HSBC has launched a brand new Business Growth Grant competition. If your business has a turnover of between £100,000 and £2m and you are looking to grow and expand then this could be for you.

You need to demonstrate how the grant will help you boost your business, either here in the UK or overseas.

The total grant pot of £200,000 is available, and up to four grants worth £50,000 each will be awarded. The deadline to apply is 31 December 2011.

Up to two of the grants are domestic growth grants that will be awarded to businesses that want to take their UK operations to the next level; this might be because you have got a fantastic business model that you want to grow organically, such as opening more outlets or increasing production. Alternatively, it could be a business with plans to take over another business that could support their supply chain, for example.

A further two grants are for entrepreneurs with overseas ambitions. These will go to businesses that have either been successful in the UK but perhaps now have their eyes on overseas trade for the first time, or businesses that already focus on overseas trade but have aspirations to expand or enter other countries.

So, who can apply?

Businesses that are eligible to enter the competition for the HSBC Business Growth Grant are those that:

• are UK-based (includes Northern Ireland and excludes the Channel Islands and Isle of Man)
• have been trading for 12 months or longer
• have a minimum turnover of £100,000 and a maximum turnover of £2m per annum
• can provide profit and loss and balance sheet information for 12 months or longer and projected financial information for a minimum of two years

Visit www.hsbc.co.uk/businessgrant for full details, download an application pack (you can apply online also) and terms and conditions.

After the 31 December 2011 deadline the Judging Panel will select up to a maximum number of 5 entrants as finalists for each category. The ten selected finalists will then be invited to visit HSBC’s headquarters in London in February 2012, where they will be asked to pitch their case to the judges.

The winners will be announced by 31 March 2012.

So what are you waiting for, Act now to get your application in before the 31 December 2011 deadline.

You may well ask the question what does a business advisor do? The answer will always vary depending on the personal knowledge of the person who is responding and at what stage they are at in their business. A simple description of the role of a business advisor might be ‘a person who translates the language of business. Effectively they help to translate business plans, marketing strategies, threats and opportunities, finances, internal and external infrastructures into a viable business.

Effectively a business advisor is a person that is able to converse in many of the languages of business which help to facilitate the efficient and effective running of a business. They are able to translate numbers into pictures and vice versa, goals into statistical data, targets into strategic goals and strategic goals into financial data.

Interpreting business into money

Interpreting your business into money will inevitably involve understanding:-

• What the breakeven point of your business is?
• Who the top ten clients of the business are?
• What percentage of sales and profit does each client bring to the business?
• What numbers are required to grow the business?

Simply being able to talk about your business in generic terms is not really enough. With the help and support of a business advisor you will be able to develop some meaningful due diligence data about your business. A distinct advantage of using a business advisor to help you to speak the language of business is that it will help you to understand your business from multiple perspectives and dimensions.

It’s all about the money

One of the key things that a business advisor will do is to help you present your business in a language that both banks and investors understand. No matter how well you present your business it will inevitably be ‘about the money’. Even if you decide to speak in terms of products or services there will always be related questions about the production costs and profit margins of these products.

No matter how promising the business sounds any decisions made about investment will ultimately depend on the financial sustainability and viability of the business. Hence it is necessary to speak about the business in a financial language which they understand. It is important to understand that sales do not necessarily equate to making a profit. The costs and outgoings of the business may well eat into any potential profits that the business makes.

Use the language of business to your advantage

Roughly speaking the language of numbers, statistics and unit costs will always outpace the language of words. There really is no competition between words and financial data. For example if finance were the athlete then there would be numerous members of the team all focussed on helping the athlete to win. There would be an accountant, bankers and business advisers to make sure that they are fielding the best team. Unfortunately there is not the same kind of team supporting the language of words.

It must be some six years ago I first met (virtually) Emily Coltman who was at the time working for a regional firm of accountants.

Emily was not long qualified but she was very interested in new technology and how this could help the smaller business, so no wonder that Emily has ended up as chief accountant FreeAgent.

I guess Emily felt she had more to offer because she has now published her first e-book – Finance for Small Business: A straight-talking guide to finance and accounting.

I have actually read it, cover to cover, before I decided to say anything about it.

It is another book worth reading if you are starting out on your own path towards self employment/small business.

There are a great many of these books, at Holden Associates we have our own £FREE New Business Kit.

So is it worth £10 (or £8 on Kindle), well actually Yes it is, and I have actually read the book rather than the promotional literature!

For the e-book click here.

For Kindle edition click here.

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No one seems to be sure whether the economy has or has or not emerged from a recession. There is constant speculation as to whether the economy will go into a double dip, that is appearing to emerge from the recession and then bouncing back into recession again before taking a continued steady path towards recovery. The intermittent announcement about job losses has naturally had an impact on the spending choices which are being made.

One consequence is that consumers are choosing very carefully when and whom to spend their money with. One of the positive things to happen is that more consumers are shopping around and looking for increased value for their money. This presents a good opportunity for small and medium sized businesses to capitalise on the cycle of change which is taking place.

So what should you do?

It is simple.......start blowing your own trumpet. Now is not the time to be shy. Think of three new ways that you can tell current and prospective customers what a great product or service you have. Make it explicit how you can meet and go beyond their expectations whilst still delivering quality.

Start thinking creatively and come up with innovative and new ways to get your business noticed. The really good news is that every business is looking for new customers. Start negotiating for the services your business needs. Services which were previously thought of as being too expensive may now be affordable. It is possible that such businesses may take on smaller clients in order to plug gaps that have been left vacant by larger businesses.

Stop looking for obstacles

Being a small or medium sized business in the current climate could be a blessing in disguise. One advantage is that it will be easier and quicker for you to implement any changes that you decide to make in regards gaining new customers. With help advice and business support you will be able to make changes without going through a lengthy and bureaucratic decision making processes.

“Change will be a crisis for some whilst for others it will be a fantastic opportunity”. That is an opportunity to capitalise on gaps in the market and on the increasing numbers of consumers who are straying away from brand loyalty.

If you are thinking “Where on earth do I start and there are 101 things running around my head”. Then the place to start is with a Holden Associates business adviser. We will be able to help you clarify your thoughts and bring your ideas to fruition.

Looking inwards

This is a great time to be looking at your business from the inside out and setting into motion a cycle of change that could help your business to survive and attract new customers. Ask yourself the crucial question.......what I can do to bring increased value and quality products to both my current and prospective customers?

Sales are key factor of every business!

Selling to your mum, your family or your friends is unlikely to generate sufficient revenue to keep your business running or to make you a healthy profit. It is also unlikely that they will be able to give you the critical ongoing for feedback that your business will need for survival. Recent announcements about the decline of well known names have certainly given other businesses owners food for thought.

From a different perspective it reinforces the need for businesses to continue conducting market research intermittently. The reasons for conducting research are twofold. Firstly it helps to make sure that the products being sold are still relevant or are still popular with the target market. It also helps with the development of new products. It is unlikely that your regular or loyal customers will be able to provide the kind of critical feedback that is needed.

A World of Possibilities

On a positive note it does demonstrate that consumers are always on the lookout for new products or services. As such new or developing businesses can have the opportunity to become the next big idea. Being a tried, tested or established business does not guarantee survival. Becoming the next big idea is certainly an exciting prospect for up and coming businesses.

A Business Plan is Not Enough

Although many start-ups develop detailed business plans before they launch their business which is of course vital, much of the research done for the business plan is limited. It is either limited to secondary or very limited primary research. Having a great idea needs to be proven. Moreover it NEEDS to be tested and proven in a reliable way.

Be realistic

Being realistic is a key factor to business success. Receiving critical feedback may be a bit daunting but it is exactly what your business needs. Real unbiased opinions are worth their weight in gold. It will help to ensure that you are targeting the right type of people or that your business is set up in the best possible location. Market research is an invaluable opportunity to get inside the consumer’s minds and ask the important questions you need to know.

Satisfying a need is vital for success

When a product or service can satisfy a need or a want in the target market the business plan becomes far more valid and reliable. Competition coupled with the economic climate means that effective business planning has never been so vital to success. You may have fallen silently into the trap of only surveying consumers inside your close circle. Your passion for an idea will infect those you question and again result in biased opinions. Independent research and objective opinions are what you need to give your business a fighting chance.

Customers, customers, customers, there is no getting away from how important customers are to every business. Most businesses would be more than happy to welcome as many new customers as their business could cope with. There is no doubt that having an endless stream of customers would be a dream come true for every business.

There are a number of tried and tested methods that have been previously used to increase market share. The following are some ideas that could be utilised to increase profits.

STEP 1 - Cross promote your product.

It is more than likely that there are other businesses that have products which would be complimentary yours. Cross selling of complimentary goods as a package is often more attractive for would be buyers as it gives them instant options, it is likely that customers will say yes to save time. An additional benefit is that the other businesses involved are also selling goods on your behalf. For example if your business sells vacuum or carpet cleaners it would make sense to go one step further and sell a warranty and cleaning products for that particular item.

STEP 2 - Promote other products at delivery.

When you ship out or deliver your product, you include a coupon for other related products that you sell in the package. This in effect will attract them to buy more products from you. Money saving coupons are a traditional method of attracting new customers. It is more than likely that customers will buy other products whilst they are redeeming coupons.

STEP 3 - Create and sell add-on products.

Send your customers a catalogue of add-on products for the original product they purchased. This could be upgrades, special services, attachments, etc. If they enjoy your product they will buy the extra add-ons.

STEP 4 - Sell gift certificates to promote your product.

Sell gift certificates for your products. You'll make sales from the purchase of the gift certificate, when the recipient cashes it in. They could also buy other items from you or your web site.

STEP 5 - Give freebies and let your news of your spread.

Send your customers free products, information or e-books with their orders or via email. The freebies should have an advert for your business printed on them. It could be a car sticker, a pen, t-shirt or cups etc. This will allow other people to see your advert, as such they will become more aware of your existence and the services or products which you offer.

If you are seeking to increase revenue and sales then you may want to try some of these methods. On a positive note these methods are quick and easy to apply.

There are always a myriad of inexpensive ways that can be utilised to increase your market share. They key is to generate leads that will turn into customers who will return to your business whenever they require your services. More than likely you will be the first port of call.

From time to time there are products that you come across that really do offer some benefit to smaller business, Serif PagePlus is one such reasonably priced product. Here is our review for you:

Serif PagePlus X5 is an amazingly functional piece of software. There is no need to be an IT expert in order to use this software. It has a vast range of user friendly tools that are easy to use and understand. It has a good range of features ranging from cards, business logos, compliment slips, CVs and web publishing templates. If you are an exceedingly busy user that does not have the time to learn how to us the programme in depth then the ‘Use a Design Template’ feature is ideal as a great starter tool. This tool will take you through the step by step fundamentals of the document that you would like to produce. The design template feature is easy to follow even for people that have IT phobia. A pleasing sample document can be produced in a very short period of time.

An additional benefit is that these designs are even easier to adapt to a personal preference once you get to grips with it. It is definitely worth the investing time in learning to use this piece of software properly. Essentially the more time you spend becoming familiar with the tools and how they can be combined the better the result will be. The only restriction may be imagination or creativity.

The programme is a one stop shop that is capable of producing and enhancing business related documents. Combing text, graphics and charts has never been easier. There is no end to how documents can be combined. One of the many benefits of Serif PagePlus X5 is the wealth of different downloads that are available to the user. The downloads are all free hence they give the user more value for money than first meets the eye. With all the templates available, and from the new template store there are now additional templates available, there is no doubt that even the harder to please customers will be able to find something that they like.

Tutorials are available for users that are keen to improve their skill level or wants to learn how to complete a particular task, The tutorials are easy to understand and follow. Each tutorial is easily printable to create a handy reference file.

Overall Serif PagePlus X5 is a good investment for the small or medium sized business user that does not want to spend a fortune on hiring a graphic designer to produce business related documents. The look of documents is professional and pleasing to the eye. Take Serif PagePlus X5, good quality paper and a decent printer and the results will definitely be professional and impressive.

PagePlus X5 is a powerful desktop publisher to help business professionals easily create high quality marketing materials, compelling advertising, stationery and other printed documents, plus eye-catching e-brochures. For more information, visit www.serif.com/pageplus

At times it may well seem like running a business is a 24-7 occupation. In that there are always numerous tasks to be done. However, one area of your business that may need additional attention is the customer retention side. Simply hoping that your customers will remain loyal to you........is not a strategy.

Having a customer retention strategy is just as important as having a business plan. Recent economic events have led to customers being more astute when choosing where to shop and what to buy. It is not that customers are trying to be difficult, or to play one competitor off against another. It is simply that in tough times every penny needs to count.

Customer Relationship Management

If customer loyalty is your objective then you will need a strategy to ensure that your customers either remain loyal or are willing to refer your products or services to other potential clients. It is likely that given the wealth of information available through the internet that most businesses will have a database comprising of a mixture of past, present and potential customers. Retaining this data is only one side of the coin. In one way or another data will need to be applied to the business in order to facilitate the process of customer retention. How this data is used will be pivotal in helping to build a customer centric business. It is important to be mindful that simply holding this data will not result in strong or ongoing relationships with customers.

Five tips to building a strong customer base

1. Ingrain your customer retention strategy into the overall business plan. Whatever your business goal is the underlying question should be about how does any particular action you intend to take affect customer retention?
2. Use online resources to identify the potential clients that visit your website on a frequent basis. Providing opportunities to engage with the business through a loyalty scheme will work to ensure you are in the forefront of customers’ minds.
3. Dedicate some of your time to monitoring what is being posted about your business online. This will ensure that you do not miss the opportunity to react anything negative or to capitalise on positive posting.
4. Identify which best practices of customer retention which can be applied to your business environment to enable your business base can be increased.
5. Learn more about your customer base and use that knowledge to brand loyalty and increase revenue. That is take the time to understand why customers buy and when. Relying on a few clients as your main source of income is a recipe for failure!

As a business owner, you should always be marketing your services to build your client base. A sluggish economy is NO reason to slow down your efforts to promote your business.  Even if you are at your capacity, always be willing to take on small projects to keep your name out there.

Growing a business takes commitment, hard work and possibly an element of risk. In many cases it will require a change in mindset. That is to start working ‘on’ the business and not ‘in’ the business. This does not mean relinquishing control. In essence it means setting up policies, procedures and internal steps that will facilitate the effective management of your business.

There are many avenues from which to grow a business depending on the model and structure of your business. Regardless of the option that you choose, managing the process will require careful planning and application.

Seek Advice

There are a number of sources of business support that offer guidance and information to business owners seeking to grow their business. It may also be worthwhile speaking to other business owners that have been through similar circumstances. Depending on your individual circumstances you may also want to consider the support of your accountant or the use of business consultants.

Complete a market analysis

Before offering a new product or service, expanding to new geographical areas or buying a new business, you should conduct thorough research into the market (or markets) to gain an understanding of the potential opportunities and threats.

If your expansion option includes the development of a new product, it will be invaluable to understand the standards set within the market.

Create a marketing plan and strategy

Ideally your marketing strategy should be based on your business goals. This may also provide you with a basis from which to measure the success of your marketing plan. Being able to define the key attributes of your products will lead to being able to attract the customers you are targeting and the distribution channels that could be used to take your product to market.

Know your competitors

Specialist product knowledge is essential. In reality this means knowing your competitors and understanding their strengths and weaknesses. Being familiar with the advantages and disadvantages of the market you wish to enter, will help you to compete in a new market and understand why your products or services will be comparable or superior to those already available.

Set goals and objectives

Define your short term and long term goals. That is what you would like to achieve in year one and your long term goals in years three to five. Intermittently you should consider reviewing you goals regularly to track your progress towards your long term objectives.

Protect your intellectual property (IP)

Last but not least it is very important to protect your IP. You may own a patent, copyright design or trademark however, this does not mean your intellectual property rights are automatically protected overseas. Your protection will depend on the laws of the local market and the treaties of the countries you are trading in.

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Falling sales, declining sales, reduced sales, slumped sales or decreasing sales. No matter which term you prefer to use the understanding remains the same. That is your business needs to sell more of its services or products in order to improve turnover and profitability. Without sales most business would cease to exist. The ongoing priority of every business should be to increase sales no matter what the economic climate is.

Many people start out in business with a passion to bringing a concept, idea, a service or a product to market. It then dawns on them that the only way to do this is by selling whatever it is they are offering. No matter how good they are their business will only succeed if they are able to sell their concept, product or services to others.

At Accountants, Business & Tax Consultants – Holden Associates, we firmly believe “that selling should benefit the buyer more than the seller”. The first step in increasing sales should therefore be a change in perception about the sales process. Changing your perception of the selling process will go a long way towards building up a loyal clientele. A good starting point is to view your business from the customer’s perception.

It is also important to take the time to understand the market segment which you are operating in. Simply saying “you are selling to everyone”, will not provide you with sufficient business intelligence to improve your sales.

Here are some simple tips to get you started on the road towards improving your sales:-

· There should be a match between whatever it is you are selling and your customer. An ill fitting match will not result in repeated sales.

· Find out what are the needs or constraints in your customers mind when they are buying.

· What is it that motivates customers to buy from you?

· Use insightful questions to help the customer decide.

· Try to meet the wider needs of the customers – customers do not usually know what it is they would like to purchase straight away.

· Customers will always need help to evaluate and make a final decision. Be seen as an expert in your industry.

· Find out who, when and how a final decision to purchase will be made.

· If an appointment needs to be made. Make sure it is made with the person that is the decision maker.

Finally let your personality shine through, be a genuine, professional and enthusiastic sales person. Show your customers that you are interested in helping them. If you do not offer whatever it is they are looking for do not be afraid to say so. Do not be afraid to refer them on to someone who can meet their requirements. The chances are – that customer will always remember you. It is also more than likely that they will tell other people about you. There is no better way to receive free advertising. Successful selling goes beyond receiving payment. Strive to become an enabler of good outcomes – customers will always return to buy from you.

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