Posts Tagged ‘small business’

Balancing Creativity with Practicality

by admin on Saturday, January 31st, 2009

In our last post we talked about the need for creativity in business to be balanced with an eye on practicality - creativity serving the business, not creativity for creativity’s sake.

I highlighted five simple ways to help keep them in balance, so today I thought it would be worthwhile to look at them in more detail.

Don’t reinvent the wheel.

Chances are that your business can learn from others both within, and outside, your industry. Look around to see what successful people in other fields are doing then adapt their solutions to your particular situation. It’s not cheating if you expand on a concept that came from somewhere else but don’t bother spending too much time copying your competitors – the idea is to stand out as an innovator, not be seen as a copycat.

Don’t be afraid to be different and pursue good ideas.

Setting yourself apart from the competition is essential in a competitive marketplace. So, when you do manage to have an epiphany at three in the morning, don’t be afraid go after the idea. That said; there’s rarely a need to gamble the farm on one idea. Big ideas are good but gamble small, test frequently and when you do fail (and you will), fail small and learn quickly.

Think twice before throwing out a “bad” idea.

Ideas that seem implausible, impossible or silly may still have potential. Even if the idea doesn’t have legs right now, it can often evolve into something more usable over time and with a bit of tinkering. Keep a file of ‘passed on’ ideas and go back to it from time to time.

Find your inspiration.

Inspiration comes in all shapes and sizes. Be inspired by anything and everything from fashion to websites to what the ‘big players’ in your industry are doing. Start a ‘swipe file’ of nice ideas from other businesses that you can adapt (or even outright copy) for your business. Often, a little work can help transform big business ideas into workable small business ideas.

Focus on the ‘big idea’.

Whatever ideas you do come up with to set yourself apart, remember why you’re striving for those new ideas in the first place – to help communicate your one big idea and make it work.

Starting a Business: Five Things to Do Over Christmas

by admin on Wednesday, December 24th, 2008

Christmas is a time to relax with your family and friends, eat too much food and indulge in a little too much alcohol.

Unless, that is, you are an aspiring entrepreneur.

In that case, Christmas is the perfect time to do some research and planning for your new business. Not only is 2009 just around the corner but, if you’re currently working for someone else, these few weeks are probably one of the few occasions when you can spend a day or two planning your business.

So what should you do?

Five Things to do for Your Startup this Christmas

  1. Work on your business plan: You’ve been putting it off for ages - nows the perfect time to put the finishing touches to your business plan (or get started if you haven’t already). Join acfuse for free to download our free business plan template.
  2. Do some reading: You can never know enough about your niche - or about starting a business. Use Google to help you find information about your niche and identify the people who are talking about it in blogs and websites. Then take a trip to your favourite bookstore (or Amazon for that matter) and find interesting new books about your niche or starting a business - a Christmas present for your business. You’ll also find useful articles in our business startup resource section.
  3. Build Your Profile: Create profiles on relevant social networking sites and forums. LinkedIn is great for building business contacts. Twitter can help you find people who are active in your niche. Acfuse.com is great for finding investors and partners (if we do say so ourselves). And forums are always good for building your profile and keeping up-to-date with what’s going on.
  4. Start a blog: A blog is a great way to give your business personality, demonstrate your expertise and attract new visitors to your website. Even if you haven’t started your business yet you can always start blogging about your experiences as an aspiring entrepreneur or use it to provide useful information in your niche (building your reputation and contacts for when you do launch).
  5. Think: Set aside a day, if you can, just to think about your business. Find somewhere that you won’t be disturbed. Bring a pen and lots of paper. Then just think. Ask yourself questions. Challenge your ideas and see how you might be able to improve them. Sometimes just a few hours thinking can help you define your strategy and even come up with exciting new ideas. If nothing else, you should walk away reinvigorated and ready to move your business forward.


Have a great Christmas!

Six Questions Your Elevator Pitch Needs to Answer

by admin on Tuesday, December 23rd, 2008

If you haven’t heard the term before, an elevator pitch is a short description of your business idea that you could deliver to someone in the time it takes to ride up a few floors in a elevator.

i.e. If you got into a lift with your perfect investor and had just a few moments to get them interested, what would you say?

Crafting a Great Elevator Pitch

  1. What does your business do? Keep it simple. If you can’t state what your business does in one sentence you need to be more precise.
  2. Who are your market? Who are you going to sell to. ‘Everyone’ or ‘anyone’ is not a good answer, an elevator pitch is about precision - who are your most likely customers? Give an indication of the size of this market. Why does this market need or want what you have to offer?
  3. How will you make money?
  4. Who’s on board? This will include your team, mentors, backers and even potential customers who have expressed an interest.
  5. Who are your competitors? Every business has competitors. They may be other companies, other solutions or even just the status quo. Answering this question will give your prospective investor some idea of the kind of market you’re playing in.
  6. What makes you different? What’s your USP (unique selling proposition), why is it relevant and is it lasting?


The easiest way is to start by writing your answers to these questions out. Don’t worry about how it sounds at first or even how long it takes.

Once you’ve written your answers, it’s time to edit. Try and get each section down to just one or two insightful sentences. If it’s good, you’ll get the chance to explain in more detail

Even if you never get stuck in a lift with your perfect investor, being able to give precise answers to these questions will help with everything from attracting mentors to hiring staff and developing business partnerships to selling to customers.

More than anything though, precise thinking leads to precise decision making in your business.

Do You Really Want to be an Entrepreneur?

by admin on Friday, December 19th, 2008

WANTED: Individual to work long hours, invest own money and do all the work with no guarantee of pay.


With C-day fast approaching many people are looking forward to their office parties and a relaxing break for a few weeks.

Of course, that’s not the case for everyone. Some people will be using these few weeks to work; to burn the midnight oil, to craft marketing materials and draft business plans. And to do it all for no pay.

Funnily enough you don’t see that position advertised in the job centre all too often but entrepreneurship is a career option that more and more people are taking every year.

Despite our current economic downturn (and in some cases because of it), people are still planning and starting businesses.

Certainly, high-profile entrepreneurs and TV shows like The Dragon’s Den have helped make business ownership sexy.

Add to that stagnating public sector wage levels, the rise of franchising, more flexible working arrangements throughout the economy and the all but extinct notion of a ‘job for life’ and going it alone seems a pretty decent option.

But is running your own business all it’s cracked up to be?


For one thing, the ‘freedom’ of being the boss often comes at the cost of any possible social life. The security of a monthly paycheque is replaced by a constant effort to dodge the bank manager’s calls and eek one last payment out of your already melting credit card.

And what about those occasional ‘borrowings’ from the office stationery cupboard? Well, they’re not so fun when you’re the person who bought the stapler in the first place.

Not exactly, the Ferrari-driving, jet-set-living, high-flying lifestyle you might have dreamed about then.

Why people start businesses


Then again, most people who start businesses don’t do it for the flash car or the big house. The idea of the archetypal entrepreneur raising millions to start a business and conquer the world is rarely the case.

All sorts of people start businesses; young and old, well-off and working class, experienced and novice. And they do it for all sorts of different reasons too; ask any number of entrepreneurs the big question – ‘why?’ – and you’ll hear any number of different reasons.

‘I wanted to have some control’

‘I wanted something that suited my lifestyle better.’

‘I’m passionate about my business, I just love doing it’

‘I just couldn’t see myself working for someone else’

Those kinds of answers do have something in common though. The idea of ownership.

Simply put, people that want to own their own business do so precisely because it is their own business. It’s theirs to create and manage and run how they see fit. If something good comes of it – the car, the house, the well-earned holiday – it’s because they made it happen.

And, if things go wrong – at least they had some say in the matter. Why are business owners willing to work longer hours and run the risk of it all going pear-shaped? Because they’re doing it for their business.

And while they’re at it, they also deliver benefits for every single one of us.

Small businesses create jobs, they deliver the services we enjoy and the bars, cafes, shops and restaurants that make our cities growing and vibrant places.

While it’s great (and rare) to see big business delivering hundreds of jobs in one fell swoop - with the prerequisite photo call with ministers and council officials in tow - what we should really be encouraging and celebrating and championing is the individual with an idea and the willingness to make it work.

Unfortunately, that’s still not something we’re overly keen to do. All too often we’re faster to tear down and criticise than to build up and promote and are more concerned with finding the reasons ‘why not’ rather than encouraging the people who simply get on with it.

Entrepreneurship is not for everyone but it can be for anyone. Anyone who’s willing to give it a go.

If that’s you, then let’s get started - we’ve got a lot of work to do in 2009.

Planning Your Marketing in 2009

by admin on Friday, December 19th, 2008

What are your plans for 2009?


2008 has been a challenging year for small businesses - and the economic outlook isn’t looking all that rosy for 2009 either.
Marketing in particular is something that should be high on most startup businesses’ agendas for the coming year.

Getting those first few clients and customers makes all the difference.

So how do you market yourself in a downturn?

Top tips for planning your marketing in 2009


Justify Your Expenditure

Marketing should drive sales. Whether you look at it over the short term or take a longer ‘brand building’ view, every penny of marketing expenditure should help you achieve a clearly defined business goal.

If something is ineffective then you can either choose to cut that activity or to make the changes necessary to ensure that it does work. Often the problem is not with the idea itself but with the execution.

To analyse your marketing effectively you need to be able to measure the response you get. If you don’t currently have a plan to measure your marketing response rates, then that’s our next tip for 2009.

Measure Everything

You wouldn’t put money into a savings account without knowing the interest rate. Marketing is an investment just like any other – the purpose is to use marketing to grow your business. If you invest X you want more than X back.

As a startup with limited resources this is doubly true.

For each marketing activity you undertake (from placing an ad in the paper to buying a new sign for your shop) set down clearly defined goals that you want to achieve. Once you have the goals written down you can start to judge how effective each activity is in achieving those goals. If it doesn’t stack up, you need to change it.

Start with Small Tests

If your budget is tight the worst move you can make is to bet the farm on a single marketing strategy. It is better to test new ideas with small investments of time and resources. If you get the response you want, it’s easy to scale them up.

Don’t Be Afraid to Get Your Hands Dirty

If you are serious about the success of your new business then you need to be prepared to do whatever it takes. Successful entrepreneurs don’t get away with saying, “I don’t like networking so I won’t”.

If knocking on doors is the best way for your to start getting customers then get knocking. Do not allow yourself to avoid the obvious answers just because you don’t like the look of them - especially when money’s tight.

Replace Anything You Stop

As a startup you can’t simply move from one marketing idea to the next - they should all be working together to build your brand and develop new business. So, if you decide to cut a marketing activity don’t leave holes.

Replace cut marketing activities with new ones. Often this will mean replacing marketing that is financially expensive for marketing with little financial outlay.

For example, you may decide that the flyers you tested are not effective. Building an online presence may be more effective but what you save in cash terms you’ll need to make up for in time committed.

2009 will certainly be challenging but the startups and small businesses that emerge as the winners will be the ones who meet the challenge, not simply hide away until the storm passes.