There are no quick and easy ways to succeed in business. No short cuts, no free handouts, no regular out-of-the-blue windfalls, no perpetual guaranteed lucky breaks. So even if it’s tempting to rush headlong into the first opportunity you can see, take a short but meaningful step back and make sure you are really prepared and ready to move forward.

Here are five tips to keep you on the right track.

1. Planning in business is about all preparation and preparing far enough ahead of what you want to do. Remember, Noah built his Ark before it started to rain. So it’s about thinking ahead, all the time. However business opportunities, once discovered, don’t remain there indefinitely, so be prepared and ready to proceed armed with the facts and resources you need to exploit them.
2. As well as the widespread and worthy business advice available from a variety of sources, there is also plenty of rubbish around about starting a business or pursuing a new business opportunity. In fact it could be argued that there is too much emphasis and encouragement on starting up and ‘just going for it’ and there are an increasing number of unqualified providers willing to give this advice. So shop around for your advice, and get opinions from at least two or three sources before you act on anything. If one adviser says ‘you’re right’ or ‘you’re wrong’, get a second or third professional opinion until you have a broader set of views.
3. You’ll also come across plenty of critics and detractors about your business ideas. Some of these critics may actually be helpful and constructive, but a lot will just be negative or downright dismissive. However, if you can see the action you think needs to be taken to move your business forward, and on balance feel that the constructive criticism outweighs the negative, then follow your gut with caution, not reckless abandon.
4. The road least travelled often proves to be the road best travelled. In other words, don’t always look down the same well trodden track as everyone else. If possible look for the less beaten path, which will be less crowded, more interesting, bear more unpicked fruit and lead to more undiscovered little opportunities. Truly enterprising people are prepared to explore those paths and places which in general are where others fail to go, picking up valuable little gains along the way.
5. Although you need to take sufficient time, don’t dither too long in devising or writing your business plan. The detail may be interesting and in many cases important, but if it’s just irrelevant, states the obvious, lacks focus or deviates from your main commercial objective, then you may not only waste a lot of your own time, you might also bore the hell out an investor or lender.

Make sure you aren’t a turkey when you start up or pursue a new business venture. Don’t rush - always prepare carefully and pick the right opportunity for you. But in the end don’t take too long or you might miss it by a whisker, which in business can amount to a heck of a lot.

Research from Intuit, makers of QuickBooks financial management software for small businesses, has found that one month on from the VAT rate increase, small businesses in the UK have been largely unaffected despite widespread media hype. Two thirds (67%) of those surveyed confirmed that overall, the VAT increase has had no impact on their business.

Most small business owners (39%) chose to absorb the additional cost of the VAT increase rather than pass it on to their customers. Even when considering all the associated costs including admin, absorbing price increases and loss of revenue, almost 70% of small business owners claimed the VAT increase had cost them less than £350. When asked how much time they spent dealing with the change, 46% of small business owners estimated that they spent less than five hours managing the VAT increase.

When asked if increasing VAT is the best way to tackle the national deficit, 44% of small business owners said they agreed with the Government’s decision, followed by 13% who thought that raising income tax would be more effective. When looking for advice on how to manage the change, around one in five (19%) turned to other small business owners for support, and the same number turned to customer support from their accounting software firm to help them make the change.

Here are ten key reasons for business failure:

• Inferior strategy or business model- Are you pushing water uphill?

• Weak leadership and management- Could you or your top team be the problem?

• Lack of forward business planning- To get to your destination, you normally need a map!

• Insufficient demand for goods or services- Are your products or services fit for purpose? Are your sales team letting you down?

• Difficult or unprofitable customers- Low margins create losses. Bad debts can be fatal.

• Unreliable or uncompetitive suppliers- The best way to hand business to your competition.

• Unnecessary or badly managed staff- What do you need to get the job done?

• High fixed overheads- Sales are down, but those costs keep on rolling.

• Poor risk management- Watch out for that incoming missile!

And last but not least….

• Cashflow problems - talk to your customers and suppliers and offer incentives of paying early.

The banking industry says it will help small business customers in difficulty during the economic downturn by revising their guidelines for dealing with customers.

The banking industry has come under intense government pressure to pass on cuts in interest rates and help firms who may be running into trouble.

However the new guidelines put the onus on small businesses customers to ask for help early, and warn that banks will still have to protect themselves.

The guidelines have been published by the British Bankers’ Association (BBA) and include:

• pro-active contact by banks if they think firms might be in trouble
• banks to offer to discuss all concerns in person
• banks will look to use business assets as security before they consider personal assets as security
• business account switching within 5 working days
• banks helping customers to revise their business plans and forecasts during the recession if necessary.

The guidelines have been revised after consultation with the Department of Business, Enterprise and Regulatory Reform (BERR).

However the new BBA guidelines state clearly that a firm in trouble which has agreed a rescue plan with its bank may find that its borrowing costs go up as part of the process - but the bank will explain why.

The current economic climate is acting as a spur for thousands of people to become their own boss and to start a business from home, according to a new report by Enterprise Nation and BT.

The 2008 Home Business Report, launched as part of Small Business Week 2008, highlights a 16 per cent rise over the last year in the number of businesses being run from home. There are now more than 2.5 million home businesses, accounting for more than half (53 per cent) of the 4.7 million small and medium sized enterprises in the UK.

Home based businesses are also bucking the trend when it comes to confidence in their prospects during the financial crisis. They are buoyantly optimistic about beating the adverse economic conditions, with 72 per cent planning to win new customers over the next six months, two thirds (66 per cent) planning to increase turnover and more than half (58 per cent) developing new products and services.

The freedom to make their own decisions is the most popular reason (33 per cent) why home based business people enjoy being their own boss, closely followed by the benefits of a better work/life balance (24 per cent).

The use of technology is a critical factor in the start up and growth of home businesses - a view held by 82 per cent of business owners, with more than half of them (52 per cent) spending between 500 to 1,000 on Information Technology each year.

Home business owners view their spending on technology as a valuable return on investment as it helps to keep their costs low and their sales and productivity high.

Small businesses and entrepreneurs in the UK are crying out for mentoring and coaching advice, according to research released from Yell.com.

Undoubtedly fuelled by worries about the current economic climate and the future of their careers and businesses, people are increasingly turning to the internet to find business mentoring, support and business advice. Throughout the last three months, searches for mentoring and coaching on Yell.com have increased by 116 per cent above the monthly average for 2008.

A competition offering cash rewards for the most inspiring business ideas have been launched in Glasgow.

Four awards of 20,000, plus three months support worth 5,000, are up for grabs in the 2008-09 Glasgow Business Challenge Fund. Run by Glasgow City Council, the fund is open to small and medium-sized firms from the city (maximum of 250 employees) that have been trading for less than three years.

Interested firms are asked to submit a business plan of no more than 40 pages outlining their entrepreneurial spirit, innovation, and their plans for future growth. Shortlisted finalists will then get to pitch their ideas before a judging panel.

Companies have three chances to enter the competition, with the following deadlines set:

30 October 2008.
30 January 2009.
30 March 2009.

Two winners will be chosen from the October round, with one each from the January and March contests.

A recent survey reveals that more people are starting a business to strengthen their financial security despite the current economic climate.

The research was carried out by business consultants www.getsetforbusiness.com who surveyed businesses established for less than six months on their motivations for becoming self employed. Over 40% of respondents indicated their main reason was the fear of redundancy from employment and the subsequent removal of financial security.

Over 200 business owners were questioned and other motivations included the flexibility of working from home and not having to answer to bosses.

Recent figures released by Companies House and the British Banking Association show further signs of business confidence. Over 27,000 new Limited Companies were incorporated in England and Wales in July 2008. In addition, the latest figures (Q3 2007) for the leading high street banks providing small business services show that:

Overdraft borrowing is £9.0 billion, a fall of one per cent over the year, reflecting a lower reliance on temporary, cash flow finance.
Term lending stands at £39.9 billion, having grown nine per cent over the 12 months to September.
Deposits total £48.8 billion, having increased by eight per cent over the 12 months to September.
Over 585,000 small businesses established new banking relationships in the latest 12 months.

GetSet for Business has actually seen a 20% rise in the number of businesses seeking support in the last six months compared to the same period last year.

Managing Director, Kate Beever, commented

Our customers are clearly eager to gain the right support for their business from the outset. The credit crunch has actually encouraged business owners to plan ahead more significantly to prepare for a potential slump in their market. GetSet for Business gives users the confidence, knowledge and direction to consider and prepare for every area of the business and produce an online, bespoke business plan

Established businesses can also earn revenue through the GetSet affiliate scheme. For more information contact the sales team on 0161 286 3001 or visit www.getsetforbusiness.com.

The widespread popularity of TV shows looking at the world of business and start-up companies is helping to motivate more people to form their own small business, according to a new report.

Dragon’s Den and the Apprentice have both proved to be consistent ratings hits for the past few years, resulting in a range of spin-off shows, but as well as being popular research from Natwest suggests they are giving many more people to courage to start their own company.

The poll found that the equivalent of 17 million Brits have an idea for their company, with 30 per cent serious about making a go of it.

Furthermore, a fifth of the young entrepreneurs who have gone into business in the last five years said their main motivation was watching a business reality TV show.

“Whilst it’s encouraging that TV programmes can inspire an army of armchair entrepreneurs into action, they only really scratch the surface of what it takes to run a successful business,” said Steve Pateman from Natwest.

“Although over half (52 per cent) aren’t confident they have the skills and financial know-how to get started straight away…these initial hurdles needn’t be a barrier to getting a good business idea off the ground,” he added.

It’s official - more people are starting a new business in the UK than any other European city. According to the Global Entreprenuership Monitor, whilst other European countries have seen a fall in entrepreneurship, the UK is going from strength to strength. Business support organisations can help setup, regsiter a limited company and advise on a variety of issues you face when starting a new business.