning to survive a business catastrophe – how to write a disaster recovery plan

September 25, 2011

With all the excitement of starting and running your own business, it’s easy to overlook what might happen if it all goes wrong. A disaster could strike your business at any time, in any form. What if your main sales person was lured to an aggressive competitor, you lost your data, or your building was […]

Reviewing how your business is performing

August 3, 2007

It’s easy to focus on the day-to-day running of your business, especially when you have only just started-up. But once your business is established, it is actually time to start planning again. Here’s why you should review the performance of your business and how to get started.

What financial forecasts should I include in my business plan?

February 7, 2007

Expert opinions may vary, but in general there are some standard analyses that a business plan ought to have, regardless of specifics.