Growing Fast but Smart: 6 Hiring Tips for Small Business Owners

If you were the head of a large enterprise, hiring new staff would probably less of a headache. You would have staff who is well-versed in employment law, recruiting practices, researching candidates, and conducting interviews. These staff members would be able to quickly review all CV, conduct phone screens, and even first interviews. Your role would be to conduct final interviewers, or even to step out of the process entirely, leaving the final hiring decisions to department managers. Unfortunately, as a small business owner, these duties fall solely in your lap.

6 Hiring Tips for Small Business Owners

Things can be especially overwhelming if you are hiring your first employee, or first set of employees. Fortunately, there are a few tips that you can use when you first begin to navigate the hiring process. Hopefully this will make things a bit less daunting.

  1. Prepare a Set of Appropriate and Relevant Interview Questions

It may be tempting to keep things informal by conducting interviews as a casual, conversational, getting to know you session, but this is only asking for trouble. It’s too easy to miss key points if you do not have a list of questions that you plan to ask.

In addition to this, writing out your questions before hand gives you a chance to make sure that you are not asking anything that could get you into trouble. If an interview happens to go too far off topic, you can also use your list of questions to get both yourself and your interviewee back on track.

  1. Re-Read the CV of Any Client You Have Called Back for a Second or Third Interview

You may interview more than a dozen possible hires before you create your short list of callbacks. There’s no possible way to keep track of the relevant information about each of them.

Before you a carry out a second or third interview, take a few minutes to remind yourself of each person’s education, experience, and skills by reading over their resume one last time. You’ll be better prepared and you won’t risk embarrassing yourself by asking irrelevant questions.

  1. Follow Up with All Interviewees

As a matter of personal courtesy, be sure to follow up with everybody that you interviewed, even if it is to express your regrets. Even if they aren’t getting the job, the folks you interviewed will appreciate any feedback that you give them, and simply knowing that they can continue their job search.

If you develop a reputation as an employer who does not let interviewee know that they are no longer being considered, you will likely lose word of mouth references that can be so important when filling new positions.

  1. Value Your Gut Instincts

Hiring a new employee is more involved than simply matching skills, education, and experience with your requirements. You want to hire a person who fits into your little organization and is trustworthy and reliable. You want to work with somebody who is going to thrive in your work environment, get along with others, and demonstrate the passion and hard work that is required when working for a small business.

If you suspect that a potential employee won’t fit into your team, the best thing you can do for all involved is to move on to a candidate is a better fit.

  1. Use Networking in Addition to Posting Positions for Hire

Get word out to your online and offline contacts that you are hiring. You may be very surprised at how quickly candidates come your way via referrals from friends and business contacts. Don’t be afraid to mention that you have openings on social media pages either.

The more avenues you take when reaching out to new hires, the more likely you will be to fill any openings quickly. In fact, many younger job seekers will look for jobs via social media sites more often than they will traditional job sites.

  1. Be Clear and Detailed in Your Job Postings

If you have requirements about which you have no flexibility, make this clear when you write the post advertising your job. In addition to this, if you have specific instructions about how you wish to be contacted, or the format in which you would like to receive the job seekers’ CV, this should also be explicitly stated in the job posting.

Keep in mind that the more clear you are, the less likely you will have to spend time sifting through applicants of candidates who do not meet your requirements. Before you send your job posting off to be published, read it over and over from the perspective of a job seeker. Then, ask yourself if more clarity is in order. If you have a friend or acquaintance that is familiar with all of this, you might see if they will take a look at your job posting for you.

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ECB to Re-examine QE in December

The most famous quote market participants associate with Mario Draghi was that the ECB will do “whatever it takes “ to protect the Eurozone. Draghi backed this up by introducing a quantitative easing program that spends €60 billion a month on assets and will do up until September 2016, he also lowered the benchmark rate to 0.05% and introduced negative deposit rates.

Did Draghi make another monumental statement at yesterday’s ECB meeting?
So when Mario Draghi provided a strong signal at yesterday’s ECB meeting that they are prepared to expand its bond buying program and potentially cut it’s already negative deposit rate the market reacted.

EURUSD past 2 days

Source: Bloomberg

Source: Bloomberg

 

Policymakers are set to make their judgement on whether adequate stimulus is being provided when they next convene on 03-Dec-15. Further interest rate cuts and/or an expansion of the ECB’s EUR1.1 trillion bond-buying program, either by upping the pace of purchases or extending it beyond September 2016 would certainly provide Euro bears with a treat just in time for Christmas. To be frank the ECB and Draghi couldn’t have provided a stronger signal in my view that additional policy is on the cards for December with Draghi explicitly stating that ‘this is not a wait and see but a work and assess.’

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So for me it’s clear “SELL THE EURO” for now, with an initial move in EURUSD to 1.1075, followed by 1.0840 and ultimately 1.0525 as target levels between now and year end.

Adding further weight to my expectation of a move lower in EURUSD comes from the USD side of the currency pair. Recent data has started to contradict the recent soft payroll numbers (US unemployment data), with yesterday’s initial jobless claims four-week moving average dropping 2,000 to the lowest level since 1973, at 263,250.

The next non-farm payrolls release on 06-Nov-15 is certainly going to be pivotal in providing clarity around the true state of the US unemployment picture. If the trend in the initial jobless claims is anything to go by and the markets gets its recovery in the US unemployment picture, the USD could be a significant factor in driving the EURUSD lower in the short term and may even put the prospect of a year-end rate hike back on the cards in the US!

For now, Draghi has put the Euro bulls on the side-lines and prevented any near term move higher in the single currency; the market must now monitor the economic data on both sides of the Atlantic and wait to see the extent of the Christmas present the ECB delivers on 03-Dec-15.

EURUSD YTD performance

Source: Bloomberg

Source: Bloomberg

 

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Make the Most of Rapid Market Growth

Strike while the iron is hot, make hay while the sun shines, take the bull by the horns…there’s a glut of clichés in the English language to describe the same sort of thing, the need to capitalise on favourable circumstances and make the most of momentum. The fact that such a wide array of sayings exists is perhaps evidence that this is a truism and one that applies clearly to the world of business. But, while it is one thing spotting that this is important and having it as an ambition, it is quite another to know how to go about the process of thriving when market conditions turn in your favour. So, if things do take off and growth comes to you and/or your market, what should you bear in mind when it comes to rapid market growth?

Act fast

When the cards are stacked in your favour you must act fast. By sitting back and doing nothing you risk letting your rapid period of growth pass. As a business you need to be able to analyse the market, recognise when things are going in your favour and be able to react accordingly. That might mean launching new products and services or conducting marketing campaigns – all of which need to be timed just right to succeed.

Recruitment

If your business grows quickly then you’ll need to invest in new staff. Pinpoint people with the right expertise but also the right attitude to complement the employees that you already have on the books. Remember you’re not just looking for someone with the right CV but someone with the right personality to help you move forward.

Don’t over-stretch

It’s so easy to allow yourself to be swept away by enthusiasm and get ahead of yourself yet history shows that businesses who try to go too far too fast are doomed to fail. The Financial Times recently found that most of the SME founders it asked favoured organic growth over acquisitions. A rapid expansion could leave you open to issues if and when the growth dries up.

Association

If the market grows and your sector looks rosy then it is important to remember that you’re unlikely to be the only business looking to cash in on the situation. When times are good it is important to establish your name as a leader in your field. Sometimes that is simply about having the best product or service in your field and sometimes you need a little more than that. Consider, for example, the power of sport to influence finance. Big events are able to show a noticeable impact on financial indices with a feelgood factor that spreads to all involved. Sponsorship of such events gets your name associated with the best in the sporting arena, doing much to establish your brand’s position in the market as well as spreading the word far and wide. When you are experiencing growth, put yourself at the head of the pack by being associated with the best.

Thought leader

When you’re riding the crest of a wave, share your wisdom. This is similar to the last point in that it is about establishing your brand and getting your name set in the mind of others as a market leader. Write about your industry and the successes you’ve had, share it on your blog and through social media. Comment and interact with others in your field and speak at conferences. Build a profile during a period of growth and you’ll establish your brand as a leader in the field when times are not as easy going.

Making the most of rapid market growth is about three things. Firstly, cashing in on the growth. Secondly, it’s about not getting complacent and leaving yourself open to issues when times are tougher. Lastly, it’s about realising that building a reputation is important and taking the opportunities to do just that so that your position is secure in the future.

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Product Launch Perfection: Thinking Outside the Box to Create a Loud Buzz

Why is it that some product launches are a huge success and get everyone talking about them for weeks afterwards, while others are forgotten instantly? It is essential to get yours to stand out, but that is easier said than done. However, there are a number of tactics you can employ, and here are some of the most effective to build buzz.

What Do You Hope to Gain?

What is your reason for planning a product launch? It may seem like an obvious question, but it is one that you need to answer. And your answer should not be “because everyone does it”.

Instead, try to have one or a few specific goals that you want to achieve, which could involve: increase market share, create more awareness, grow customer base, or anything along those lines. Focus on these during the planning and execution of your launch, and you will be able to better measure whether it was a success or not.

Start Building Excitement Well in Advance

Months before the launch, start to build excitement about the big day. Write blog posts, provide hints in social media that something big is coming, get people talking, suggest you have something really exiting in the works.

This will all help to get others talking about it, and people may start to guess what you are going to release. Get as much media attention as possible, because the more stories that appear in the press prior to the launch, the more people will be interested to find out what you are releasing. Forbes has some good info on product launches, so take a look for some more tips.

Add Something Special

Make sure anyone who attends is treated well at the launch event. Provide them with chocolates like the boxes from Martins Chocolatier, serve up a wide range of drinks and refreshments, and make them comfortable during the launch. Give away other freebies and make sure they feel like they are welcome.

Focus on the Benefits

With a lot of products, focusing on the benefits is the most important way to attract attention. Some products will require more focus on the features, especially if you have a new and exciting feature to promote. But for your launch, place an emphasis on how your product or service is going to help people, to change lives, to make life better in some way.

Make It Exciting

Make it big. Make it exciting. Invite the big names from the industry and do whatever you can to get them to attend – the more big names you can attract, the more people will be interested in covering the launch. Ensure you send out invites to all the important industry professionals and bloggers, and even if they don’t attend, at least they will know about it.

Whatever you do, stay away from a boring, dry speech to introduce your product. Use video, music and a captivating presentation. Don’t bore your guests. Do something exciting or different during your launch, and there is more chance that they will write about it.

Plan the Launch in Detail

Ultimately, a successful launch all comes down to careful planning. Start planning your launch a long time in advance, which often means many months before the actual launch. Use this time to plan all the details but also to build up buzz so that by the time the day arrives, you know your launch is going to make a splash.

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SEO and Mobile Traffic: How It Can Improve Traffic

1 to infinity accessible info, 140-word news bit, 2 to 3 seconds page load, 1 click of a button, easy smooth typing, perfect page dimensions, swift scrolling—these are the living proof that online mobile consumers in today’s age have short attention spans. To satisfy their standards, you got to give them what they want in an instant. WHat we are talking about here is SEO and Mobile Traffic.

If they’re looking for info, hand it over in lightning speed. If they want to buy products, ensure their purchase in a snap. Because if it isn’t your mobile site that people go to online, chances are that there’s someone else. Even if you’re offering quality services that can top your competitors but it isn’t being showcased properly with how slow your mobile site is, then you lose the chance of getting a sale or sales even.

Don’t let this happen. Leave it to an SEO agency to improve your mobile site. Here’s a brief overview of how SEO can improve your mobile traffic and your mobile site in general:

  • First things first, an SEO agency will focus on the mobile user experience. This means that they will engage the visitors of your mobile site and eventually convert them into customers. As a result, this certainly has an increasing effect on your site’s rankings.
  • Only the most relevant content is allowed on the site. The general rule of thumb is, “Informative content, the more sales.”
  • A responsive layout will be created to complement the relevant content. The experts will display the content in such a way that the users will find important info from top to bottom without them perceiving it to be endless. What’s more is that they can put a button that says “back to top” so that users can easily relocate on the page.
  • They can provide videos, gifs, and 3D images to create a more visual experience for the users to make the text even more engaging.
  • They will decrease to zero any feature on the mobile site that annoys potential customers. For instance, involuntary clicks because the buttons or links are too close together and too small for the fingertips. It’s a general rule to establish a certain distance from one button or link to the other.
  • Another thing that annoys potential customers is pop-up banners. The experts will get rid of these fast to avoid distractions that may interrupt a sale from becoming a purchase.
  • The experts will allow the users to filter their search. This will make it easier for users to immediately find what they’re looking for.
  • They will provide a click-to-call button so that the users can easily voice out their queries or concerns instead of giving them extra work by saving your number and using another device to call your company.
  • Last but not the least, they will create a sense of urgency for visitors to become customers through the use of incentives. These include discounts, exclusive and limited offers, free shipping, and so on.

This sums up the SEO strategies that can boost your mobile traffic in no time. Mobile traffic equate to a higher ranking, so what are you waiting for?

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Google My Business: Essential for Small Business

Google is known for its innovation and experimental nature, and one has to admire how readily they take risks and how daring their initiatives are. Google Reader and Google Glass aimed to change the world and the Driverless Car isn’t far behind – but whether they hit the mark or not, Google keeps persevering. Some of the best minds in the world work for Google, and it’s because of this, that services such as Ad Sense and Gmail even exist. The reason for writing all this is because one of Google’s vast successes that is standing the test of time in a warp-speed world, is Google Maps. To get your business on Google Maps you must sign up to Google My Business.

How it Works

The main way to ensure you are as visible as possible on Google Maps is to fill out the Google My business profile completely and ensure every box is filled – don’t rush it. Boring advice, but oh so necessary.

Additionally, I have seen reports that seem to suggest local search (i.e. search in your local area) is getting more like the rest of search (search in the wider world), making generating online activity and topical conversation around your chosen locations key.

Reviews

From what I’ve seen, reviews are one of the key differentiators in how visible your maps listing is as a small business. One of the benefits of running a smaller company is a shorter chain of command and closer contact with clients themselves. Asking your clients to review you on Google Maps and give you a testimonial for your website is, in my opinion one of the best things you can do. People look at reviews now more than ever, and maps listings with reviews do tend to be significantly more visible.

Recent Results

To demonstrate the value of reviews, a client of mine recently went from 25 reviews to 35 reviews on their Google Maps page. Firstly, I can see their maps visibility has risen significantly when searching for key topics around their offering on the Google Maps engine. Secondly, they have enjoyed a 45% increase in views to over 4,000… in the last 30 days alone.

Re-Verification

Now for a bit of current news; Google recently sent out Maps re-verifications for Google Business listings (Google Business is the umbrella term that Google Maps now sits under). If you receive or have received one of these for your small businesses existing listing, do re-verify it – you don’t want to miss out on being seen and your listing could be removed.

Old School Tactics

A lot of blogs on optimising Google Maps talk about the usual actions you should take so I won’t go into detail, but they include the following:

  • Promotion: Use your website to promote your local listing in addition to your email communications. You can see on one of ours here we have links to both Google+ and a neat Google Maps map on our website. Old school tactic but I believe it adds value.
  • NAP (Name, Address and Phone Number): Keep these consistent and the same for both your website and Google Maps listing so the two marry up.
  • Offers: Rather than directly increasing visibility, posting offers can serve to drive activity… and sales.
  • Location: Putting the correct locations on your listing is vital as people often search on Google using location – make sure the locations match those on your website too.

For the small business, I honestly think Google Maps is one of the best resources out there – and of course – it’s free to all!

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Common Business Expenses That Are Tax Deductible

A tax deductible expense is any necessary, reasonable and ordinary expense that is associated with earning business income. As you can imagine, this definition is highly volatile. It is really important that you know about all the business expenses that are tax deductible. This would help you to save a lot of money on taxes. In this post we outline common business expenses that are tax deductible.

Unfortunately, most business managers do not know what expenses can be considered as being tax deductible. That is why we will go through those that many do not know much about.

Administrative And General Expenses

Basically all of the expenses that are necessary for business operations are tax deductible. This includes what you would expect: salaries, supplies, equipment, office rent, utility costs, accounting services, business publications subscriptions and professional dues. Such expenses are usually covered but there are so many others that are associated with administrative or general expenditures. For instance, you can actually deduct content writing tools and investments done in setting up a business office.

Make sure that you talk with your tax accountant. Mention the different expenses that will appear and see if they are going to be deductible or not. You will quickly figure out that even miscellaneous expenses like repairs, charitable contributions or education expenses can be deducted.

Keep in mind that home office deductions can be quite substantial. You gain many different advantages when you run an office from your home so do consider the opportunity as one that can help you to save a lot of money.

Automobile Expenses

When doing business, you can easily have situations in which you drive a car. The business related mileage can be tax deductible, unless the automobile was used to commute from and to work. In the event that the travel was made with a business purpose that can be proven, tax deductions are available. Besides mileage, you can also deduct part of the expenses associated with car operating costs.

Travel And Entertainment Deductions

Reasonable entertainment and travel costs can be tax deductible when:

  • They are directly connected with business
  • They are associated with business

Due to the personal element that appears, only around 50% of the entertainment expenses and meals will be deductible.

Depreciation Deductions

Based on Internal Revenue Code, the small business owner can write off up to $18,000 of purchased equipment during one year period. It is a tax break that you do want to take advantage of as soon as possible, especially in the event that you often find yourself buying office related equipment.

Employee Benefit Deductions

These are highly valuable for business operations. Offering employees fringe benefits is actually tax deductible, which is many that do not know about. Many of such benefits are not seen as employee income. Tax breaks are thus available. The only problem is that there are many different deductions that appear and disappear. Tax laws change constantly so you need to be ahead of the curve.

We should also add that retirement plans chosen can also lead towards various tax advantages. Employer contributions are normally tax deductible and such money can be tax-deferred till retirement age is reached.

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8 Professional Qualities That Can Help All Budding Entrepreneurs

Running a business successfully takes more than just making plans. It takes careful execution of the said plans and the readiness to face the outcome, whatever it may be. While no one can guarantee that your plans will lead you to success, you can be certain of the fact that every experience you gain will bring with it a lesson, irrespective of whether you succeed or not.

As a budding entrepreneur, you’re bound to feel overwhelmed at times. Rest assured, you aren’t alone in this. Running a business successfully is no mean task, especially for an amateur. It is important, however, to stay positive and continually challenge yourself to perform better.

Wondering what it takes for up-and-coming entrepreneurs to make it big in the business world? You’ve come to the right place.

Entrepreneurs Remember the Why

Break up the word ENTRE-PRE-NEUR to understand the fundamental rule of building a flourishing empire. Entrepreneurs need to figure out why they need to “ENTER” a space in the first place. Is it just the money? Or is it passion? Being passionate about your work is a skill. Have you seen anyone succeed because of plain luck and no passion? You can’t stay in business if you don’t have the will to sustain it. Entrepreneurs find out what their strengths are and work on their weaknesses. They also make sure they recruit passionate people who can egg each other on along the journey.

Entrepreneurs Do the Ground Work

“PRE” signifies “before” or “prior to.” The thumb rules are to pre-plan and pre-estimate. Entrepreneurs never work with assumptions (which lead to apprehensions). They get the facts and stats on everything that matters. They are information-oriented. They think like no one else does, which takes practise. They filter out the negatives. They serve a purpose; fill a hidden gap. Details beat presumptions every single time.

Entrepreneurs are Enterprising 24×7

Entrepreneurship is a craft and entrepreneurs are masters of this craft. They are updated about everything in their business (and that of others). They maintain a 360-degree view of the world and current trends. They seek internal and external feedback, and even hear out criticism. At the end of the day, they review their actions and priorities. Their mind is constantly fertile with words like “new,” “innovation,” and “growth.”

Ideating comes naturally to them. There’s a popular adage that talks about winners not doing too many different things, but doing regular things differently. This is what sets them apart. Entrepreneurs need to think on these lines in order to become winners. As they move from one project to another, they need to challenge existing notions and raise the bar.

Just like “NEUR,” a combining word form that means related to nerves, business acumen surely needs to run in an entrepreneur’s nerves!

Entrepreneurs are Go-Getters

Entrepreneurs trust their instincts, of course, after they have gauged the rational and calculated elements. Instincts are the feathers and perseverance the wings. They are perceptive and work with foresight. They never lose focus on why they got into it, where they stand now, and what tomorrow holds.

They compete more with improvement and excellence than with rivals. They never settle for mediocrity. They are not satisfied with temporary solutions. They ask questions, and find (or create) answers. They reinvent and rediscover.

Successful entrepreneurs don’t wait for things to happen; they make things happen. They want to learn as much as they can and use that knowledge to get things done and achieve their objectives.

Entrepreneurs Value People-Power

Progressive entrepreneurs invest as much in their team as they do in assets, technology, and the other overall business areas. They get the right people to do things right. They care for their team and encourage them to excel. They don’t build a business; they build people – with whom they can in turn build a business together. They connect with all their stakeholders: clients, customers, and critics.

Entrepreneurs Manage Time

Taking accurate and time-bound decisions is vital to any business. The speed of the “boss” determines the speed of the team. Checks and balances are key words. When time tests them, they adjust. They return with a bang.

Entrepreneurs are Conscious

Successful businessmen do not hold themselves back from setting lofty goals and take on challenges that are seemingly unachievable.
Entrepreneurs know that they do not “run” but “lead,” or even “guide” a business. They safeguard it and its people. They are always ready for the best and prepared for the worst. They spearhead transformations when required. They say Yes or No prudently. In short, they know the implications of their words and actions, and are always aware of what they’re doing or saying.

Entrepreneurs are Always Cheerful

The ability to stay positive and cheerful, in the good times and the bad, is the hallmark of a successful entrepreneur. The entrepreneur is the face of his business, and its reputation depends greatly on the way he presents himself in public. Entrepreneurs establish cheer in their own and their team’s hearts. They don’t mull over losses. They are amazingly positive. They know there’s more to achieve and the world is their oyster.

Over to You

Are you a founder or a leader of a company? How many of the above traits do you share with other immensely successful entrepreneurs? Do a self-check and share your experiences with us in the comments.

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[Event] An Post’s Grow My Business 2015 – Dublin & Cork!

An Post’s Grow My Business 2015 event is taking place again this year in both Dublin and Cork, tickets are reduced to €30 until the 31st of October, after that date they are €39.

Why Attend An Post’s Grow My Business 2015 #GrowMyBusiness

With the commemorations of 1916 just a few short months away, we’re reminded of how surviving and thriving are part of our DNA. And nowhere is it more evident than with businesses, just like yours, who’ve fought their way through the recession and come out the other side.That’s why, as the global economy recovers, this year’s Grow My Business conference from An Post is an unmissable event, bursting with invaluable advice and practical ideas for your business as it enters into a new chapter of opportunity. With four of Ireland’s top business and marketing experts lined up to divulge their most innovative techniques that guarantee to capitalise on every facet of your business, you’ll be geared up for sustainable, strategic and smart growth right into 2016 and beyond.

Dublin

WHEN: Tuesday, 10th Nov 2015
TIME: 7.30AM – 12.30PM
WHERE: Croke Park, Dublin 3

Cork

WHEN: Thursday, 12th Nov 2015
TIME: 7.30AM-12.30PM
WHERE:  Radisson Blu, Cork

Tickets: €39* Each OR 2 for €60 (**Includes breakfast, refreshments and free parking)

Learn from the experts, who’ll help your business grow:

GARY BROWN:

Chairman of ad agency Target McConnell’s, Gary is one of the country’s top marketing experts. With his unique ability to understand the challenges faced by Irish business owners, Gary will offer practical tips and new perspectives on how to grow customer numbers.

ENDA MCNULTY:

Motivational Speaker to the 2015 Ireland Rugby Team, Enda will be coming fresh from the Ireland rugby team camp where he was tasked with keeping the minds focused of the Irish 2015 RWC squad. He’ll be providing the skills needed to keep you motivated when it comes to tackling the opportunities of 2016.

JOHN CONCANNON:

Head of Ireland 2016 – John will reveal the plans for Ireland in the coming year, and explain how the increase in tourism will impact Irish business owners, in particular by identifying the locations and likely spending habits of visitors next year.

ELVERYS SPORTS:

Elverys will give an insight into shopper behaviour. Looking in particular at spend, they will discuss their views on whether, after years of value brand domination, is there is a return to premium? They will also look into online shopping trends on elverys.ie and discuss the best approach to selling online.

COLLETTE FITZPATRICK:

As news anchor and presenter on TV3, Colette is no stranger to taking the lead. The Tipperary native will be doing just that at Grow My Business 2015 as she acts as your MC for the day for the second year in a row.

If you have any questions please feel free to contact us:

01 – 7057494
post.media@anpost.ie
@PostMedia_Irl
www.anpost.ie/growmybusiness

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3 Tips to Drawing up a Business Plan for your Startup

Starting up a business maybe exciting but it isn’t a piece of cake! You are bound to come across obstacles and problems, and that’s why a drawing up a business plan for your startup is useful, but missing even a few important points could turn it into a confusing puzzle.

Drawing up a Business Plan for your Startup

Big and small businesses need business plans to attract potential investors and keep their team updated. Don’t even think about venturing into the market without a business plan, if you can’t make one then ask a consultant to do so. Stay active and on top of the market game and under no circumstances let yourself slack off.

If you forget to include these key points, then you risk losing investors and turn your business plan into a puzzle with missing pieces. Nobody likes putting together an incomplete puzzle.

Let’s talk about the few things you miss when drawing up a business plan for your startup!

1. “What If” situations

Prepare for the worst and expect for the best. I think it’s obligatory that you draw up some hypothetical “what if” scenarios in the business plan. They should include anticipated problems and possible solutions; this approach will come handy especially when your company hits big money in profits. Here are some standard scenarios:

  1. “What if” one of the co-founder wants to leave? Is he allowed to sell his part of the business to anyone or current partners will be a priority.
  2. “What if” one of the partners dies?
  3. “What if” business needs another round of funding?

You could allow your devilish mind to conjure up hundreds of unfortunate situations. The more solutions you have, the higher the chance of survival for your business. This will make your business tougher and teach your team to be thick skinned.

2. Mind your Language

It’s funny how people forget the vital role language plays in our lives. I’ve seen too many people look past this and sadly they suffered its consequences. You might not think that it plays a huge role in the beginning of your startup, but trust me somewhere down this road you’ll thank me! Once your business starts flowing and you monitor results of capital investment in marketing, you will see why this actually matters.

Write whatever you speak. This means that use the language you use on a daily basis (in your business execution and interactions) on paper and in documents too.

For instance, let’s assume you handle digital marketing and PR separately. If your business plan is titled as “Marketing Plans”, this could be problematic especially when you try to gauge which channel is giving you more returns and which one needs better marketing budget.

So make life easier for yourself and be particular about wording and language. Make things simple and write in the same manner of speaking. Avoid using jargons or terminology that is out of your speaking routine.

Goals other than profits
Another missing piece to this business puzzle is additional goals to the ‘plan’. I’ve seen too many business plans ignore the inclusion of goals. Of course investors love to see sales growth patterns and revenues, but there’s more than just numbers and profitability.

3. What are some of these goals?

  1. Why are you in the market?
  2. How your product will change the way people think?
  3. How your product is making your customers life easier?

These goals will help your team stay focused and diligent. It will serve as a constant reminder to strive for betterment and this vision ensures quality control and talent within the market.

If you add three of these missing pieces to the puzzle, your business plan is complete. Now you’re ready to entertain investment and experience noticeable success in your business.

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