Category Archives: Running a business

Embracing the Next Chapter: Company Partners Journey Forward

Welcome to Company Partners official blog! We are thrilled to announce that we are embarking on an exciting new period of growth and innovation. In this blog post, we will share our vision, goals, and strategies as we move forward into the future. Join us on this journey as we embrace new business opportunities, expand our horizons, and strive for excellence.

1. Reflecting on our Past Successes:
Before we dive into the future, let’s take a moment to acknowledge the achievements and milestones that have brought us to this point. Company Partners has experienced remarkable growth since 2003 and success over the years, thanks to the dedication and hard work of our incredible team. We have built strong relationships with our members, delivered exceptional services, and established a solid reputation in the industry.

2. Embracing Change and Adaptability:
In today’s fast-paced and ever-evolving business landscape, it is crucial for organisations to embrace change and adapt to new realities. Company Partners recognise the need to stay ahead of the curve, anticipate market trends, and continuously innovate. Moving forward, we are committed to fostering a culture of adaptability, embracing new technologies and methodologies.

2024-07-09_171627

3. Vision and Goals:
As we embark on this new period, our vision is clear – to become a global leader in joining investors and entrepreneurs together. To achieve this, we have set the following goals:

a. Expand our Market Presence: We will explore new markets and opportunities to expand our reach and increase our customer base. Connect business owners, CEOs, Non Executives, Entrepreneurs, Start-up Founders, Mentors and Investors at our annual networking event.

b. Foster Innovation: We will invest in research and development, encourage creative thinking, and foster a culture of innovation within our team.

c. Enhance Customer Experience: We will prioritise customer satisfaction by delivering personalised experiences, improving our services, and providing exceptional customer support.

d. Develop and Empower our Team: We will invest in the professional development and growth of our employees, empowering them to reach their full potential and contribute to our collective success.

4. Strategies for Success:
To achieve our vision and goals, we have outlined several strategies that will guide our actions moving forward:

a. Digital Transformation: We will leverage technology to streamline processes, enhance efficiency, and improve overall productivity.

b. Continuous Learning and Improvement: We will foster a culture of continuous learning, encouraging our employees to acquire new skills and knowledge, and constantly improve our processes and offerings.

c. Customer-Centric Approach: We will place the needs and preferences of our customers at the centre of everything we do, ensuring that we exceed their expectations at every touchpoint.

The future holds immense promise for Company Partners, and we are excited to embark on this new chapter. With a clear vision, well-defined goals, and a commitment to innovation and customer satisfaction, we are confident that we will achieve great success. We invite you to join us on this journey as we embrace the next chapter and create a future filled with growth, prosperity, and excellence. Stay tuned to our blog for regular updates on our progress and exciting announcements. Together, let’s shape the future!

Do I need a Business Partner?

Business Partners

There are few very successful solo entrepreneurs, even well known star entrepreneurs started with partners and having a Business Partner can bring enormous benefits:

Combining key skills. One may be a great engineer, the other a talented marketer. Or there could just be parts of the business that need a specialist area of knowledge.
Bringing in additional sources of funding. Whether it be as equal working partners or simply as a hands-off Investor.
Sharing the workload. For one person to do everything, design the product / service, market, sell and deliver is tough.
Sharing the stress. Having a partner to bounce ideas off and talk about issues can be the difference between success and failure in running a business.
Motivate and encourage. There will be times that having a partner to help you drive the business forward, or to encourage deadlines being met is very helpful.

When taking on a Business Partner it’s best to put together a Business Partner agreement (see Business Partner Agreements ).

Is now the right time to start a business? (part 2)

Given the turmoil and uncertainty we are going through, it is a valid question. However, change always brings opportunities and you need to consider your circumstances to determine if it is the right time for you:

1. For those made unemployed recently it is a perfect time. Starting your own business is a great alternative to working for someone else.

2. If in an existing job have you got financial commitments that require a steady income? Consider building up your own business at least in terms of planning and establishing potential customers while continuing to do paid work. Move across as soon as can, don’t leave it too late or it won’t happen.

3. The times we are living through has caused many to re-evaluate what is important to them. Is chasing the dollar in an unenjoyable job what you want to do for the rest of your life? My son-in-law has just given up a well-paid corporate role, with company car, that he hated, to start a gardening company, that he loves.

Running your own business can give satisfaction and a sense of achievement that no other employment can match. You do need to do some planning, but there are resources out there that can help you, see: https://www.companypartners.com/content/resource

Adapting to market changes

With the COVID-19 lockdown easing as vaccination programmes become effective, business is returning to many sectors.

If you haven’t already, now is the time to reassess the way your business operates to take advantage of changing market conditions.

Customers will gravitate towards those businesses that have made it easy for them to buy, collect or simply use services and products.

As an example with the reopening of Pubs & restaurants outside spaces, my family booked to have a meal at a local Pub. They allowed booking through their website, but also answered phone calls, since many might be unsure of how the new procedures worked.

When there, the safety measures were clear and explained by a staff member, who was trained to be friendly and not overly bossy. The owner said they had spent 3 months when empty, building decking and a comfortable outside space. They were now gaining new customers that will continue over into the future.

Customers have had fear and caution engrained into them for 18 months now and that attitude is likely to remain for some time. Adapting your offerings, showing you have the customers protection and interests at heart in a welcoming way, can win you friends and ongoing clients.

What Businesses can do while isolated

Coronavirus has impacted businesses in a way that was unthinkable just weeks ago. No business will have planned for this and the smaller ones will be more vulnerable.

I believe though that when we get through this crisis it will be those that have used this period of forced isolation and closure to prepared themselves that will rise fastest and even make gains on competition that have not been proactive.

What you can do:

Secure the business:

Keep safe and don’t be tempted to find ways to get around isolating, Sports Direct have already suffered public condemnation for needlessly trying to stay open.
Ensure any workers are reassured and supported.
Contact your customers to explain your position and what you are doing to support them at this time.
Suspend all costs that it is possible to do so and look carefully at cash-flow for the next few months. Talk to your bank about how they can help you.
The government are bringing in measures seemingly every day that may assist small businesses and hopefully sole traders. Get on top of what assistance you are able to claim. If you have an Accountant, now is the time for them to earn their fee, talk to them.

Plan for the future:

If you could provide goods or services on-line, but haven’t yet explored that option – start looking. Those that already do, see how it can be expanded or made better.
Use this chance to re-examine your business, think about your goals and how you will put in place actions to reach them. Dare I say, now you have time, do a Business Plan.
Some restrictions are likely to be in place for a while, how can your business best operate once the immediate lock-down is lifted.
Consider how the public mind-set may be altered over the next year and find ways of communicating in future marketing a reassurance of working practices and care for your customers. Good PR can come from your good intentions, helping both you and your customers. It’s not cynical, it’s understanding what now is important to potential customers.
Keep positive. Every crisis eventually passes, position yourself for growth when it does.

The dangers of being a Sole Trader

sole trader danger

There is a hidden danger that many people choosing the Sole Trader route to running a business are not aware of.

Yes, operating as a Sole Trader is certainly the simplest way of running a business. There are no annual accounts to send to Companies House and most can run without needing to pay out for an Accountant.

As a Sole Trader you are basically self-employed and although you will still need to pay personal tax on your income (through self assessment), you have no other legal commitments to worry about - Except for losing your house, car and any savings you may have.

A Sole Trader is personally liable for all debts, expenses and activity of the business. Which means that if a customer decides to sue the business for any reason, you personally will have to pay solicitors to fight it and if you lose, pay the full sum awarded. In the worse case it might mean you have to sell your home.

If you had been running your business as a Limited Company, the customer could only sue the company – not you. In this worse case the company may be declared insolvent and have to close.

When you run a business as a Limited Company your personal assets, house and savings are safe. Something to think about when choosing how to run your new business.

Does luck play a part in business success?

Given that today is Friday the 13th I thought it interesting to look at the role luck plays in business success.

Firstly it would be wrong to say that luck, or being in the right place at the right time is non-existent – it does happen. Think of those who bought property in places like London some time ago, never thinking that prices would sky-rocket.

Perhaps simply the luck of meeting just the partner, Investor or contact that you need at absolutely the right time for your fledgling business.

Even starting a new business whilst unbeknownst to you, significant market and trend changes mean that it suddenly becomes a roaring success

However, as the writer Nesta Jojoe Erskine has said, “You don’t get lucky while sitting in the sofa with arms crossed doing nothing. You can be lucky only when you are prepared.”

There is strong evidence that the more you put yourself “out there”, make as many contacts as you can and take positive action, the greater the likelihood of having luck find you.

I recently was reminded of the famous quote by Jack Nicklaus, “The more I practice, the luckier I get”, and the similar “The harder I work, the luckier I get” by Samuel Goldwyn.

Yes sometimes fortune smiles unexpectedly, but most successful people have not sat around waiting for that to happen, they have put themselves in a position through planning and endeavour to allow that lucky break to happen.

What’s the most important thing in starting a business?

Actually there are several inter-related aspects of starting a business that need to be worked on to ensure a successful startup, but I consider these to be the most important…

1. Start a business in a subject that you are interested in.

Running a new business is hard work, it becomes a little bit easier, if you at least enjoy or have some attraction to the service, products or activity that is at its centre.

2. Come up with a differentiation for your business from its competitors.

It may be a brand new idea or invention, perhaps a fresh twist on an old idea. The best are disrupters of established markets, such as Uber vs taxis or Airbnb vs hotel rooms.

3. Check your idea for a business is commercial.

It is said that ideas are 10 a penny and not every idea will actually be a commercial success. You must really look hard at whether someone will put their hand in their pocket and pay you money.

4. Get your numbers together.

Finance may not be everybody’s favourite subject, but even a simple listing of costs vs likely selling price will guide you in the viability of the business in the first place and in knowing how to set prices and what you can afford as an expense.

5. Finally, how you implement is key.

The best ideas badly implemented will fail, but even average startups stand a good chance if well implemented.

By implementation I mean think through your supply chain, how you will get your product or service to market, how will you let your potential customers know that you exist, what customer service you need to provide and ensure you have a cash flow that won’t run out before you get enough sales to start making a profit.

Could the “Experts” be right about Brexit?

In an alarming development Britons are starting to wonder if the “so called experts” might have something going for them.

We’ve believed for years (well ever since Michael Gove revealed in his Brexit speeches that experts are always wrong) that people who have studied a subject for decades can’t be right.

Tony Simonds, retired Sales Executive said: “The so-called experts are always telling you things are bad for you, and it was only after my second heart attack that I thought their advice about not having deep-fried black pudding for breakfast is probably correct.

“They might be right about smoking too, so I’m going to look into that, although it flies in the face of lots of stories about people who smoked 80 Capstan a day and lived to 100.”

Store Manager Vicky Thompson said: “I’d always assumed experts just liked sounding important.

“However that advice about leaving a safe distance between you and the car in front turned out to be correct. I’ll definitely be telling my friends once the concussion’s worn off.”

The public is now grudgingly accepting that experts may have valid opinions on other subjects, such as patting tigers, swimming far out to sea and even the state of our economy after Brexit

However, Van driver Nick Baker said: “There’s only one sort of experts I trust and that’s UFO experts. Finding out all that highly classified government information takes a lot of work and you have to respect that.”

With acknowledgements to thedailymash

Finding business opportunities from market changes

Businesses are often wary of change. It creates uncertainty and development projects get stalled. Instead of seeing change as an opportunity, business leaders start to plan for worse case scenarios that may result from the change.

The businesses adversely affected are normally large organisations with a vested interest in the status quo, however for smaller more flexible businesses and certainly start-ups, these market changes can be a fantastic opportunity to grow.

There is always change, in reality nothing stays still, as the bones of once giant corporations will testify. In the past many have been caught out by technological or fashion trends, but now we also have global changes such as Brexit, migration and the fall out of Mr. Trump’s policies that will add to the melee.

So how do we go about spotting those changes that are likely to produce great opportunities?

1. One way is using Brainstorming - Here are a few guidelines that should be useful, you can amend these as you wish, but it gives the method:

Basic technique – Using colleagues, or friends (5 to 12 is ideal, but if you are a one man start-up finding even just a couple of friends to help will get you going), jot down thoughts on a flipchart or post-it pad, no idea is initially too crazy and no one should be dominant.
However give it structure (see below), address a specific question and having a team leader will facilitate the process.
Firstly ask what changes are going on in the world / your market place
Have your brainstorming session on that question and then collate the results into groups that comprise similar changes
Looking at those groups of changes, rank the groups in order of possible interest, taking into account your market, business and ability/expertise to address
Now starting with the first change have a brainstorming session on the question “what will be the consequence or impact of that change to people, or the market”
Again collate and rank the results
Then ask the question “What opportunities will there be to these consequences of the change”

You will see that we are identifying changes and then delving deeper into the impact of change to discover opportunities that we can address.

2. You can also look at recent entries to your market, are these businesses addressing new opportunities that have arisen from change that you can expand on, or that may inspire you to think of similar opportunities.

3. Another way is to think about those established companies that are going through tough times – why – what is taking their custom?

In all of the identified changes, think about the basic strengths of your own business (or yourself if an entrepreneur looking for a potential business). What is your core knowledge / expertise? How can that be applied to creating an opportunity from the changes?

In every change there are going to be people that spot the opportunities and make a lot of money, think of when financial regulation of the stock market changed in London and the fortunes that were made, or how Russian entrepreneurs embraced new market conditions after communism fell.

You can be one of the people that do very well out of the changes happening today, but only if you take the time to spot the opportunities and then most importantly – act on it.

Company Partners Blog

Bringing business partners together