DCP228 and Business Electricity
What is DCP228? DCP228 is a regulation to be introduced by Ofgem in April 2018 which will change the way busin...Read More
My business card says:
I don’t have one – that reminds me I need to get one sharpish!
I would describe my business self, in five words, as:
Creative, opportunist, hardworking, loyal, fair.
The hardest part of setting up the business was:
Raising finance. There’s not much out there for start-ups as far as bank funding goes. My business partner and I took out personal loans and some private investment. Put together a strong business plan, some conservative forecasts and then go out and talk to people about your idea.
The biggest challenge for my business has been:
Creating a strong management team. This is key for any business. You need strong people with the right skills in the right places. As a start-up you don’t have access to these key people as you simply can’t afford them on a full-time basis. Management skills and support is something I would have really appreciated as a start-up: someone to talk to about commercial decisions; HR issues; understanding profit and loss; recruitment; accounting; negotiating rents; etc. This is why we’re in the process of creating a management consultancy team that can offer this support to all businesses on an as-and-when basis.
My biggest business regret is:
I don’t have one yet… (fingers crossed).
My greatest business success is:
Being voted no.1 burger bar in Wales in our first year.
The key to being a successful small business owner is:
Have a strong concept, to be able to adapt to market changes and maintain consistency.
My top tip for entrepreneurs is:
Have a strong team around you.
My top money-saving tip is:
Always review the cost of your goods as often as possible. Check if there are any suppliers who can provide your common items at a better price. Also, remember it’s not always about the cheapest price. Often good relationships with suppliers can be worth more. It’s a fine balance.
The one thing that has saved me the most time with running my business is:
Creating a thorough recruitment policy to reduce staff turnover.
The one thing I would do differently with my business if I had my time again is:
Open it sooner.
The business headline I would most like to see is:
‘Government cuts VAT to 10% in hospitality industry’ — Which would in turn create more jobs and allow us to re-invest in the business.
If I wasn’t answering these questions I would be:
Unloading boxes of ketchup into storage.
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