Top Tips For SMEs From Ask Bartercard

Whether you’re a start-up or established business that needs to hit reset, these tips from Ask Bartercard will help you pack more punch into your brand. Running a business involves strategy, finance, research, sourcing, paying your suppliers, ticking off routine tasks like paying bills, and sheer stamina. It’s also vital to consider whether your business idea is marketable and will convert to sales.

Research is critical to test the feasibility of your business idea and see where similar concepts thrived or fell over. Standing out takes a point of difference, so thoroughly research your competitors to see where you can set yourself apart.

You need to investigate who your competitors are, what they do, what their strengths and weaknesses are and how they price, and what’s your point of difference?

You should be clear of why you’re there, how you stand out and what you do differently, and stick to your core values and beliefs. Consistency and congruence across every aspect of your business is critical, or the stress, pressure and work will outpace you. A business plan is essential as it makes you plan, review, breakdown and map out the way your business is put together which is crucial to success.  Having something written down makes you much more accountable to ensure things get done.

Seek finances resourcefully, and even low-cost start-ups require financing to get started. Finance options include business loans, overdrafts, lines of credit, fully-drawn cash advances and many start-ups take the route of crowdfunding or private investors like venture capitalists.

Sourcing finance isn’t always easy; however, Bartercard members have access to an interest-free line of credit when they join. This can cover start-up, renovations, expansion, or other business costs. You should also speak to, follow, and read about the successes and failures of entrepreneurs. Learning from their mistakes can save you from slipping up, while leveraging off their lessons and successes.

For more information on how Bartercard can help your business grow and increase profits, and to find out more about Bartercard members, business networking and What is Bartercard please go to http://askbartercard.co.nz .