A business plan summarises why the business exists and the direction the business plans to go in. This is a great resource for investors, employees and managers to refer to when making decisions regarding the business and its objectives. In this guide, we will cover the important factors that you should be including in your business plan. The Aim – Why is it that the business exists? Consider the ways your business makes a difference in customer lives. Goals and objectives – This should include your financial goals for the business such as; turnover, profit and your projected customer base. This is crucial information and can help you attract investment for the business. Human resource – This section considers the people that form your team and make the magic happen. Understanding the role that each individual possesses in your business is beneficial as it can help you to illustrate how these people are helping the business move in the desired direction. If they aren’t the right fit for the business at the time, you must question their purpose within the organisation. This activity would be important to consider before you hire anyone as it would help you find the right placement to begin with. The product or service – Once again, this is another key piece of information for stakeholders such as investors, employees and management. With this summary, all the key stakeholders within the business can understand what it is your business offers and why the market demands it. Who are your competitors – Complete a competitor analysis to understand your competitors and what they offer. Key details about your competitors will allow you to define your differentiators which will make you stand out from the crowd. Finance – What financial obstacles do you expect to arise when you embark on your start-up journey? Projecting the costs to get this start-up running will ensure that you can fund it. If you can’t afford to fund the venture, you will need to consider attracting investment from other sources. This business plan will help you to do that. Plus, you can justify to investors the reason why you are looking for funding. We aim to make your start-up journey as straight forward as possible by providing the right support, at the right time. If you are seeking support to get your business going, the SME Centre of Excellence team is here to support you.

As the UK progresses through the road map out of lockdown, we need to remain cautious and consider the safety of those around us. Below are the resources as part of the Government toolkit to help raise awareness of safety measures and the current Government guidelines to protect ourselves and those around us.

The National Living and Minimum wage increased for over 2 million eligible workers. This is effective from 1st April 2021 and includes apprentices. This comes as a response to level up the UK and provides equal opportunities for all as part of the plan to Build Back Fairer.

Managing your accounting is a priority task to growing your business, alongside with improving your workforce and successful marketing campaigns. A proactive and strategic approach is needed to give focus to a consistently growing business future, and any business owner should know how their market fits in with these three fundamentals. Media - Forbes We realise that accounting may not be everyones favoured area of expertise, so we’ve created these suggestions to make this foundation easier for you: Outsourced Accounting - Given that most SME business owners are so busy getting to know their target market, creating business plans, and adapting goods and services to new customer feedback, they don’t have a whole lot of time left to be experts at accounting too. Finding a trusted third party to work in partnership with and letting them handle your bookkeeping for you is a great way to relieving your workload and still have trust that you won’t be exposed to any surprise potential lost revenue, penalties and fines or costly financial oversights. Management Reporting - Now you’ve got a trusted source of accounting reports, you can begin making decisions based off data. This is a very strong way at seeing which areas of your goods or services need some research and development, allowing you to proactively manage your company based on key performance indicators, such as cash flow charts, break-even analysis and customer acquisition costs. Increase Profits and Reduce Operating Costs – Strict accuracy is the best foot forward for cost efficiency here, and shoring up your back office will improve efficiencies in every other aspect of the company. Of course, it would be a waste to not adapt to what your reports are telling you, they’re essentially telling you how to improve your profits margins. Identifying key areas where costs can be reduced and profits can increase is a set path to growth, as this gives a clear vision of where research and development should be invested.

Media - ‘ SWOT DIGITAL’ The identity of your business is one of the most important foundations to building a larger customer base. If your business identity becomes one that is clear and attractive to customers, it should automatically lead into value, as customers knowing what they are purchasing and consuming facilitates a repeating response, called loyalty. Building a personal relationship with these customers that establishes the reliability and friendliness of the service you provide only entices them to return again, and hopefully in turn adds an affect of them spreading word of their pleasant experience. While this takes form in many instances, such as testimonials or simply talking to other potential consumers, maintaining these relations is the way to create a sustainable advantage and defence over your competitors. To build these relations, your company should look at buyers as real humans, people with needs, wants and struggles, and facilitate towards this. For example a successful sole trader should offer a friendly, welcoming, and inviting service, to differentiate them from others in the same market. A returning customer who has clearly had a troubling experience should expect an over-saturating response from your team, an added bonus to their product that larger corporations no longer provide, giving a reason to return. A comfortable consumer is also more likely to give feedback on their provided services, creating an opportunity for innovation and development, embracing what your current market is really looking for. So much so that potentially successful new products and ideas could be invented, or at least be given an idea into where current R&D should be invested, leading to business growth and expanse. “Build a loyalty platform with clear consumer benefits, and layer in customer-generated content to help build a community. With a great voice of the customer (VOC) strategy–including questions and answers, ratings and reviews, and visual content–your customers will feel right at home consuming and adding their own voice to your community.” — Eric Taylor • Director of Product Management, TurnTo Networks

The three objectives that hold in any business are; (1) increasing customers, (2) increasing order frequency and (3) increasing average order value. Objective 1 is a critical component for achieving the other objectives and it is these objectives that will result in growth for your business. In 2020, e-commerce sales totalled $498.32 billion in Western Europe (eMarketer, May 2020) illustrating the importance of online selling in today’s world. In this guide, we will cover 5 unique ways that you can gain more customers online. Building credibility For some organisations, generating traffic to their website is the easy part. However, persuading people to convert is the real challenge. For 2020, the average conversion rate on websites was 2.86%. A conversion does not always need to equal a sale though. You can have lighter conversion goals that are focused around the user taking action, just make sure that you set goals and measure the conversions as a way of obtaining those goals. To increase the conversion on your website, you will need to have credibility. Credibility can be created through various methods such as; generating testimonials, building case studies, creating a professional brand and delivering a smooth user experience. Each of these factors will build a level of trust between your customer and your brand. Once a customer can trust a brand, they are more likely to make a purchase. Start by running an audit on your website to see if your site reflects a strong level of credibility. You also want to build your credibility before you consider spending on advertising to increase visibility. Content marketing In the world of online selling, content is certainly king. As a business owner, you are most likely to be very passionate about the product or service you offer. This is great news for you because it will make content creation super easy. Using your experience and passion for the industry you operate in, you can create content in the form of a video or blog to position your business as a thought leader. Creating this type of content means you can add value to your customers through multiple platforms such as YouTube, your website and social media. The benefit of doing this activity is that it will build trust and generate more traffic for your website. When optimised correctly, blog content will help you to rank organically in search engines, generating more traffic and helping you to secure more customers. Content marketing will also help you to increase conversion rates by answering frequently asked questions that customers have about your products or services. Reduce friction Many organisations are making it difficult for their customers to buy online and this will only reduce your conversion rate. Quite often simplicity is the key and less equals more. With this in mind, you should focus on making your online customer experience as simple as possible, reducing any friction that could prevent the customer from completing their purchase. Friction could include factors such as; slow loading time, too many fields to complete at checkout, a disjointed customer journey and a lack of customer support. Invest in design and photography Photography is much more important if you are selling a product, however, if you are promoting a service then it can still pay dividends to invest in high-quality photography. As you build a library of images you can start to improve your website design and use the images more broadly across social media. Using stock images can be counterproductive in your attempt to get more customers. Using high-quality images that you own, is one of the best ways to build credibility for your brand. The worst-case scenario for your business is a low-quality homepage. This is most likely the first page your customer will see and so you must have a great design, clearly illustrating your value proposition and the products or services that you offer. If you don’t, you could lose customers quicker than you gain them. Value-driven The last point in our guide feeds into all the activities you do online to generate more customers. In all your efforts to get more customers, you must be value-driven and customer-centric. This means that you should always have the customers wants and needs in mind when producing content, experiences and products. Adopting this mindset will help you to deliver on what your customer is truly looking for to increase the likelihood of a positive customer experience. Delivering value for your customers is a great way to build trust, create a positive experience and deliver upon the three objectives mentioned at the start of this guide. The SME Centre of Excellence is here to help your business start, survive and thrive. If you are currently looking to get more customers, our experts can support you. Reach out to our team today to find out how we can support you.

Anyone looking to start a business obviously needs to have an idea on what they are going to develop. Truth is, most people can’t get past the first hurdle and this can be discouraging. However, there are ways to stimulate creativity and encourage you to brainstorm ideas for your business. Talk to people you know Talking to people inside your network can help you understand the types of problems that people are facing. Once you understand the daily problems, you can start to create solutions which will ultimately form your business idea. Once you have a business idea in place you can use your network to test the validity of your product / service. This will help you establish constructive feedback so that you can be the best before going to market. If you are worried about bias judgements, have someone else deliver the trial and observe feedback externally. Experience different environments and cultures Phil Knight stated that business trips to Japan opened him up to new experiences and people that would help him create the company that we know today as Nike. Travelling the world, learning about new cultures and meeting new people are all enriching activities that will broaden your thoughts. For example, if you were to experience something unique in one country, you might want to start thinking of ways that you could make it work back home. I’m not suggesting you copy business ideas, but you shouldn’t be re-inventing the wheel either. Try taking elements as inspiration and this will help you spark new trails of thought. Analyse your skillset and passion The best place to start when creating a business idea is to think about your strengths and weaknesses. Once you understand your strengths you can focus on creating a business idea that is tailored to those skills. Equally, you want to create an idea that does not require skills which fall into your ‘weakness’ category. The other aspect you need to consider here, is your passion. Often in the business world, people will tell you that you won’t succeed if you aren’t passionate about it. It’s true. How can you expect to invest the hours required if you aren’t passionate or enjoying the process? When you work on something you are passionate about, you believe in it which means your chances of success are higher. Consider your why Simon Sinek created a book called ‘Start with why’, which looks into the ways in which you should approach work/business/life. As the title of the book suggests, try starting with why. Why am I looking to start a business? Why am I starting a business in this market? Why now? Answers to your ‘why’ will help you understand your purpose and this could be the factor which drives you to your business idea. Freeing up time to think If you are serious about creating a business idea, you need to provide yourself with time. In the modern world, we run busy days at 90 mph without stopping to take a step back and think. Start by blocking out 30 minutes in your calendar. This is 30 minutes for you only. This is the time that you can use to relax and explore the various ideas you have floating around in your head. You can also use this time to get those ideas down onto paper. Not only will this help you keep track of your ideas, but doing so can lift the weight off your shoulders and reduce stress. Summary There are multiple methods available on the internet to help you stimulate creativity and engage in brainstorming activities. In this guide, we have chosen a select few from individuals who have tried and tested these methods. Even Jeff Bezos blocks out free time for himself to think, relax and reduce stress. We have developed a guide on registering your business to help you decide which business type is right for you and how you should go about the process of registering. At the SME Centre of Excellence, we have worked with business start-ups all across the North East, helping them to start, survive and thrive. We realise that business can often feel like an isolated space and sometimes finding the right answer isn’t as simple as a quick google search. To combat this, we have brought together resources, programmes and unique support offerings to help you on your way to start-up success. View our support here.

Why set up a private limited company? After all, setting up a limited company is likely to involve more administration and higher costs than if you were working as a sole trader. Essentially, the decision as to whether you set up a private limited company depends on whether you are happy to accept personal financial liability for your business's debts. If you're a sole trader and your business fails, you're personally liable for its debts. Potentially, you risk personal bankruptcy if the debt is considerable and you can't pay it back. Setting up a limited company offers protection against this. Should I set up a limited company? A limited company is a separate legal entity and as such, legally, it's responsible for its own actions. The finances of private limited companies are entirely separate from those of its owner(s). Private limited companies can have one or more shareholders, but shares cannot be sold publicly (ie on the stock market). Public limited companies, of course, can do this. Providing you don't trade recklessly or fraudulently, as a director of a limited company your risk of loss is restricted to money you've invested in the company. However, you're liable for bank loans if you provide personal guarantees for that limited company. To an extent, being a private limited company might make you more credible to potential customers, partners or investors. How do I set up a limited company? To become a limited company, you register ('incorporate') online at Companies House. Alternatively, for a fee, an accountant, solicitor or agent can register the business for you. All you need do to set up a limited company is provide some basic information and a few signatures. We have incorporated lots of businesses around the UK - get in touch with us to support your incorporation. Ready-made limited company names are available to buy, should you wish. Alternatively, if you want to form a brand new limited company, you must send a memorandum of association, articles of association and a completed IN01 form to Companies House. A memorandum of association details the limited company's name, registered office and nature of business. It must be signed by the director(s) in front of a witness. A registered office is the official limited company address, which is where Companies House will send notices, letters and reminders. The articles of association set out the rules for the running and regulation of the company. Companies House cannot supply memorandum and articles, but these can be bought from a legal stationer or company-formation agent. What responsibilities do limited company directors have? Private limited companies must appoint at least one director, who can also be a shareholder in the limited company. Someone cannot assume this role if they've been disqualified from acting as a limited company director; if they're an undischarged bankrupt; or are younger than 16-years-old. Private limited companies no longer have to appoint a company secretary. Directors of private limited companies are responsible for notifying Companies House of changes in the structure and management of the company. Accounts must be filed with Companies House each year ahead of the requested date, otherwise a fine is payable. Unless the company is exempt, accounts must also be audited annually. The company (or its accountants) must inform HM Revenue & Customs, by means of an annual return, of any taxable income or profits. Corporation Tax is then payable. Company directors are employees of the company and must therefore pay income tax and Class 1 National Insurance contributions. Profit from limited companies is usually distributed to shareholders as dividends. Click here to access more support around starting your business.

From the 29th March 2021, the flagship COVID-19 campaign will be Hands, Face, Space & Fresh Air. There are further key messages to 'take this next step safely'. The next step in the roadmap allows families to meet outdoors. View all the information surrounding COVID-19 here. Rather than communicating 'Stay local', people will now be told to minimise travel and to travel safely when they do. An update on workplace Coronavirus tests can be found here.

Physical health – Working on your fitness will help you stay healthy and fend off any sickness that could prevent you from working to drive the business forward. Fitness is also great for improving your mental health through the release of endorphins which are produced by the body to relieve stress and pain. Diversity – Learn to develop a range of skills because in the beginning, you will be responsible for covering multiple aspects of the business including; customer service, admin and sales. Specialising in one area won’t cut it. Calculated risk taker – Risk equal’s reward. It’s true but you need to be careful that you don’t take a risk that is going to sink you and the business. Instead, you need to become good at taking calculated risks without becoming too risk-averse. This means that you need to analyse the data available to you to inform your decisions and reduce the chances of something going wrong. As mentioned, try to avoid paralysis by analysis. Visionary – There multiple methods you can use to improve your idea generation and create a stronger vision for your business. Some of these can include; reading, travelling, meditation and socialising. Determination – Overcome adversity and push through the biggest challenges to find success. Becoming focused on your idea and being determined to make that success will improve the chances of success in all scenarios. If you chase two rabbits, you catch none. Hone in on one idea and be determined to make that a success. Passion – Having a passion for the work you do makes everything a lot easier. Passion helps you to push past the low points and provides you with the determination to make your idea a success. As they say, “If you do what you love, you’ll never work another day in your life”. Growth mindset – In Carol Dweck’s book ‘Mindset’, she focused on the difference between a fixed and a growth mindset. Having a growth mindset will help business owners thrive as they seek knowledge to further develop the business. In a fast-moving world, keeping up with advances in technology and changing behaviours could be the difference between success and failure.

Running back the years, some of the most successful start-ups began during challenging periods. When the US was hit with a recession in 1953, this was the time when Burger King made their first step. In more recent times, both Airbnb and Uber hit the ground running during the 2008 financial crisis. It’s no secret that austere times bring about opportunities for businesses to emerge and we might witness that in the near future. In this guide, we want to provide you with key start-up support tips to guide you on your way to start-up success and help you find the right support, at the right time. What start-up support is available? There are various different sources of start-up support available across the UK which can make it difficult when deciding what support you truly need. The Government website has provided a section for small businesses to find the support available to their business including; finance; venture capital schemes; start-up visas and more. The SME Centre of Excellence has developed a one-stop shop for start-ups to access all business support from one location with the aim of helping these small businesses to start, survive and thrive. You can access a library of free resources today on the SME CofE website including; start-up guides; templates and packages. View our resources here. Bonus: 5 key questions to ask yourself as a start-up 1. What problem am I solving? 2. What is my unique selling point? 3. What does my ideal customer look like? 4. Do I need a business plan? 5. How am I going to attract more customers to my business?

Digital transformation refers to changing something using digital technology. Done right, it's like a caterpillar turning into a butterfly. Revolutionary. Beautiful. And it can fly. Do it wrong and you have a faster caterpillar that's still going to get eaten up at some stage. - One of my clients referred to this as 'Putting lipstick on a pig' which is another fantastic analogy! Here's some examples of where SME's often limit their potential: Out of date ways of doing things (Paper based, needs manual effort, repetitive, etc.). Lack of understanding of how tech can help which leads to underinvestment. Bad prioritisation, buying solutions that don't create benefit. Poor methods of communication and collaboration. Employees stuck in their ways, often with a 'favourite spreadsheet' or wall-board. Lack of leadership and vision. So, what can you do to digitally transform? Step 1 - Start with the end in mind (60 minutes) Before you start getting too carried away with hitting your entire business with the digital transformation stick, let's be clear on the END GOAL. Make sure you've taken time to create an up-to-date business model canvas; This will help you to understand your customer base, their needs and expectations, and position your business, products and services to meet those needs. Step 2 - How might we... (60 minutes) Sketch out what's going well and what's holding you back. For the things that are holding you back, ask yourself, "How might we..." So, for example, if you can't visit your customers to deliver your service, flip that challenge into an actionable question like "How might we service our customers online?" Step 3 - Solutions (60 minutes) Explore solutions. Don't get baffled by individual technologies ("I need an App"). Tech is changing all the time, they're just tools of the trade that we use to get shit done, and there's loads more tech on the way. Instead, focus on each idea and weigh it up based on (a) Effort to implement, and (b) Benefit to the business. At the end of this exercise you'll better understand these things: Things to do first (Low effort, high benefit) Projects that you start (High effort, high benefit) Quick tasks (Low effort, Low benefit) Time wasters (High effort, Low benefit) Why would you do these things? Summary Digital success starts with these basic steps. The benefits can be significant and it doesn't always take lots of time and effort. Take a step back from the noise, find a quiet space and do some logical thinking. Opportunity is waiting! If you get stuck then we're here to help, so please get in touch. I'll be posting more content and videos of how to manage these steps so check back soon. Good luck!