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Every business, no matter what its size or age, should create a business plan. Your business plan shows lenders, investors and your employees (if you have these) your vision, strategy, objectives and tactics to grow your business. A business plan will include an executive summary, that needs to be easy to read, and highlights the significant points in your business plan. You will also need to cover:
Cashflow is the lifeblood of any business. A weekly cash flow shows all the ins and outs of cash across your business. This helps you to understand how much cash your business generates and what is paid out. You also need to understand your working capital to operate the business. This includes reviewing stock levels, so any excess is removed, and prompt issuance of sales invoices and managing payments to minimise late-payers. Any capital expenditure also needs to be reviewed to make sure it is achievable without damaging your cashflow. More businesses are using automated payments to help improve the speed of payments.
Over time things change and it is a sensible idea to revisit and update your business plan. This will allow you to maximise any new opportunities that have arisen and make sure you can adjust your plan if things such as budgets or sales have over or underperformed. If you decide you want to find a business investor, this may not only provide the capital you are looking for, but could also bring additional business contacts and experience to give your business a further boost.
Whether you are a manufacturer or in the services industry, providing an excellent customer experience is essential to increase the reach of your business through recommendations and referrals, and to increase your repeat revenue from existing clients. It’s important that driving great customer service is part of your business culture; you can do this by making sure your product information is clear and easy to understand, and by training your staff in not only how your product or service works, but also in conflict management and developing empathy. You should also encourage feedback about your products and services from customers; not only can these form great reviews, but they also help you to improve your current offering and develop new product/service ideas.
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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A useful guide about how to start a small business.
A useful guide about how to start a small business.
A VAT loan is used to pay the quarterly VAT bill of VAT registered businesses. Find out how to smooth your cashflow using a VAT loan.
A VAT loan is used to pay the quarterly VAT bill of VAT registered businesses. Find out how to smooth your cashflow using a VAT loan.
Sign up to the moneyfacts.co.uk business newsletter today
Sign up to the moneyfacts.co.uk business newsletter today
A useful guide about how to start a small business.
A useful guide about how to start a small business.
A VAT loan is used to pay the quarterly VAT bill of VAT registered businesses. Find out how to smooth your cashflow using a VAT loan.
A VAT loan is used to pay the quarterly VAT bill of VAT registered businesses. Find out how to smooth your cashflow using a VAT loan.
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