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Undertaking your own market research

Whether you’re thinking of starting a new business, considering adding new products, opening a new branch, or increasing the services you offer, it’s common sense to research your market to make sure there is sufficient support for your idea. There’s...

Preparing a business plan

Your business plan is a management tool and is designed to suit the structure and needs of your particular business. There is not a one-size-fits-all business plan, or a set formula that you have to follow. This leeway to design...

Eight management priorities when you start your business

1. Put together a strong advisory team Starting a business can be a lonely process and thinking you can do it all yourself is the road to extra stress and pressure. Study successful business owners and you’ll find they have...

Creating value in your business

The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to grow your business or groom it to get a better price from a buyer. Looking through the eyes of...

Why you need an accountant and how to choose one

Why accountants are necessary Unless you’re an experienced accountant yourself, it’s always best to have an expert overseeing your financial business affairs. As a business owner, you’ll probably be juggling several roles, but it’s not wise to spread yourself too...

Use focus groups to understand your customer

Two examples of this effective technique show you how you can set up your own focus groups. The concept of focus groups simply involves gathering a few your target market customers together, and then putting a series of questions to...

Organizing your business for sale

It’s important to start organizing your business for sale as early as possible. Business owners often think about selling during a downward trend but the best time to sell is when your business is in good shape. If you plan...

Developing employee skills

Developing employee skills creates a situation where your company benefits from a more knowledgeable and capable employee, while your employee gains additional skills or qualifications. This can give employees the chance to further their career and possibly increase their earning...

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