OxLEP Business' TOP TIPS for growing businesses!

Sep 05, 2023

Share This Post:

OxLEP Business TOP TIPS for growing businesses!

Over 778 Oxfordshire businesses have grown stronger through OxLEP’s business support over the last 12 months. Take a look at OxLEP Business TOP TIPS for growing businesses!

1. Clarify your VISION

  • Describe the vision at the heart of your business
  • Review what you actually do. Check it aligns with your vision.
  • Create a plan and set goals for your business.
  • Be disciplined by making yourself accountable. Share with others.
  • Set regular times to review your core purpose. Don’t let it slip.

2. Refresh your PITCH

  • Pitch to friends and family – gain honest feedback.
  • Start with a success story or a question.
  • Keep your company overview to a minimal.
  • Be enthusiasticbut don’t overdo it.
  • Create a positive close with key points & next steps.

3. Continue to GET NOTICED

  • How does your brand look? Does it look and fit your business?
  • Do you stand out from competitors? Be distinctive.
  • Tell your story well. Give your brand some personality.
  • Are there any new channels or different approaches?
  • Check if your targets are right. If notchange them or find new markets.

4. Own & protect your IDEAS

  • IP rights include Patents Designs Trade Marks & Copyright.
  • Visit the Intellectual Property Office (IPO) to find out the basics.
  • Access freeonline tools to discover which assets to protect.
  • Access a free online assessment of your business to identify
  • & add value to your IP assets.

5. Increase YOUR SALES

  • Make sure you have a well designed ‘sales funnel’.
  • Get a customer management system to increase your effectiveness.
  • Review where sales come from: new or existing customers?
  • Look at potential for upselling.
  • Don’t be too transactional. Building relationships in sales matters.

6. Build the BEST TEAM

  • Assess the skills & resources you need to have a balanced team.
  • What is best for your business: a freelancer or an employee?
  • Avoid pitfallsget HR support for contracts & issues.
  • Referrals from friends & colleagues is a good way to find people.
  • Skill yourself up to manage people – it’s not always easy.

7. Keep an eye on the CASH

  • Set clear payment terms for your customers & invoice promptly
  • Know your costs & break-even point for each product or service.
  • Don’t grow without a sound financial plan.
  • Constantly monitor costs & overheads.
  • Keep on top of future cash requirements & sources of funding.

8. Keep your business on TRACK

  • Spend more time on the business than working in it.
  • Have a clear business plan & keep it up to date.
  • Understand the triggers for making key strategic decisions.
  • Get expert advice – you don’t know everything.
  • Ensure you comply with rules & regulations.

OxLEP has a wide range of fully funded business support available to help everyone from budding entrepreneurs with a great idea through to high-growth business leaders looking for their next investment and helps businesses to navigate around a complicated landscape and find the support they need to thrive.

If you’re an SME looking for business support why not attend our upcoming springboard event

Spring into 2023 – Business Toolkit for Success

Investing 60 minutes of your time could unlock thousands of £££s worth of free support to help you to achieve your business success.