7 Golden Rules to keep your business thriving

1. Focus on your existing customers - these guys are valuable so keep that in mind!
2. Keep an eye on your finances - do you know what your margin is, do you know what your projections are... Are you on target to hit your targets?
3. Review suppliers - check out whether you are getting the best deals especially if they are increasing their prices
4. Review your costs - maybe its time to switch utility bills, do you really need to take that taxi to the meeting?
5. Adapt and add value - consider some 3 for 2 offers, make yourself stand out from your competitors (check out what ASDA have been doing so that they stand out from their competition!)
6. Check in with your bank - make sure you have got a good rep with your bank because you just might need a bit more over draft!
7. Dont face it alone - there is lots of advice out there and it is good to share!

Freelance or Full Time?

There is an interesting article in this month's IOD magazine about why small businesses are choosing to work with freelancers over employing full time staff and we think that at last people are feeling the same way over this issue. There are some businesses that do need full time staff and this works very well for them, but from experience I find that working with freelancers means that you are working with people who are more self reliant and keener to do a good job. If you find you are not working with someone who feels this way, you can tell very quickly and the work will dry up equally as quickly for them.

Speaking from experience, at some point in a business life you soon have a negative experience with a full time hire and if you are a small start up business that experience can put you off even trying to grow your idea further than work you can do yourself. By the time you realise that you have made a bad hire and are able to do something about it, you are often at least three months too late. Sounds a bit harsh but it's true. We all know we have to go with our 'gut feeling' but sometimes when you are working with another person, in the same environment day in, day out, its a tough call to sack them....especially when you realise all the red tape you have to go through to get rid of them. You can see it as easier to just be a bit more patient, give them a bit more training and surely... surely things will come out all right. By that time, its too late!

Managing a client/supplier relationship is much more simple; okay so it doesnt always mean you will be happy with the work but you can dump your supplier a lot more easily and quickly than you can your employee. And another thing you may find is that you will get more bang for your buck with a freelancer. So we reckon this type of business model rocks - especially in these changing times when you need to be as flexible and nimble as possible.