City : Enterprise Walk : Now You're Started

Enterprise Walk

Now you're started

If you've managed to get a business up and running or have a plan in the pipeline, there are a few things it's good to consider...

  • Business Continuity and Disaster Recovery

    Whilst issues like floods, fires, and thefts may not occur, it's best to be prepared because they could seriously affect your business!

    It’s important to plan ahead and think through how you would carry on doing business:

    • Could you find alternative premises?
    • Have you got copies of your important data?
    • Will your customers go elsewhere if you can’t supply them?

    More details can be found on the Government website.

  • Business Growth

    Now you've got your business up and running the next goal is to successfully grow your ideas, services, or products. 

    But growth does come with its own set of challenges...

    • Have you got other skilled people you trust who can work with you? If not, how are you going to recruit them?
    • Are you going to need larger premises in time, and how much will that cost?
    • Are you sure the price you charge will cover your costs? If not, the more you grow, the more money you will lose.
    • If you use particular ingredients in your product, are you sure larger quantities are available?
    • How will you finance your increased costs until you get paid?
    • Is growth dependent on one big customer or client? If so, what happens if they cancel the contract, or try and cut the price they pay – can you survive?
  • Market Changes

    No matter how good your business is, it will be affected by changes in the sector you're in.

    One way of thinking about this is something called a PESTLE analysis:

    • Political factors are basically to what degree the government intervenes in the economy. This can include changes in taxation rates and regulations or public spending. Government can try and promote certain goods (e.g. encouraging investment in film) while discouraging others (e.g. banning the display of cigarettes).

    • Economic factors include changes in broad and specific monetary changes, such as inflation and interest rates.  In a recession, people have less money to spend, so they change how they spend it – the recent rapid growth of discount supermarkets is an example of this.

    • Social factors involve areas like population growth, migration, and cultural attitudes. An aging population can cause increased demand for care services whilst inward migration of young adults can lead to higher birth rates and increased demand for education and children's services.

    • Technological factors can change the way you do business; a small company can now market itself and do business across the world. But technological changes can also disrupt established businesses – Nokia and Blackberry were once market leaders in mobile phones, but both have been overtaken by rivals.

    • Legal factors include Health and Safety legislation, contracts, consumer rights, and employment law. This may mean you have to allow employees to work flexibly, or that there is demand for your service to help other companies meet new legal requirements.

    • Environmental factors such as climate change and resource use can lead to changes in the way you run a business. Public demand for recycling, better energy efficiency or reduced carbon emissions are now very important issues for business to tackle.

    Your business may be a small part of the local market, and PESTLE factors may not make massive differences to your operations, but it's useful to use this as a way of thinking about how you will deal with additional challenges.

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