As your business develops, so will your products and services. In this guide we will look at the main factors influencing your decision to develop new products and services, as well as, the steps you can take to start development. What influences your decision to develop new products and services? A change in what your customers demand - It is highly likely that your customers needs and wants change as the rest of the world develops. It is your job to ensure you adapt to change and stay ahead of the curve to survive. Technology advancements - The world is changing quicker than ever before. With more advances in technology happening every year, your business should look to adopt the latest technology to improve for the benefit of the customer. Your customers are telling you to change - Your customers hold the right answers. Listen to the feedback they are providing and see if you need to adjust your products and services to give them what they are looking for. You've hit a dead end - There might come a time where your growth begins to slow. In this period of decline, you could consider how you are going to develop your products and services to get back on track. Simple steps to begin your development Before you start anything, market research is critical. Market research will help you understand what competitors are doing and whether or not your customers are ready for the development of your products and services. Ideas from within - What does your team think about your products and services? The people operating within your organisation could have the right ideas to take your business to the next level. This is even more influential given how often they engage with customers. Make sure you have the capacity to start development - Before you get started with developing your products and services, you need to understand if you can afford it, both financially and from a human resources perspective.

‘Strengths, Weaknesses, Opportunities and Threats’. Completing a SWOT analysis can be an effective tool to identify new goals and improvements to implement into your business. This handy template provides you with a simple way to begin your SWOT analysis. Think through all aspects of your business and note down each idea in the relevant sector. Once you have filled out all the sections, look at everything carefully. Where can your strengths be used to neutralize a threat? Do you have an opportunity to take advantage of? How can you work on those weaknesses? Use your conclusions to design goals for your business in the summary box at the bottom. Download the SWOT Analysis Template Here. Identify your opportunities for business growth with advice from business support experts.

Creativity is a broadly varied term to use, it means different things to different people. Some people’s creative spirit is undermined by others, yet others will notice how creative they were also. Being hard to define, how do you measure creativity? Abstraction – The ability to apply abstract concepts / ideas Connection – The ability to make connections between elements that wouldn’t normally link together Perspective – The ability to shift your perspective on a situation, changing the view of any given moment Curiosity – The desire to change or improve things that others look over Boldness – The confidence to push boundaries beyond the social norms, and ignoring the fear of judgement from others Paradox – The ability to simultaneously accept and work with statements that are contradictory Complexity – The ability to lay out confusing and large quantities of information, and manipulate it into a piece that all links together Persistence – The ability to keep striving forward to find stronger solutions even when others have been satisfactory already Access the right support, at the right time, for the right price through the SME Centre of Excellence.

Things might be opening up again, but online meetings seem here to stay. Now that we’ve all got used to meeting online, digital networking events offer the potential to meet an array of people who would have been completely out of your orbit through physical networking. Here are some top tips to take advantage of digital networking. 1. Carry Cards – you might not be able to hand out a business card, but most video conference systems allow you to use a virtual background. Create a digital business card to have behind you, even in non-business-related meetings. You never know what conversations may be sparked. 2. Join things – LinkedIn and Facebook groups cover a massive range of activities and interests. Have a search of key words for the type of people you want to network with. There are also dedicated networking events, both locally and further afield. See what you can find! 3. Volunteer – once you’ve found a group, be active in it. Comment on other people’s posts and create your own posts. If the group is looking for an admin, consider volunteering. Anything that gets you chatting to someone is good. 4. Ask questions – this one applies to in-person and online events. If you’re at a presentation, think of a good question and ask it. You will seem engaged and people will remember you when there comes a time for more informal chatting. 5. Look the part – online you can get away with more than in person. But if you do decide not to wear trousers, remember not to stand up! 6. Wear a badge – digital conference systems tend to automatically display your name. Usually this is whatever name you signed up with, but it can be a good idea to be intentional about the information you are showing to everyone. Include your business name and your position, or, if appropriate, throw in an emoji or two to spark conversation. Just remember, if you were meeting with friends for few drinks and changed your name to something embarrassing… change it back before the meeting starts! 7. Shake hands – though no one has been shaking hands for the last 18 months, your online greeting should still be as firm and enthusiastic as your handshake: smile and try to make “eye-contact” (look at the camera not the screen). It also makes a good impression to use their name when you greet someone. Not only does this make you seem much more interested in them and your conversation, but it will help you to remember their name later on! 8. Listen – the key to networking is listening to someone else. Ask them about their views and their ambitions and actually listen to their answer. While online, make sure you’re not distracted by other things on screen when they’re talking. It’s so easy to quickly click on a Facebook notification but it’s almost always obvious to the person you’re talking to that they have lost your attention. 9. Move on – you might not have a choice with this one. You can’t politely excuse yourself to talk to someone across the room very easily at online events. But, try to talk to as many people as you can. Endless breakout rooms might be tiring, but hang in there! You never know who is waiting to meet you in that last room. 10. Take notes – take a moment to record what you’ve said, heard or (especially) promised to do; otherwise, you’ll have forgotten by tomorrow morning. Online, you can do this much more inconspicuously and, the next day, you can impress everyone with your excellent memory! Find out more about growing your business digitally through our digital marketing support.

The foundation of a start-up is arguably the most important part, the business has nothing without founders. So of course, having multiple founders is preferred when starting a business, but jumping in head first and accepting the first person who agrees to try a co-founder relationship is crazy and a huge mistake, at least without making sure you’re both on the same page first. Question these elements of your potential new partner: Respect – What are their key achievements? You need to be impressed with your cofounder, don’t believe you’re much better than them, and if you are thinking this, why? Capabilities – What can you do? Learn their best qualities, what they’re best at, hope they can cover the areas you are lacking in. Experience – How long have you been an entrepreneur? Starting a successful business with someone completely new to being a founder is a red flag. Weaknesses – What are your weakest areas? Again, you want to complement each other’s abilities, but someone with too many answers to this question either lacks confidence in their abilities, or is simply not suitable for this position. You want a cofounder for their strengths. Work Ethic – What are your ideal working hours? If both parties aren’t committing the same time, one partner will become run down and overwhelmed, and your business will suffer for it. You may not even be able to work the same hours anyways, discuss priorities. Trust – How can I trust you? You need to be able to share responsibility without having to worry. How far would you share secrets? Can you trust them to have your back when needed? Offenses – Have you ever been convicted of a criminal offence? A basic interview question, but also necessary to know. Decide upon their answer whether you can still trust this person. Conflicts – Are you involved in any business that would conflict with our own? Avoid any unnecessary problems. Honesty – What would you do in the Prisoner’s Dilemma? Honesty is a trait that an entire character can be built upon. Some people are too honest, but you need someone who will tell you everything outright. Recovery – Tell me about a time you messed up, and how you solved it? You need someone that can handle pressure, recover from mistakes, and learn from them. Flexibility – Are you stuck in this area? What if you need to move location for your business? Are they prepared to do so? Exit strategy – Are you setting up to sell, or is this a lifetime opportunity? Either answer is fine, as long as it matches yours. Pricing – What would you price our product at? Get a rough ball on how well their perception of money is. Avoid an argument over profits. Publicity – Are you okay being interviewed? Some people crack under public spotlight, especially by press. Do you need to do all the talking? Pay – What are you expecting your starting pay to be? You most likely can’t afford to start on a six-figure salary. Do they appreciate money needs to be spent on the business too? They can’t expect an immediate comfortable life. Do they have enough already saved ready to invest? Commitment – How long are you expecting to be involved in this business? You will be spending a lot of time together, years even. Do they plan on selling after a few years? What if someone starts a family and personal issues get in the way? Discuss potential futures, come to an agreement on scenarios. Remember, not every answer is perfect. If you strive for this, you’ll never find the right partner. Aim for the most compatible answers, trust your gut feeling on if you can trust them, possibly create some scenarios to see if you can handle the same things. As long as you agree on most things, or can come to a comfortable middle point agreement, and you have a positive mind-set for it, you could become very successful entrepreneurs. Just starting out on your business journey? Our team is here to support you to help your business start, survive and thrive.

Once you have identified your market, its important to back up the findings with reliable research. Through online research methods you can establish an estimate for the size of the market you are in, as well as, the potential for growth. If you are part of an emerging market, research might be more difficult than a well-established market. Secondary research methods could include: Information published in newspapers Trade magazines Directories Websites Using models such a Porter’s Five Forces can help you to assess the competitiveness of your market once you have completed your research. To gain credible research you should consider primary research methods such as: Focus groups Observation Interviews Mass survey’s Find out more about the support available to get your business off the ground.

The North of Tyne Recovery Innovation Fund aims to enable green and sustainable recovery by funding projects that potential to safeguard and create good quality, as well as, building a more inclusive economy and/or contributing towards the net zero agenda. Click here to find out more. For more advice and support to overcome your business challenges, please reach out to our team.

While the Internet has revolutionized the way businesses work, allowing easy communication between consumer and supplier, there are other methods to market your goods or services. 1. Retail – You sell to the user yourself. Higher running costs, but you keep all of the profits, and means customers can come to you instead of you searching for them. 2. Wholesale – You supply retailers who sell on for you. While you are handing over most of the control of the sale to the customer, you can now spend time doing other things for your business. 3. Distributors – The people who stock your product and sell it to their customers, usually arranged through a business-to-business model. 4. Agents – Sell your products alongside others. Great for niche production lines, following seasonal products, or just a limited time sale, where orders tend to be small. 5. Online – Setting up an online store though your own site is expensive, but using existing sale sites is possibly the easiest one-time sale to make. However, selling multiple products or a line is most likely best on your own site to avoid losing cuts. 6. Intermediaries – Effectively a distributor without handling the product. They introduce you to your customers, and you make the sale. For example, consultancy is often sold this way. 7. Networking – Some people sell through networking, a heavily socially reliant method, where people buy because they know them and think they can be trusted. 8. Demonstration – Go out and present your product. Attract street-goers eyes and expose them to your service to sell, or find a fair or similar venue to show it off. 9. Multi-level – A system where product customers are encouraged to become distributors and in turn the recruit more distributors and so on. A fantastic effort for product awareness. 10. Piggyback – You can sell your product as part of someone else's package. Often, you sell your goods to a company who will sell it as a package to make it more appealing.

Since the UK has now left the EU, there are now new rules to consider when travelling with food and drink containing meat or dairy and plant products. Download the latest information to stay up-to-date with the latest impacts of EU Exit.

England has moved to step 4 of the roadmap for easing restrictions. Keep details include: Removal of the 2 meter social distancing rule The Government is no longer instructing people to work from home if they can The requirement to wear face coverings in law has been lifted There are no longer limits on the number of people who can attend weddings, civil partnerships, funerals and other life events To find out how you can continue to protect yourself, as well as, more information on the easing of restrictions which could impact your business, click here. If you have a challenge your business is currently facing due to COVID-19, please feel free to contact our team here to find out how we could help.

Yesterday, the Prime Minister hosted a press conference to set out plans for the final step of the Roadmap in England. Step 4 is expected to begin on Monday the 19th of July if the Government’s “four tests” for easing COVID restrictions have been met. This will be confirmed on Monday the 12th of July following a review of the latest data. At Step 4, the Government will remove outstanding legal restrictions on social contact, life events, and open the remaining closed settings. The Government will instead enable people and businesses to make informed decisions about how to manage the risk to themselves and others. This means that at Step 4: All remaining limits on social contact will be removed and there will be no more restrictions on how many people can meet in any setting, indoors or outdoors. All settings will be able to open, including nightclubs. Large events, such as music concerts and sporting events can resume without any limits on attendance or social distancing requirements. The legal requirements to wear a face covering will be lifted in all settings. Social distancing rules will be lifted. Businesses will be encouraged to display QR codes for customers to check in using the NHS COVID-19 app, although it will no longer be a legal requirement. It is no longer necessary for the Government to instruct people to work from home and employers can start to plan a return to workplaces. The full document also includes requirements relating to self-isolation and ventilation: Summer Roadmap (Step 4) The Government has also published information, including the final reports, regarding the reviews into Social Distancing, COVID-Status Certification, and the Events Research Programme: Roadmap Reviews

Are you looking to access funding to support your business? Small Business UK has compiled a list of grants available that your business could apply for right now. View the full list here. If you are looking for more support around accessing finance, please contact our team here to find out how we can help. Helping your business #start #survive and #thrive!