Tenacity - so many new and even established SME businesses fail because the owners and managers give up. The ones who succeed, succeed against the odds. Whatever your size or turnover, business is not for quitters.
Advice – listen to good people who know what they are talking about. The SME business community offers many business owners who are willing to offer advice and help and who can save you making expensive mistakes. Find trusted mentors who are willing to offer impartial advice and be a critical friend.
Flexibility – no one gets it bang on right first time and within the SME sector it is vital to move with the ever changing times and adapt your business model to deliver what the customer now needs. You may have a great idea but it may need modifications. Adapt and change!
Networks – make business friends. It’s easy to feel isolated as an SME but you’d be amazed how many other business owner / managers feel the same. Connecting, sharing and communicating your values is the lifeblood of any business.
Operation
Staffing – the survival of SMEs is hugely dependent on the quality of your staff. A smaller workforce means there’s nowhere to hide and every person is accountable for the future of the business – which is empowering in the right hands. You need to be selfless as a boss and a great inspiration, setting examples on good work practices and a good work ethic.
Systems – no matter how small your business, formalise your working practices. Being unified in procedures leads to good quality service so get your systems right. From taking orders to delivery to handling enquiries and dealing with complaints. Ad hoc business practices have been the death knell of too many companies.
Business Plan – even established SMEs need to know where they’re going, how they’ll get there and what they’ll need on the way. Without it, chances are you won’t make it.
Finance
Finances – the biggest weakness in the SME world! Get your numbers right from day one. Employ a book keeper or an accountant, but do this straight away. If you can’t afford it then learn yourself through a free book keeping course.
Access to Finance – remains one of the biggest SME hurdles. Thankfully there is hope for aspiring businesses who have trouble sourcing their finance from the banks through CDFIs (community development finance institutions) of which there are eight across the region and of organisations like Finance Yorkshire.
Great Networking event at the Double Tree hotel (formerly the Mint hotel)
Essential networking for the year ahead
What better way to end the working day!?
You’re invited to the 5 o’clock networking event designed especially for you. Network with solicitors, accountants and bankers in a relaxed environment that’s perfect for the post work professional crowd.
Find out funding sources, learn about lenders and rank up your referrals.
We want to Lend a Million this year. Join us and find out how.
DATE - 2 February 2012
TIME - 5pm – 7pm
VENUE - DoubleTree By Hilton Hotels (formerly the Mint Hotel Leeds) Granary Wharf, 2 Wharf Approach, Leeds LS1 4BR
COST - Free
BOOKING - E: events@bradfordchamber.co.uk or stephen.waud@befund.org
T: 01274 354757
INDUSTRIAL cleaning products franchise Applegreen is pushing ahead with expansion plans after securing new funding.
Business partners Dene Bentley and Paul Snary have been handed a £50,000 loan from the Business Enterprise Fund and are looking to create 300 franchisees in the next ten years.
Applegreen supplies industrial cleaning products direct to commercial properties such as pubs and restaurants.
Mr Bentley said: “We simply could not have reached this level of success without the support of BEF
A year after being rejected by the banks, a Bradford-based cleaning materials supplier has launched a pilot scheme which bosses hope will enable it to expand through 300 new franchises across the UK over the next decade.
Dene Bentley and brother-in-law Paul Snary, owners of Applegreen UK Ltd, of Croft Street, Idle, which supplies cleaning solutions to the commercial sector, were rejected by two different banks but enjoyed a change of fortune after discovering the Bradford-based Business Enterprise Fund.
Despite the gloom in the economy BEF has managed to achieve their target of lending a million.
The plight of the economy is constsnt news at the moment and it would seem that ggod news is hard to come by, but BEF have seen unprecedented interest in their loans and working with our ket partners such as Banks, Accountants and lawyers we have managed to achieve our target for the year 3 months ahead of schedule.
Steve Waud, Fund Director, said, ‘Our business partners have been extremely supportive of what we do and because of their confidence in the product and service weoffer, we have seen a massive increase in the demand for our loans. It would seem that not every one share the gloom about the economy.’
One of the most recent deals saw BEF lending a substantial sum to a new fruit smoothie company who had seen massive interest in their product. The money was used to buy the stock neccessary to meet the demand. The company expressed their gratitude for having the confidence in their business.
BEF provide loans to companies who have been unable to source all their financial needs from the main stream sources. ‘We work very closely with the banks and have found that our banking partners have been very supportive of the work that we do’, says Steve Waud, ‘rather than give a flat refusal they find it better to be able to refer them to organisations like us.’
BEF has been supported over the years by a bank of professionals who sit on the credit committee to help determine their lending decisions. They have been key to helping BEF achieve this amazing result. They are from top Steve Waud - Fund Director, Jamie Hunt - Regional Sales Manager Aldermore, Richard Dean - Partner Milner Law Leeds. Bottom row, Kairen Skelly - Spark Business Advisor Leeds University, Shafiq Khan, Accountant at Clough and Co.
