Here at Evolve, we want to arm our readers with the most valuable tools to help them launch their business, see it grow and flourish and just as important weather the storms when they happen.
With this in mind, we have put together a checklist of advice to help you out:
Business Plan for Contract Services
Before anything else you should formulate a business plan, this will be your go-to guide on realizing your goals and ambitions for your business. It is crucial to consider all the small details of running your business, how to grow your business and achieve those goals and ambitions you set out.
As you progress on your journey you will also want to adjust as your go along, some parts may have seemed solid at the start but as you grow and learn more you may want to take out some parts and add in new bits to reflect the current status of your business.
Your business plan will also be a great tool for attracting investors to help take your business to the next level.
Here is a business plan template to help you get started
Cash Flow Management
This is one of the most common factors in small businesses failing, especially in the first few years of operation. It is best in these situations to take a proactive approach and pay very close attention to your cash flow in and out of the business, this way you can anticipate as and when cashflow restrictions are on the horizon and find solutions to combat this.
It goes without saying, but it is best to always try and keep a cash reserve of some kind so you can avoid falling into arrears with overdrafts, credit card fees or any other outstanding payments. If you keep a tight rein on cash flow management it will be easier to maneuver and find solutions before it gets critical.
Following on from ‘Cash Flow Management’, if you find yourself in a cash flow emergency there are plenty of funding options available to acquire emergency funding for your contract service.
This includes: grants, start-up loans, emergency business loans and also given the current economic climate due to the pandemic there are additional options available: Coronavirus Bounce Back Loan, Coronavirus Job Retention Scheme and the Self Employed Income Support Scheme.
For more information visit the government website here – https://www.gov.uk/business-finance-support
Business Continuity Plan
A business continuity plan is a plan outlining how the business will continue to operate during an unplanned disruption. Given the current pandemic, we would like to think if you’re already running a business if you didn’t have a continuity plan prior to the pandemic you now have one in place.
The plan should provide detailed strategies on how business operations can continue or adjust to the disruptions in place. In other words, continue to generate income for the business to make up for the core operations being disrupted.
If you have any questions related to business or would like us to help you get your business off the ground, feel free to get in touch with our specialist team!