November 13th, 2014
Owners of small businesses are dedicated and determined people, prepared to put endless time and energy into building their enterprises. However, all business owners need somewhere to turn for help and support when unexpected problems arise.
Most small businesses are run by a very small team of people, or even just one person, wearing many different hats in the course of a working day or week. It’s likely they will be expert in their own area, whether this involves manufacturing a product or providing a service. But, if you are a talented cake-maker or website creator, it doesn’t necessarily follow that you will be equally expert at keeping books or knowing the latest HR, payroll and pensions regulations.
However skilled business owners may be in their own field, they can’t know every aspect of running a company, and cannot physically deal with every aspect themselves. This means they have to know when to delegate, and when to bring in outside help for an aspect of the business that they are unable to handle on their own.
Lack of support can lead to minor problems becoming more serious and even, in the worst-case scenario, lead to a business failing. Some business owners don’t know where to turn for help or basic information or, even if they do know where help is available, they feel they can’t afford to pay for it. Not getting the correct information might mean they fail to meet a business obligation and run into trouble with regulatory bodies as a result.
There is also a risk that business owners might spread themselves too thinly, spending far too much time on non-core issues. If they are losing hours wrestling with red tape, or trying to solve computer problems, that time is lost to the more important business areas which serve customers, bring in money and build reputation.
Areas Where Support Is Needed
Finance is one key area where support might be needed, in order for a small company to keep on top of sending out bills and requests for payment. If this isn’t done, then cashflow could soon become a problem and threaten the venture’s viability. There is also a danger that a hard-pressed sole trader or small company might fail to keep proper financial records, and struggle to file tax returns as a result.
HR is another area where lack of support can be damaging, and indeed can inhibit a company’s growth. You might feel that you are fine as a one or two-person operation, but hesitate to take on more staff because of lack of knowledge about various issues, such as how to go about recruitment, employment law, HR and regulatory issues.
A company could also need help from outside to build growth strategies. If your small business is working flat out to service existing orders, it is hard to step back long enough to look at how you need to build demand and find more customers. But, if you don’t keep abreast of changing trends in the marketplace and think about the future, there is a danger you will be left behind by competitors with more resources, and more time to plan.
Sources of Support
If you are running a small business and need support, where do you turn? The good news is that there are various sources of help available. Small businesses in England can get advice from their local business organisations, including Chambers of Commerce, as well as from the Federation of Small Businesses. The Government also runs an official Business Support Helpline which can give quick advice over the phone where needed.
Informal networking is another important source of support, allowing you to get together with other related businesses and swap ideas and information. Locally-based networking offers the chance to talk to other people face to face and build valuable relationships in your own area, while, via the internet, it is also possible to network with colleagues across the country and around the world.
MiBase Business Support Service
A valuable new support network is the MiBase Business Support Service, which offers small business owners a whole range of expert help. One key aspect is mentoring, which allows members to receive free, practical, professional advice on a range of subjects from experienced business professionals, via Skype, Messenger and live chat.
By joining MiBase, you can also benefit from informative free business factsheets and take part in a knowledge exchange, posting questions to others and sharing your own knowledge in return. The service aims to offer new opportunities for networking, enabling you to create your own profile, join community groups and find businesses who can solve your problem or complement your skills. MiBase also supports training, by publicising details of courses, seminars, events and development opportunities.
As part of Basepoint’s mission to support the development and growth of small and startup businesses, we are making MiBase available to our licensees. Our centres all offer essential business services, with flexible terms and built-in affordability. But we are aware that, on top of this, all entrepreneurs occasionally need some help, whether they are looking for information, practical support or advice from experts.
On these occasions, help is needed quickly and without a major financial outlay. All our centres already hold networking events where businesses can help one another by exchanging ideas and expertise. Now MiBase will take that to another level, offering free business support for Basepoint licensees 24/7 – so you will always know where to turn for advice and help.
