THE BRITISH LIBRARY

Innovation and enterprise blog

58 posts categorized "Business plan"

10 October 2018

Inspiring Entrepreneurs: Black Britain and the Creative Industries book recommendations

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As part of our Inspiring Entrepreneurs series, we hosted a panel of leading lights in the creative industries with stories of what can be achieved with the right attitude and determination to celebrate the success and cultural impact of Black British entrepreneurs in the creative sector. The panel included MOBO CEO and founder Kanya King CBE, Femi Oguns MBE, actor and founder of Identity School of Acting and Yomi Adegoke and Elizabeth Uviebinené, co-authors of Slay in your Lane.

As part of the Q&A the panel were asked which books had inspired them. You asked us to compile them; and your wish is our command: 

Elizabeth:
#Girlboss, by Sophia Amoruso

Lean In: Women, Work, and the Will to Lead, by Sheryl Sandberg
“Without Lean In, we wouldn’t be here… that book was such an inspiration”

Yomi:
Black Feminist Thought, by Patricia Hill Collins
“A book which helped me grow a lot and I’d recommend anyone, from any background read. If it wasn’t for me having read that book, I wouldn’t have understood my position in this society as a black woman”

Rasheed:
The Way of the Peaceful Warrior, by Dan Millman
“A magical book about life, trust, flow and mastery in being yourself”

The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, by Michael E. Gerber

Business as Unusual - the Journey of Anita Roddick and the Body Shop, Anita Roddick

Femi:
Book of Ecclesiastes

Kanya King:
What They Don't Teach You At Harvard Business School, by Mark McCormack

Shoe Dog: A Memoir by the Creator of NIKE, by Phil Knight

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kiyosaki
“I had all these ideas of what I wanted to do to generate an income… my mother told me whenever I wanted to do something, she’d say ‘no’ as she was very risk adverse. But you do need to take calculated risks… how you think about money, good debt and bad debt.

 

Of course, we can't miss out Slay in your Lane, written by Elizabeth and Yomi (currently available to purchase in our bookshop) and, as revealed at our event, one to look out for in the future, Kanya King's first book, we can't wait!

Slay in your Lane

To watch the speakers from the evening, visit our YouTube channel and to see other upcoming events, visit our website.

28 September 2018

Top tips from Start-up Day 2018

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Activities in 17 libraries around the UK. 101 business events delivered. More than 1,000 attendees across all locations. Webcast around the world. Start-up Day, in collaboration with Santander, once again proved to be a huge success. 

With a full day’s worth of events, there’s a lot of information and words of wisdom to take in from each speaker. Need a recap of what was said? Missed a crucial top tip? Want to relive it again? Or if you missed it, we’ve compiled all the videos of the speakers in this post, along with a key take away tip from each...



Top tip from Mintel senior consumer lifestyles analyst, Jack Duckett: Consumer confidence is on a growth trajectory, meaning there are opportunities for brands to grow.



Top tip from Google Digital Garage's Chami Coomasaru: Set yourself goals, think how you want your brand to be perceived and choose the platforms which are appropriate for your business.

Top tip from author and motivational speaker, Anis Qizilbash: Steep in your purpose... your success does not mean another person's loss. The more you make, the bigger impact you create.



Top tip from public speaking coach, Elaine Powell: [Your pitch] is never going to be perfect. Always ask for feedback and take your performance to the next level, and the next level, and the next level. Never give up, it's a journey, not an end destination.

Top tip from author, motivational speaker and business coach, Rasheed Ogunlaru: [Networking] online is the window to your world, meeting people in person is the door.



Top tip from former CEO of Tangle Teezer, Matt Lumb: Don’t try and do the 80 hours a week thing. You will burn out. Try and get that balance as you scale.



Top tips from:

Precious Jason, founder of Etieno Skincare: Being in business you have superhero days and you have days which are not so great… Be kind to yourself. 

Rebecca Slater, founder of Shine Creative Solutions: Believe in the idea you’ve got and to try and plan out the three most important things you need to get right.

Amy Fleuriot co-founder of Hiro + Wolf and Artisans and Adventurers: Don’t expect it to happen overnight. If you’re having to work alongside it, that’s ok… Just keep at it.

 

Start-up Day 2018 was in collaboration with Santander. To see our events throughout the year, click here.

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19 September 2018

Start-up Day: Meet the Speakers

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With Start-up Day fast approaching, here's an introduction to a few of the speakers who will be giving their expert advice on the day.

How to understand the UK market right now
Jack Duckett
@mintelnews

Jduckett@mintel Headshot (B&W)

I am the senior consumer lifestyles analyst at the market intelligence agency Mintel, and I am very much looking forward to sharing my presentation with you.

My presentation has two goals; the first is to help you to get a better sense of the breadth of Mintel research that you have access to at the British Library and the network of libraries around the country. The second is really to give you a sense of the important role that we believe market research plays for businesses today.

For start-up business owners, it can be taken as a given that you know your product and customers extremely well. But, when it comes to your Dragons’ Den moment, whether that be with your bank manager, an investor or a retail buyer, market research can provide the information you need to support your brand and help it to stand on its own. The second core benefit to market research is in helping you to know where to go next with your business, enabling you to see what is changing in your category and helping you to be prepared for the future.

How To Build an Authentic Business Network
Rasheed Ogunlaru
@RasheedOgunlaru

Rasheed Image 1

“Networking, love it or hate it, building a genuine network, is vital in starting and growing business.” says Rasheed. “This session will help session will help you network strategically, effectively, authentically and nerve free.”

Rasheed’s top three quotes and tips on networking and building an authentic business:

  1. Always have something shrewd to say and valuable to bring to the table
  2. Your online, website and social media presence are the window to your world - meeting people in person is the door
  3. What people feel and say about you when you leave the room is your job while you’re in the room.


How to be an entrepreneur
Matt Lumb
@mattlumb1

ML headshot

During Matt’s seven years at Tangle Teezer he transformed the brand from being a “Dragon’s Den reject” to one of the fastest growing companies in the UK and a household name. Matt talks openly about the challenges he and his team faced whilst trying to manage exponential growth overseas growth, UK manufacturing capacity, the importance of IP as well as copycat and counterfeit issues and the grey market. The Tangle Teezer story is a fascinating one as he took it from a start-up to having a valuation of £200M inside five years.


Start-up Stars: How I turned my business idea into a reality

Amy Fleuriot
@hiroandwolf
@artisansandadventurers

Amy Fleuriot

Starting your own business can be an equally exciting and daunting time. I founded Hiro + Wolf five years ago with my wonderful business partner, Bee Friedmann and we have learnt so much on our journey. What started as an accessories brand for people and their pets has grown into two distinct businesses as we launched Artisans & Adventurers two years ago with the help of the British Library. My expertise include design, branding, marketing, ethical sourcing and everything that goes into the day to day running of two shops, an online store and wholesale business. I am looking forward to hearing what challenges new businesses are facing and hope I can offer some advice on the start-up stage.

For more information on Start-up Day, to see which libraries are involved around the country and to sign up to the webcast, visit our website.

07 August 2018

If the Shoe Fits… Finding your Business Niche

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Finding your niche in any market can be tough; who is your customer? What do they want? What are your competition doing? Amanda Overs, graduate of the Business & IP Centre’s Innovating for Growth: Scale-up programme and founder of I Can Make Shoes, set up a shoemaking school after being unable to find a course to make shoes, without the need for heavy machinery.

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I Can Make Shoes workshop

“I was sick of being told ‘you can’t do it like that’” (by traditional shoemakers). With the demand for slow fashion and a resurgence of sewing and crafting, Amanda decided to put a positive spin on the negative backlash and eight years later has gone from running classes in her living room by herself to employing five part-time members of staff and running workshops almost every day of the year in both London and New York.

Research was crucial in finding out exactly who I Can Make Shoes’ customers were. Amanda says, “There has been a lot of trial and error over the years, but what I have found is the fastest, most efficient way of doing research is to actually ask your customer what they think. I regularly do surveys when I have a new idea to see what my audience think of it and recently started a Facebook community so that I can see for myself what it is that my students and customers really want and need.”

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I Can Make Shoes now run workshops in both London and New York

Amanda is always looking at ways to improve I Can Make Shoes’ offering and the business is always changing and improving. Something Amanda says is “key to staying ahead of the competition”. Not only do they run workshops for members of the public, they also have online shoemaking instructions, sell components, and train designers from major high street brands such as ASOS, River Island and Adidas.

The Innovating for Growth programme has helped Amanda take I Can Make Shoes to the next level, “It’s helped me to step back and reassess the business as a whole and identify the key areas of potential growth. I started in a bit of a whirlwind and have been treading water ever since, so to have fresh (very experienced) eyes and non-biased opinions on my plans for the future has been absolutely priceless”.

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"Fail fast, learn faster and move on to the next thing.”

What tips does Amanda have for finding your niche? “Trust your gut. Don't over think every detail. Fail fast, learn faster and move on to the next thing.” Amanda lives by her rules, due to popular demand she will be offering a new sneaker course launching soon...

Apply now for over £10,000 worth of business advice!

If you are already running a business and are looking to take it to the next level like Amanda, our three-month Innovating for Growth programme can help turn your growth idea into a reality. Applications are now open, so find out more here and apply now!

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This programme is fully-funded by the European Regional Development Fund and the British Library.

24 July 2018

Meet Martha Silcott, breaking taboos, one period at a time

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Each year 1.4 billion tampons are flushed, ending up in the sewer system, causing flooding and pollution. Water companies spend 88 million pounds per year getting all the un-flushable items out of the sewers. What can be done to solve this problem? Martha Silcott is on a mission to find a sanitary solution for this sanitary problem with her corn starch, biodegradable fab little bags...

Tell us a little more about FabLittleBag?

FabLittleBags are biodegradable opaque, sealable sanitary disposal bags that prevent aquatic pollution and actually make disposal feel good!

What inspired the creation of the product? Did you have a ‘Eureka’ moment that convinced you that this was a good idea?

Sitting on the toilet thinking “there must be a better way of doing this” as I performed the LooRoll Wrap with reams of toilet roll for the umpteenth time… Recalling the times when round at friends houses and there was no bin in the downstairs loo so I resorted to doing the Handbag Smuggle. I got cross that there was not a better solution out there, I researched it expecting to find one, I didn’t so I decided to invent one myself. I did loads of research in the British Library, researching the market, the companies involved, the blockages caused by flushing etc. My Eureka moment was when I finally figured out the design of FabLittleBag; its unique one-handed opening and that it had to seal – I ran around the house gathering bits of sandwich bags, sellotape, staplers etc. and made a Blue Peter version.

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Martha Silcott, founder of FabLittleBag

What steps did you take to protect the IP in your design?

I learned a lot about IP form the British Library sessions and their intro to an organisation called Ideas 21 – so I had a free session with an IP lawyer to establish if it was a starter or not – and it went from there, applying for my patent in 2006.

Did you use the resources and training available through the Business & IP Centre to research and launch the business? 

Yes, general market research; access to huge data resources at no cost, if you were to buy the info yourself each one costs thousands of pounds! IP information, a basic course on social media later on, all very useful along the journey.

Tell us more about how are you working with the British Library to bring FabLittleBag to more users?

We are currently trialling FabLittleBag in two toilet blocks, these are ones which have a very high level of blockages causing cost to the Library and inconvenience to users. The Library has a lot of through traffic and we know that approx. 60% of UK women flush their tampons and with other habits and cultures passing through blockages are a real challenge for the Library loos! So our gorgeous new dispensers are installed in these blocks and we have already had direct email contact from a few users telling us how fab they think FabLittleBag is! We are offering all British Library users who email us a free sample pack of FabLittleBags to try, so don’t be shy!

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The best disposal solution. Period

What is the vision for the future of the company? Where will FabLittleBag be five and 10 years from now?

We have BIG plans! We already have customers from lots of countries all over the world but we want to ensure that any Binner that dislikes doing the Loo Roll Wrap and wants to feel more in control and calm at point of disposal have FabLittleBags in their life and that we convert as many Flushers out there as possible into Binners – frankly whether they use FabLittleBags or not, we just want to stop the flushing of non-flushables and so prevent blockages and aquatic pollution at source.

One of our Missions is to #screwthetaboo and break down the ridiculous taboo that still exists around periods in 2017! Involving men and boys is important in this journey as they are involved even if it is not them having periods! Replacing feelings of awkwardness and anxiety around disposal of sanitary products is a core mission of ours, helping women to feel more relaxed and calm as they know that even if there is only two bits of loo roll there, or there is no bin, because they have FabLittleBag, they will be able to disposal of the product easily and without stress. We also want to support our chosen key charity (WellBeing of Women) and to expand our charitable impact as we grow, also helping to support smaller local charities and some abroad where the issues of menstruation has huge negative impacts of girls and women’s lives.

So five years' time to be a normal ‘must have’ in the handbags and bathrooms up and down the UK, Europe, USA, etc. and other countries where disposables are still the most common form of managing ones period (therefore disposal solutions are especially needed). 10 years time to be so successful that our charitable foundation Fab Friends, is making a huge positive impact on menstrual health and practical management for millions of women across the globe.

FabLittleBags will continue to be trialed at the British Library to help prevent the negative impacts of flushing sanitary products.

02 March 2018

A fashionable way to start your business

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London-Fashion-week-logo-300x225London Fashion Week has just finished for another year and is more international than ever, with over 50% of the designers born outside of the UK. The week is a great opportunity to show off their collections to global retailers, as well as getting coverage in the mainstream media and fashion press. In addition to helping new designers with their start-up businesses the show organisers offer British Fashion Council's programme with a range of business advice and seminars.

The fashion industry in the UK currently contributes a staggering £66 billion to our economy. With London Fashion Week adding £30 million to London every year.

Perhaps not surprisingly fashion is one of the most popular topics to research within the Business & IP Centre. And we have a great deal of valuable information and advice available. Have a look at our Fashion Industry Guide to get a flavour.

Mintellogo_900x550For example our Mintel report UK Design Fashion 2017 shows that men spend more on designer clothes than women, because although men shop less, they buy higher value brands. Also 56% of men agreed that wearing designer fashion makes them feel more confident, compared to 49% of women.

The report says that casual clothing and footwear are now the products that drive the designer market. This is a result of a move to less formal wear than in the past for visits to restaurants and trips to the theatre.

Young people between the ages of 16 and 24 years dominate expenditure in every category of designer fashion, from underwear to shoes. This is due to the importance of social media, where celebrities can influence young people to emulate their lifestyles. Just look at how celebrities crowd the front rows of the top fashion shows.


Ibisworld_logo2The IBIS World retail clothing report also covers the rising importance of social media and how it is expected to boost demand for fashion. The new breed of social media celebrities have a significant influence on their followers.

Instagram has become the key social media platform for fashion. “With more than 200 million on Instagram connected to fashion accounts all over the world, Instagram has become a global destination
for people to experience this stylish industry unlike anywhere else.”

As well as market research and related fashion information in the Centre, we also run regular workshops and offer one to one advice clinics via our partner Fashion Angel.

Don’t forget, we are here to help realise your fashion dream!

Seema Rampersad and guest blogger Polly James

 

05 July 2017

How Intellectual Property helped Julie Deane start a £10 million business from her kitchen table

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So many small businesses lack IP awareness and understanding, but IP is something of an unsung hero and can prove critical in making or breaking a business.

The Business & IP Centre team are dedicated to helping entrepreneurs and SMEs understand what IP is and why it’s important, what IP they might have created and how they might increase their business success and profitability by protecting and exploiting that IP in the future. Over the years the team have supported thousands of small businesses unlock the value of their IP, and much of the support we provide in the Centre uses case studies and real-life stories to demonstrate how having a handle on your IP gives you a huge commercial advantage.

One such example is Julie Deane OBE, founder of The Cambridge Satchel Company, who has taken her business from the kitchen table and a £600 start-up budget to a global success story with a turnover of £10 million. Along the way Julie has overcome numerous business challenges including managing designers, manufacturers and overseas distributors, establishing web and physical retail sites around the globe and dealing with thousands of imitator brands. Here, in a free 30 minute podcast with the Intellectual Property Office, Julie lays the truth bare on how she’s developed strategies to tackle copycat websites, build the brand, keep putting the quality of the product at the heart of the business and “hang on to the passion that made you start the business in the first place.”

 

Podcast IPO

 Here are our 3 ‘top tips’ for what you need to know when it comes to your Intellectual Property:

  1. Think about trade marks - Is your business name protectable in the countries that you wish to trade? Is it already being used or does the word have another meaning in a different country. Future investors will want to know that you have the rights to trade in the countries that they wish to trade in, and you need to consider this right from the start to give your business the best chance of success.
  2. If you’re creating a ‘thing’ - Do your research before filing for a patent; is there a market for your product? It is expensive and takes a long time to protect your idea so make sure you do your market research and can be confident that somebody will buy it at the end of the day. If you have paid for your product to be patented and want somebody to manufacture it for you, you also need to ensure you have agreements in place limiting their rights to your initial idea or design.
  3. Founder’s agreement - It is easy to set out a document with your business partner right at the start when setting up your business agreeing things like % of ownership and what should happen in the case of a dispute, or if one of you wish to sell then business and the other one doesn’t. Once a dispute has started it is much harder and messier so you need to make sure all parties are clear on this from day one.

You can find further help, support and information on IP in any of the eleven Business & IP Centres up and down the country, including the British Library in King’s Cross. Speak to any one of our specialist staff face-to-face, over the phone or by email. You can also log on to our free of charge online workshops to grow your knowledge about IP, and increase your chances of business success.

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Julie Deane in the Business & IP Centre

Julie Deane is Entrepreneur in Residence at the British Library and a huge champion for ambitious business owners. She recently gave advice and practical tips on Intellectual Property at the Library’s Scale-up Summit alongside Will Butler-Adams, CEO of Brompton Bicycles. Cambridge Satchel and Brompton recently launched a range of colour-matching bags and bikes where the satchel fitted perfectly to the handlebars. This ‘made-in-heaven’ brand match caught the attention of the press and delivered extremely high sales. Will and Julie's opening keynote presentation on ‘Getting your business in the media’ was a great success too.

 

Brompton
The Cambridge Satchel Company / Brompton Bikes collaboration

 

03 April 2017

How to research digital trends with eMarketer

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Emarketer-logoWe often get enquiries in the Business & IP Centre about how to research digital trends. Such as mobile phone usage and social media growth.

Fortunately, we have access to eMarketer research, which is the first place to look for research about marketing in the digital world. eMarketer PRO is relied on by thousands of companies and business professionals worldwide to understand marketing trends, consumer behaviour. And to get hold of essential data on the fast-changing digital economy. 

eMarketer is unusual for a market research publisher in how much information they give away for through their free newsletters.

But the only way to get hold of their full content is to come into the Business & IP Centre in London and access eMarketer PRO.

Here you will find:

  • Over 200 new reports each year with data, interviews with subject matter experts, and original analysis to provide insights, understanding and context on the most important topics in digital.
  • Aggregated data from over 3,000 sources of research in the data library.
  • Over 7,500 proprietary metrics about the digital marketplace, including media trends, consumer behaviour and device usage.
  • The ability to create customised charts and tables to help tell compelling stories with data.
  • Coverage across 100 countries, including proprietary metrics for 40 core countries.

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eMarketer PRO will help to:

Answer specific questions and access data about digital related topics. Such as how much time do millennials spend with online video? How many smartphone users are there in the UK? What are the key UK digital trends for 2017?

Get deeper insight on digital topics. Such as what is programmatic advertising? What are the pros and cons of developing mobile apps vs mobile websites?

Research topics related to Advertising & Marketing, B2B, Demographics, Email, Industries, Measurement, Mobile, Retail & Ecommerce, Search, Social Media, Video

Benefit from eMarketer Forecasts using eMarketer Estimates up to 2020 for hundreds of Metrics. 

Emarketerpro-logo

To give you an idea of what you would find, here are some extracts from a typical eMarketer report.

UK Digital Video and TV 2017:
Who’s Watching, How They’re Watching and What It Means for Marketers.

 

Nearly two-thirds of the UK population will watch digital video content in 2017

One

 

There will be more digital video viewers than smartphone users in 2017

  Two

 

Short-form content isn’t necessarily the preserve of the young; older groups are viewing increasing amounts

Three

 

In terms of platforms, YouTube dominates the short-form space and has massive overall reach

Four

 

For long-form VOD, the BBC’s iPlayer service dominates, but Netflix is gaining ground

  Five

 

So what does this mean for Marketers?

Pre-roll ads don’t work and are mostly disliked on digital channels

Six

 

However, pre-roll is still where most of the money is going: 59% of digital video ad spending in H1 2016 went to pre- and post-roll inventory

Seven

 

Social is one area that seems like a good environment for video ads

Eight

 

Engagement with a video ad on social media often leads to a purchase

  Nine

17 January 2017

Local Data Company shows coffee shops on a high

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Freshly-ground-coffee-from-coffee-grinder-picjumbo-comPubs are down while coffee shops are up according to a fascinating article on the BBC website today, Coffee shops on the march as pubs decline, town centre data shows.

They have analysed information from the Local Data Company to show the number of town centre bars, pubs and night clubs fell by about 2,000  between 2011-16, while cafes, fast food outlets and restaurants increased by 6,000.

We have access to this data and much more in Business & IP Centre in London through our subscription to Local Data Online.

You can use Local Data Online to give you data and insights for locations, business types and companies across the country. It has a searchable map tool which lets you select a specific area and examine the overall retail make-up.

You can identify local businesses and check the geographical spread of an industry or company. You can also find addresses and contact details for individual shops, lists of available vacant units, and a demographic profile of the area.

You can search for a specific location, company and/or retail category, and information is displayed on easy-to-read maps and diagrams. Extra information for locations includes vacancy rates, the mix of independent shops vs. chains, crime statistics, average earnings and house prices.

  Local Data map

So, if you want to find out where your new local coffee shops are, or which pubs have recently closed their doors. Just come along to the Centre and we can show you how use it.

Written by Neil Infield @ninfield

05 September 2016

Tips guaranteed to cut your bills

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Cut-your-billssm

Entrepreneurs inevitably spend more time thinking about sales rather than savings when starting a business. But given how challenging it is to run a start-up or small business, it’s fair to say that we don’t devote enough time to keeping our costs low. SMEs all over the UK are overpaying on their core services – and overpaying by hundreds of pounds. That can be the difference between success and failure.

So here, we provide a series of simple tips guaranteed to save you money on your business essentials.

Switch to save

Last year, the Department for Energy & Climate Change said that £2.7 billion was up for grabs by switching energy supplier. That announcement reinforced what many already knew – that thousands of small businesses and residential customers were losing money simply by not taking the time to look at deals from other suppliers.

The same rules apply across broadband, card processing, mobile and more – there is money to be saved everywhere, and a huge amount of options in every sector. uSwitch have reported instances of broadband bills jumping 400% when contracts have rolled over, and that’s why switching matters – it keeps your bills affordable, and your suppliers on their toes.

Pay by Direct Debit

This is one of those simple, easily forgotten extras that continue to cost businesses money.

Most suppliers will charge you a small processing fee every month if you choose not to pay by Direct Debit. This is a no-brainer – if you’re paying manually, contact your supplier and change to Direct Debit today.

Combine gas and electricity suppliers

It’s very common for energy suppliers to offer favourable deals to customers that choose them for both gas and electricity. So when you’re choosing an energy supplier, ensure you consider this option to get the very best price.

Use energy efficiently

Reducing the temperature of your heating by just one degree can reduce your energy bill by 10%. That’s the thing with energy use – small savings make a massive difference.

There are all kinds of things you can do to cut your energy use – here are just a few suggestions:

  • Use LED lights, which use 80% less electricity and last much longer
  • Turn everything off at night – even on standby mode, computers, kitchen appliances and photocopiers will continue to use energy
  • Kitchen appliances use an enormous amount of energy, so try to ensure you have modern equipment which is typically more energy efficient

Assess your business needs before choosing a supplier

Whether you’re buying card processing services or insurance, it’s easy to get distracted by flashy promotions. So before looking at anything, think carefully about what your business actually needs.

When choosing a phone and broadband package, think about how much you use a landline – the time of day you make calls, and whether you call mobiles or premium numbers. This will help you choose the right package – not simply the headline offer.

For card processing, think about the type of terminal you’ll need. Different costs and rates apply to countertop, portable and mobile machines – so carefully consider the terminal you need.

And for insurance, it’s all about choosing the option that suits your industry. Do you, for example, need Public Liability Insurance? Because if not, it’s an expensive addition to your policy.

In all cases, it really pays to understand everything about your business before you start shopping. You can find out everything you need to know in this handy guide.

Check your broadband speed

A classic error small business owners make when choosing a broadband supplier is not knowing the speed they can actually get.

Speeds vary wildly across the UK. It’s not uncommon, for example, to be in an area that can get superfast fibre but that can’t get a decent standard broadband speed. In this case, getting fibre really would pay dividends.

You don’t need to be a broadband expert by any means – you just need to know your speed. You can find this quickly and easily by using this internet speed checker.

Audit your bills

Financial advisors offer large, established businesses a service called a ‘utility bill audit’. And you can do your own – quickly, and best of all, for free.

You’ll need copies of your last few bills for each of your major outgoings – so phone, broadband, energy, insurance, water, card processing and anything similar. Go through each, and start to look at the detail in each bill.

Firstly, look for charges. If you understand the charge you’re looking at, that’s fine. But make a note of any you don’t, and follow up on them. Then, look at the bill totals, and try to look out for patterns. Have there been spikes? And if so, can you account for them?

If, for example, your phone bill has spiked, look at the numbers you were calling during the period in question. This may suggest that you should change your phone package to include monthly minutes to certain number types.

And finally, use an average of your monthly bills to help inform a price comparison online for each service. This will give you an excellent idea of whether you’re getting a good deal, and how much you could save.

 

XLN is a partner of the British Library Business & IP Centre and provides phone, broadband, energy and card processing services exclusively to small businesses. Since 2002 it’s helped more than 250,000 start-ups and SMEs to cut the cost of their monthly bills. If you run a start-up or small business, browse their cut-price deals – like 12 months’ free broadband – at www.xlntelecom.co.uk