Drive Small Business Growth With These 3 Best Practices

There are 2 types of “entrepreneurs” that will be reading this article on the 3 best practices that can drive small business growth. 

The first type of entrepreneur will be the “startup”. Somebody who is ready to get into business for the very first time, with a long road up ahead and they are ready for it – especially trying to learn what to do and what not to do right of the bat. The second however is an “existing entrepreneur”, who has already been in business for over a year, made mistakes and now is trying to fix them.

Whichever type of entrepreneur you are, or whatever your small business situation is – it’s never too late to focus or re-focus your small business to achieve growth.

So let’s get started and see the 3 best practices for small business growth:

Your Business Plan

Working with thousands of small business owners (new and existing) each year, we see the value that a business plan really has for a business. Not only is a business plan necessary when looking for funding, but it also acts as a blueprint for your small business. A business plan shouldn’t just be in your head, or written down in pieces somewhere – but you should have a well developed business plan (preferably done by a professional), which can answer all of the important questions an outside person may have about your small business.

By having a well developed business plan, you can turn to this blueprint/guide and know how to run your business.

Not only will a business plan tell you where you need to be, but it should answer all of the questions of how to get you there. It should be very detailed and informative that even a new business owner could just read the plan and know where to pick-up. A business plan should also have clear financials which will allow you to plan for the unexpected.

First order of business is to get a business plan made.

Having Funding

While there are certain businesses that just pick up and make millions of pounds, most businesses will need to have some sort of funding to start them up and launch towards success.

Funding can come from the business owners, from personal savings, credit cards, lines of credit, family and friends, or you could borrow money from banks in the form of business loans. Depending on your situation and your funding requirements (which would be shown in your business plan), you could apply for government funding – in the form of government grants, low interest or no interest loans, tax breaks and credits..etc.

Knowing how much funding you need (from your business plan), will determine which funding source or avenue to go and look for funding from.

Second order of business know how much funding you need and find the sources that can give it to you.

Mentoring

Having a expert help you when it comes to your small business, business planing or your funding search is one of the best things you can do. It’s actually a highly recommended practice that can help you and drive your small business growth a great deal.

Who are mentors? They are usually individuals or organizations that have gone through the process that you and your small business are in right now. Be it general help with starting or running your small business, help with writing your business plan, or advice and guidance to search for private or government funding – a mentor or consultant, or even a “expert” could help you.

Despite it being your business, giving somebody else the opportunity to help you works. Ask for advice, get the help and you will notice a significant increase.

What we at UKStartups.org offer?

The 3 of the best practices that can drive small business growth are exactly what we want you to focus on here at UKStartups.org. Start by developing your business plan with our Business Plan Builder Tool. Once done, ask our experts to review and provide you with quality feedback. Use your business plan to search our Funding Database of over 1,000 funding sources (government grants, loans and private investors), to find the programmes which may be right for your small business. If for any reason you are stuck, don’t know what to do next, as a member of UKStartups you are given unlimited access to our online small business, business plan and funding experts. You have it all!