Newboldology is a business consultancy with a difference, we work with small businesses to aid growth and we’re prepared to ‘roll up our sleeves’ to work on the practicalities, not just offer you recommendations – but actually implement them. We provide personable and friendly support when you need it!
Our Value Proposition (The official party line, every business should have one……)
Newboldology – For entrepreneurial, time-starved small business owners juggling the diverse aspects of their business model; our commercial expertise in strategic planning and marketing, along with implementation of efficient administrative and social media solutions will relieve pressure and reduce the demands on your time; allowing you to focus on strengthening your customer relationships.
Our 6-point guide to small business growth:
1) Business Pressures
Small businesses are understandably driven by the founders’ passion and drive, but they cannot do everything. Small businesses spend an average of 120 working days a year on administrative tasks to support the business; freeing up that time is essential, allowing owners and founders to do what they do best – be creative, innovative and grow their business.
2) Process Management
Being efficient in small business is key, but it’s all too easy in those early stages for business processes to evolve inefficiently taking up precious time and resources. Business systems and processes need to evolve with business growth. What worked on day 1 may well not be ideal in later months/years. An external perspective can offer useful insight.
3) Business Planning & Strategy
Everyone develops a business plan when they first start up, usually for funding or banking purposes along with a value proposition. However, this needs to be continually reviewed as your growth path may evolve and in 90% of cases will be different to your original plan. Have you developed other key strategies such as a defined marketing strategy and budget to help promote your business? You won’t achieve growth if you haven’t created any awareness of your products or services.
4) The Numbers
You would be surprised at the number of people who don’t regularly review cash flow and budgets as ultimately this will lead to business failure. All too often business owners look at cash in the bank without considering future expenses such as tax or VAT. Planning and budgeting is key.
5) Market Awareness, Products and Services
This is a key part of any business and for any entrepreneur usually where their strength lies. It may sound simple but make sure you are offering a product or service that the customer actually wants, not one that you think they need. You can ensure you remain competitive in your marketplace by carrying out research and seeking customer feedback.
6) Don’t get carried away
In the excitement of running a small business you can get carried away with spending at a time when overheads need to be kept under tight control, so seek support from like minded small businesses and professionals, that way you will get best value for money when funds are tight.
And now…………. some interesting business growth statistics* (can you identify with these?):
Out of 530 business surveyed…………..
• 12% of businesses are not even aware whether their turnover has increased or not.
• Over 50% are only prepared to finance growth organically or through restructure.
• 25% only want to achieve growth through processes and staff training improvements
• 23% are prepared to invest further in marketing and sales.
• 23% of businesses commented access to qualified skills and labour as a barrier growth.
• 35% do not have a ‘what if’ plan leaving their business exposed at times of uncertainty.
Running a small business is rewarding and worthwhile, but it can be pressured. If help is needed to support any of the 6 points we can help with a business ‘healthcheck’. Don’t allow barriers to build up and cause business uncertainty when an affordable solution is available. A chat over coffee costs you nothing but could pay dividends!
- Statistics taken from a Kreston Reeves survey of 530 businesses across the UK in late 2018