Make sure you understand the basics, such as how to manage cashflow, IT, customer service and planning.

  • Make sure you understand the basics, such as how to manage cashflow, IT, customer service and planning.
  • Develop a comprehensive plan. It should provide you with a blueprint for the operation of your business and help you monitor progress against your objectives.
  • It's a lot easier than most people imagine to get money out of their bank manager to launch or expand a business. You simply have to prove that you have a viable proposition.
  • Research your market. Make sure you understand what market you are in, who your competitors are, why a customer should buy from you as opposed to your competitors, and whether the market is growing or declining.
  • Recruit the right staff. Small businesses have to rely heavily on the quality of their people.
  • Stay in control. Make sure you manage debt and credit, and don't be tempted to overstretch yourself - or your business.
  • Set appropriate prices. Know your own break-even point and your competitors' prices, and set your own accordingly.
  • Join a business organisation such as the Professional Contractors Group ( www.pcg.org.uk or 0845 1259899) to provide you with additional support and a knowledge base.


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