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 looking for business support why not attend one of our upcoming growth themed events in July...
Find out about Growth Themed Events in July
Investing a couple of hours of your time could unlock thousands of £££s worth of free support to help you to achieve your business success.
