7 things that most business owners forget to do!

· back up their computer data on a daily or weekly basis. More than
70% of businesses that lose more than 1 week’s data due to I.T. glitches
and can’t retrieve the data from a backup go out of business within a year

· get employer’s liability insurance as soon as they take on their first
employee. This is a law, not an option. Basic employer’s liability
insurance can cost as little as a few hundred pounds a year

· get signed contracts for the jobs they are to do or to supply. Without
a signed contract for the job, you have little or no chance of recovering
any money from a client or supplier if they change their mind once you’ve
already started on the job, or if they just won’t pay you for it

· chase outstanding invoices in a timely manner. Most small business
failures are due to cash flow crunches. Don’t become a ‘failure’ statistic -
invoice as soon as possible and chase payment as soon as it’s overdue

· ask for better terms with their suppliers. See the point made above
about cash flow. Don’t ask, don’t get!

· get employees to sign contracts. If you don’t set out the rights and
responsibilities from the outset, if any debate arises with an employee
then you will waste time and goodwill resolving it

· file bookkeeping paperwork. From having lower accounting bills to
being able to withstand a tax or VAT inspection with ease, it can take as
little as 20 minutes a month to file your financial paperwork the right way.

For more information on any of these items, and for more details about how to implement any of the suggested actions, please email info@businesslinkkenya.com

Find out if you have got what it takes to START A BUSINESS!

Starting up a business requires a considerable investment of time, funds and energy. Before you begin, you need to honestly assess whether you really have what it takes and how well you think you might handle the risks involved.

You may want to consider the following questions:

• Are you prepared for the personal demands of setting up a new business?
• How well do you handle uncertainty?
• Do you have a positive attitude?
• Are you prepared to take chances and gamble on your ideas?
• Do you have any of the key qualities of a typical entrepreneur?
• Do you have an absolute determination to succeed?
• Can you bounce back from setbacks?
• Are you able to delegate?
• Do you have core business skills?
• Are you prepared to spend time carrying out in-depth market research?
• Do you have sufficient funds to set up a new business?
• Are you willing to draw on expert help when you need it?

Very few entrepreneurs can claim to be strong in all of the areas required. The key is to make the most of your assets and take action to address any gaps. This could include learning new skills yourself or drawing on outside help by delegating, recruiting or outsourcing.

Ultimately, you are the only person who can decide whether you have what it takes to make your dream of starting a business into a reality.