Donbac

1. Market Research

• Have you really researched the market?
• Honestly???
• Do you know what your customer NEEDS v WANTS?
Your business depends upon this. There is no point in trying to sell something just because you think it's is a good idea.

2. Know your competition - inside out

Many new businesses tell us that "there is no competition". Of course there is. - Always.
If the customer is not spending their money with you - then they are spending it with someone else - or on something else!

3. Customers

When will they pay? - Don't put "all your eggs into one basket" - aim to have a good number of customers.
Fashions change and also technology - How long will your product/service last? What will you do next?

Don't take on work if there is too little profit in it.

4. SWOT

Complete a SWOT Analysis of your business. - regularly!

• What are your Strengths, Weaknesses, Opportunities and Threats? (Always admit your weaknesses too!).
• Check your right to an idea or product/service. If yours is unique, then protect it. - seek legal advice.

5. Be realistic in your expectations.

• However long you think it will take - add on extra time.
• However much you think it will cost - add on extra expenditure.
• Draw up worst and best case scenarios. What if we didn't get paid for 30 days/60 days - how much extra money would I need?

6. Suppliers

Try to have more than one supply line.

7. Continency

Who will step in if you are absent? How dependent is the business on key people? - Be realistic - will others really step in for nothing?

8. Planning lead times

Reactions from other people to your enquiries will almost always take longer than you imagine. It may be high on your list of priorities, but is it high on the list of the person you have asked?

9. 60/40 rule

Funders consider the management as well as the project. Think about what your funder is looking for. They will look closely at you and the management team when making their decisions. Can you convince them that you have the necessary business skills and can sell your product/service? Does this apply to a good management team working with you? Do you have plans in place to develop skills in the business?

10. Continually plan and keep accurate information

KEEP ACCURATE MANAGEMENT ACCOUNTS - Examine these every month and find out where your business is going.