What are your top tips for SMEs?
Nail your concept - you need to be able to explain it in one or two sentences to anyone. Also, you should be always ready to sell your idea, not just to potential investors, but to anyone who you want to work with you or for you (particularly when you are starting out)
Learn to delegate - To begin with your success will often depend on your ability to do everything and to work 70hrs a week. As it grows you need to be able to judge when is the right time to bring other people on board and to delegate responsibility for areas of the business to them
Understand your financials - you will be questioned on your financials by any investor and they will quickly lose confidence if you don’t have complete grasp of your figures and “I’ll need to check that with my accountant” is not a good enough answer.
Understand what differentiates you from your competitors - Smaller businesses can react more quickly and bring ideas to reality much faster than bigger allowing them to differentiate from more established competitors. That’s how at Sourced Market we can compete with competitors with much greater resources, from supermarkets to coffee chains.
Don’t be afraid to fail - Building a business involves trial and error and you can often learn more from things that don’t work out than things that do.