The Enterprise Investment Scheme (EIS) is designed to help smaller, risky businesses raise funding to fuel growth.
Early-stage businesses can find it difficult to secure investment, so the EIS was set up to encourage more investors to back fledgling businesses by offering generous tax-breaks.
To help you see whether the EIS could help you raise funding for your business, we asked award-winning chartered tax adviser, Jonathan Amponsah CTA FCCA to explain how it works. (more…)
Ask a group business leaders, business owners, and entrepreneurs what their biggest business challenge is, and I’m confident you’d hear the same recurring thought: building their business in a sustainable, predictable, yet profitable way, quickly.
It’s a reality that most businesses never reach their full potential, always yearning for the thing that will catapult them into significance, but never really finding it.
So to help you in your business growth journey, we asked global growth authority, Royston Guest, to share his take on the ABC of business growth;
Britain’s entrepreneurial nature is highlighted by the fact that a new business is founded every hour. But only a small portion of these start-ups will make the leap to become a growing business that enjoys success at scale.
For the best chance of becoming a successful scale-up, small businesses need the right people, systems and processes in place, with an invest-to-grow mindset. They need to plan for the complexity, standardise and automate processes wherever possible and eliminate manual processes. (more…)
These 7 Guiding Principles to business growth have been developed through my 20 years of experience in working with thousands of organisations. Their purpose is to stimulate your thinking about the critical challenges and opportunities in growing your business and how you can avoid some of the errors that might otherwise stifle your growth potential or, worse, derail your ambitions.
As you read through these Seven Guiding Principles, score the current performance of your business against each on a scale of 1–10. How does your business shape up? (more…)
Small businesses often begin when an entrepreneur brings an idea to life on a laptop at the kitchen table. At this point, the entire IT infrastructure of the business is likely to be the computer and the software it’s running. But things can grow very quickly.
As your startup grows, the size and complexity of your business increases. An integrated and functional IT system can help you manage this transition, improving productivity, security and also saving money. And best of all, because of developments in hardware and software, it doesn’t need to be expensive or complicated to manage.
Using cloud services, a functioning virtual network can be created simply and quickly for your business in a matter of moments online. In fact, creating the network is the simple bit – to make it function properly and securely, you’ll need to gain some insight, do some planning and potentially get some external support.
Here, we share some practical hints and tips to help you manage your business’s IT as you grow and develop. (more…)
If you can create a culture of learning, not blaming, in your business, you are more likely to see your business grow and flourish.
If you allow a blame culture to take hold in a business, staff will tend to hide, or even cover up, any mistakes. This attitude can often compound problems further. On the other hand, a learning culture encourages errors to be highlighted so everybody can learn lessons from them.
To help explain the benefits a learning culture brings to your business, and how you can instil such behaviour in your team, we asked Justin Hughes, author of The Business of Excellence: Building high-performance teams and organisations to share his experiences and to explore a few of the key issues around a learning culture; (more…)
If you are running a successful business, the prospect of replicating that success throughout the country, with a team of crack managers at the helm can seem very attractive, but franchising is hard work, and lots of planning is required to ensure it is a success.
You’ve established a company, it’s successful, and everything is running smoothly. Congratulations, that’s a fantastic feat. But…
… at some point every company will find that its growth has plateaued. Although things are stable, stimulating growth becomes an issue and the company isn’t climbing to the next level.
When this happens to you, do not panic, take these five steps and you’ll kick-start your business growth strategy.
How do you describe yourself? Are you an entrepreneur, a technical expert, someone who is good at a specific task or a manager? Or are you a leader?
Whether you describe yourself as a leader or not, the chances are that your business needs you to show leadership at every stage of its development. So how do you successfully lead your business?
Here’s why great leaders do less, and the 6 key steps you need to take to transform yourself into a brilliant business leader; (more…)
If you want your business to grow, it will mean employing more people. And to give those new members of staff the best chance of helping you break through to a whole new level of sales and productivity, it’s important to set up systems.
These systems need to be scaleable, understandable, and effective. Don’t charge ahead and introduce systems blindly as you may find they are largely ineffectual, doing little, if anything to boost your company’s performance.
To construct clear, simple, effective systems. that will optimise your output, you need a foundational knowledge of the three basic layers of systems. Shweta Jhajharia, of The London Coaching Group explains;
When you start a new business you will need to do almost everything. This means you will need to roll up your sleeves and take a very hands-on approach. You will be working IN your business.
However, if you want to grow your business, you will need to pass on the day-to-day work to others and spend more time managing. You will need to work ON your business.
Some business owners find this shift difficult because it means giving up work that they enjoy. You, along with thousands of others, may have started your own business so you could follow a passion. But growing a business means that you can become detached from the work that fulfils you, and the very reason you started your business in the first place.
So how do you decide whether you really want to run your business?
As business owners we all make mistakes. It’s part and parcel of being an entrepreneur and taking risks.
Sometimes going wrong it’s part of the learning curve we all need to experience. However, there are some common pitfalls that catch many new business owners time and time again. They trip up the unwary, hold you back and stop your business from fulfilling its potential.
Knowing what these mistakes are will help you spot them before they ensnare you – saving you precious time, effort and money. Here, Shweta Jhajharia reveals the 6 leadership traps you need to avoid if you want your business to flourish.
Co-creation is the joining together of people to produce a mutually valued outcome.
In business, it is the cultivation of win-win solutions where efficiency, success, and staff fulfilment march hand in hand. Co-creation brings many benefits to businesses, such as;
- Team members feel respected and honoured, and they know their contributions make a difference.
- Job satisfaction and creativity is ignited, there is a positive flow of ideas, and problems get solved in surprisingly simple and practical ways.
- Staff remain loyal and stay longer because they love what they do.
For the entrepreneur, co-creation can be a challenge, a real anathema. The building of a business demands resolve and determination to push through ideas in the face of disbelief and scepticism.
For business owners who have honed such skills, co-creation may not come naturally. They struggle to let go of being in charge, and risk blocking further evolution of the business. Maybe this is due to a subconscious belief that no one can do the job as well as them – or indeed, a dread that others may do it better.
Parents, politicians, pundits, pub philosophers. They all have something in common – an arsenal of adages, aphorisms, proverbs, mottos and maxims. But of all the oft-used phrases you’ve heard in your life, which do you think sticks with people most?
- Give a hundred and ten percent
- Never say never
- Game of two halves
- Winter is coming