OxLEP Business TOP TIPS for growing businesses!
Over 778 Oxfordshire businesses have grown stronger through OxLEP’s business support over the last 12 months. Take a look at OxLEP Business TOP TIPS for growing businesses!
1. Clarify your VISION
- Describe the vision at the heart of your business
- Review what you actually do. Check it aligns with your vision.
- Create a plan and set goals for your business.
- Be disciplined by making yourself accountable. Share with others.
- Set regular times to review your core purpose. Don’t let it slip.
2. Refresh your PITCH
- Pitch to friends and family – gain honest feedback.
- Start with a success story or a question.
- Keep your company overview to a minimal.
- Be enthusiastic, but don’t overdo it.
- Create a positive close with key points & next steps.
3. Continue to GET NOTICED
- How does your brand look? Does it look and fit your business?
- Do you stand out from competitors? Be distinctive.
- Tell your story well. Give your brand some personality.
- Are there any new channels or different approaches?
- Check if your targets are right. If not, change them or find new markets.
4. Own & protect your IDEAS
- IP rights include Patents, Designs, Trade Marks & Copyright.
- Visit the Intellectual Property Office (IPO) to find out the basics.
- Access free, online tools to discover which assets to protect.
- Access a free online assessment of your business to identify
- & add value to your IP assets.
5. Increase YOUR SALES
- Make sure you have a well designed ‘sales funnel’.
- Get a customer management system to increase your effectiveness.
- Review where sales come from: new or existing customers?
- Look at potential for upselling.
- Don’t be too transactional. Building relationships in sales matters.
6. Build the BEST TEAM
- Assess the skills & resources you need to have a balanced team.
- What is best for your business: a freelancer or an employee?
- Avoid pitfalls, get HR support for contracts & issues.
- Referrals from friends & colleagues is a good way to find people.
- Skill yourself up to manage people – it’s not always easy.
7. Keep an eye on the CASH
- Set clear payment terms for your customers & invoice promptly
- Know your costs & break-even point for each product or service.
- Don’t grow without a sound financial plan.
- Constantly monitor costs & overheads.
- Keep on top of future cash requirements & sources of funding.
8. Keep your business on TRACK
- Spend more time on the business than working in it.
- Have a clear business plan & keep it up to date.
- Understand the triggers for making key strategic decisions.
- Get expert advice – you don’t know everything.
- Ensure you comply with rules & regulations.
OxLEP has a wide range of fully funded business support available to help everyone from budding entrepreneurs with a great idea, through to high-growth business leaders looking for their next investment and helps businesses to navigate around a complicated landscape and find the support they need to thrive.
If you're an SME looking for business support why not attend our upcoming springboard event,
Spring into 2023 – Business Toolkit for Success
Investing 60 minutes of your time could unlock thousands of £££s worth of free support to help you to achieve your business success.
