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7th April 2005
How to Win The Small Business Challenge.
ibd at The Business Start-Up Show
A survey, undertaken by Initiatives in Business Development Group
(ibd), compared the key concerns of entrepreneurs
immediately before they launched their businesses with those of
owner managers one year on highlights some interesting changes.
At start up stage, potential business owners identified finance,
new customers and premises as their top concerns. Twelve months
later, their major issues had evolved into concerns about time -
or rather the lack of it - and managing isolation.
ibd is a national network of independent business
professionals dedicated to supporting small firms. ibd
members have already helped over 600 small businesses source finance,
formalise business processes and develop and implement manufacturing,
sales and marketing strategies. Because ibd’s
members all previously operated at senior levels in industry with
many having run their own firms, the practical expertise available
through the network is immense.
ibd member David Jack leads ibd’s
team at the Business Start-up show. David explains the changes experienced
by new owner managers. “Large companies employ specialists
when they need them- finance, legal, production, IT, marketing and
sales – but small firms cannot afford such luxury are therefore
at a competitive disadvantage. Owner managers as a result, often
feel over-stretched and under-resourced. If they are not careful,
too much time is spent troubleshooting and putting out fires and
strategic issues and longer term planning get forgotten.”
ibd member, Richard Campos is typical. Richard
discovered that the transition to small business ownership was mind-blowingly
challenging. “It was far more of a culture shock than I anticipated,”
Campos says, “I thought I had considered and planned carefully
how I would move from the cushion of a major corporation. But I
hadn’t bargained for the additional skills I had to develop
instantly when I was on my own. Sorting out banking and invoicing,
electrical and computer maintenance, sourcing office furniture and
supplies yet not forgetting that I’d got to go out and get
the clients to get the business started.”
“I hadn’t realised just how much my PA organised my
life,” he added “From arranging my appointments to emptying
the bins, now it’s all down to me.”
David Jack, who also worked for a number of large companies before
starting on his own, emphasises that a good support network helps
combat any sense of isolation or uncertainty and can be invaluable
in providing expert advice and assistance and sharing business opportunities.
He admits to finding the adjustment to the “ups and downs”
of work – and their associated income streams – difficult
at first but feels the transitional experience gave him some valuable
insights which he is happy to share with new entrepreneurs and his
small business clients.
All the owner managers in the ibd survey believed
that the challenges of the transition from employment should not
be underestimated. But all also agreed that being masters of their
own destiny was extremely empowering. The independent business owners
ibd talked to enjoyed the flexibility that life
outside the corporate structure gave them, citing benefits including
more rapid decision-making, fewer long-winded meetings and simply
being in control of their lives. But all acknowledged that starting
a business is very hard work.
All ibd members have ‘been there and done
it’. That’s why they are at The Business
Start Up 2005 show on Stand 403 (NEC, Birmingham, 3-4 June 2005).
They will share their experiences and give hints and tips on how
to start and grow a business. Alternatively go to www.ibd-uk.com
or call ibd on 0115 988 6215.
--- ENDS ---
About ibd
Terry Forrester – now the group managing director- and marketing
director, Alan Ford, founded initiatives in Business Developments
Ltd. (ibd) in 2002. Now a 300 strong membership
organisation, ibd works with start-ups and small
to medium sized businesses offering hands on business development
advice and implementation support.
ibd members typically are experienced, senior
managers who bring maturity and experience and who have previously
held senior level positions in business. ibd operates
throughout the European Union and a South African operation will
be launched in 2005.
ibd has built a number of innovative partnerships
with some of the UK’s largest banks and financial institutions
including HSBC, Nat West, PwC, venture capital providers Angel Bourse
and EurExcel. This enables owner managers in small firms more easily
to access specialist expertise when they need it.
ibd provides a high quality, full service to SMEs.
All ibd members have to go through a stringent
recruitment programme, attend comprehensive and continuing training
programmes and adhere to the organisation’s ethical policy.
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