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Existing businesses -
Frequently asked questions
The information here is intended as guidance only. You should seek professional advice from an appropriately qualified business adviser before you start your business.
Can I get a grant to help me develop my business?
The question of grants is a thorny one! Despite all of the reports in the press etc. referring to Government grants and funding available from the European Union, grant funding that small businesses are eligible to apply for is thin on the ground.
There is a modicum of grant finance available from the DTI for meeting costs relating to innovative product development and relocation to "Assisted Areas" of the UK - details can be obtained from
here
and
here
respectively.
There is a useful online grant search service web site at
www.j4b.co.uk
which allows visitors to enter information about their business to see what, if any, grant or non-commercial finance they qualify to apply for.
Do I really need a business plan now I'm trading?
YES ! - We recommend that you do, as having one reduces the risks of things going horribly wrong.
Having a business plan, and updating it at regular intervals with amended financial information (such as increased costs, additional expenses etc.) and sales forecast figures, will go some way to identifying potential problems that may affect your business. This will help you to avoid problems that might turn out to be fatal such as running out of cash or where profit margins are squeezed so tight that you're no longer making any money.
A business plan should be a barometer for your business and used to measure progress and provide answers to important questions like:
What will be the effect of my customers settling their accounts 30 days late ?
If I accept this order, how much additional working capital will I need to fund it?
What will be the effect on my margins if I give this customer a 10% bulk purchase discount?
Like so many things in life, you tend to get out of a business plan what you're prepared to put in. Make it work for you!
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