Entrepreneur offers startup tips
Ahead of Global Entrepreneurship Week, the managing sirector of specialist staffing firm, 2B Interface has said that the devil is in the detail when it comes to getting through a start-up’s & lsquo;rocky first year’, before success can be realised.
From monitoring stationery orders to maintaining a tidy desk, Beatrice Bartlay says that Britain’s innovators need to look beyond the necessary business plan to really see the pay off.
The Department for Business, Innovation and Skills reported last week that the number of new private sector businesses in the UK has increased by 102,000 since October 2012, with SMEs making up almost half of the UK’s business revenue.
Bartlay, who this year successfully franchised her specialist staffing firm 2B Interface after eight years of hard work and steady growth, said: “The UK’s smallest businesses employ fewer than 50 people and contribute a third of private sector turnover, and it’s time this silent majority is lauded for its incredible effort and contribution to our economic recovery. But it is during the first year when start-ups are most likely to fail. There are some essential things that can be done in those first 12 months to avoid some of the biggest, and less obvious pitfalls.”
The UK entrepreneur's top tips are:
Get your staffing right: The people make a brand, the people are the ones delivering excellent customer service, and it’s the people making sure that customers get exactly what they’ve paid for
Prepare for the unexpected: From losing your broadband connection to accidents, you should use risk assessments and take expert advice to ensure you can take the hit
Raise your profile: Show your passion for your industry and engross yourself in networking. Attending conferences, awards ceremonies and exhibitions relevant to your industry may be time consuming, but the networking opportunities are rife and the people you meet will be invaluable contacts
Get SMART: Set personal and business goals using the SMART methodology (specific, measureable, achievable, realistic and timed) and re-visit these on a regular basis. Don’t be afraid to dream big, as long as it’s realistic, and don’t pin the entire business’s survival on one achievement. Also, if you’re over-achieving, be critical and make your goals bigger
Account for every penny: Budgeting is a no-brainer, but speaking from experience, a back-up source of revenue is strongly advised. Cost control can be the difference between a success and a failure. Set up purchasing policies to ensure you’re not blowing profits on ball point pens, and don’t be bulled by late payers through the need for their business
Have a good day: Managing your and your staff’s time wisely. Only ever tackle one task at a time. It’s very easy to let stress get on top of you, and then mistakes will start to creep in. Get lots of sleep. Keep your office and paper work tidy. But most of all – enjoy the ride!
Global Entrepreneurship Week runs from November 18-22.