Step up your Game

You’ve had the big eureka moment but how do you transfer all that greatness in your head into reality? Many business owners are teeming with great ideas that could drastically improve business but they simply don’t have the expertise or the funds to develop their ideas further. If you want your idea to be a game-changer, then do not be afraid seek help.

The UK has rapidly changed into an ideas economy. We manufacture in a different way and SMEs are at the heart of this. SMEs are crucial in the development of the UK’s economy. We can’t afford to sit on our ideas and let them go unnoticed. They need to be developed and implemented, not just for the good of your business, but in order to contribute to an improving economy. SMEs need to stick together, taking advice from each other and looking out for each other’s interests, for the good of the whole economy.

So how can you grab your opportunity to step up your game? There are two main issues that businesses come across – funding and expertise. This post will explore the ways you can overcome these hurdles.

Funding

I have recent experience of one particular funding scheme. Pathway is now collaborating with Pera Technology on a record breaking new product development fund to support innovation in European SMEs. The scheme, promoted by Pathway Group and backed by Pera Technology, is part of the EU Horizon 2020 initiative which has committed a massive €82 billion to furthering research and innovation in organisations with a particular focus on SMEs over the next 5 years. Individual businesses will be able to claim up to €3 million for new product development, so it is a wonderful opportunity to turn an idea into reality.

The funding scheme is much easier to access than previous budgets, and UK SMEs have been particularly successful in accessing it. SMEs have been identified by the European Commission and national governments within the EU as the source of future economic growth, so funding is more of a priority than ever.

A funding scheme could be the boost your business needs to take things to the next level. The EU Horizon 2020 initiative is not the only scheme available, of course. There are many options, and it all depends what you wish to achieve from funding. If you want to explore your options, checking out other people’s experiences here is a great place to start.

Expertise

Funding may not be your main issue. A lack of knowledge could also be holding you back. There are plenty of places you can turn to for advice online, such as www.smallbusiness.co.uk. You can become a member of The Guardian’s Small Business Network for free (https://register.theguardian.com/small-business/) to receive regular expert advice. Joining a Local Growth Hub can also be very beneficial (http://www.lepnetwork.net/about-leps/the-network-of-leps/). Local Growth Hubs bring together public and private sector partners to promote, co-ordinate and deliver local business support and provide a mechanism for integrating national and local business support so it is easy for businesses to access.

If that doesn’t quite cut it, you may wish to consider getting an expert in to assess your business and discuss your ideas. For example, you may have an idea to improve your business’s online presence but aren’t entirely sure how to execute it. Expert advice from a digital marketer could make all the difference. Investing in expertise from consultants will pay off in your business development in the long run. Pathway Group can offer advice and guidance to help you get on in business.

Don’t miss your chance to contribute to the UK’s ever-growing ideas economy. Your next light-bulb moment could take your business from good to great.

Share your thoughts with me by via twitter: @SafarazAli

Giving an Internship - Why Bother?

It’s tough for young people entering the working world. They often find themselves in the Catch 22 of needing experience to get a job, but not being able to get a job to gain the experience! Why should you help? Interns and volunteers are a burden, right? Plus, you’ve heard horror stories like this. But have you ever considered an intern could be doing you and your business a favour? It may be a great boost for their CV but it can also be a boost for business. So what are the benefits your business could reap from running internships or traineeships?


Manage your workflow more effectively and increase productivity

Simply put, more hands mean more productivity. Your employees will benefit from the extra help, allowing them to be more productive.


Try before you buy

Just because a candidate shines in an interview doesn’t mean they will be perfect for your team. Running an internship programme gives you a chance to assess how someone fits in with the way your business operates and how they get on with other members of the team, before you commit to hiring them full time. It’s also a chance for an intern to try your business out.


Build your business’s future

You will often find after ‘trying out’ an intern that they are a great asset to your business and you wish to keep them on as a full-time paid employee, making your recruitment process a lot more efficient.



Bring in new ideas

Young people have a fresh take on things, are technologically advanced and are full of innovative ideas that may give your business the refresh you didn’t even realise you needed. Invite interns to team discussions and value their contributions. It’s a chance for them to partake in business brainstorming, and for you to possibly gain a brand new perspective.


Give something back

Your business probably relies on the local community in some way so why not give something back to them? By taking students or graduates on as interns, you are giving a boost to the local educational system. Your business will gain a great reputation for lending a hand to young people trying to get on the career ladder.


Introduce your team to management

Interns and volunteers need training and guidance, which is where your staff come in. It presents the perfect opportunity for staff to hone their management skills and get better at what they do, which is of course good news for business.


Whilst the advantages are great, you must keep in mind that by hiring an intern you are committing to training and developing them – it is not just an excuse for free labour. If you or your employees cannot dedicate time to guide and mentor an intern, then you should reconsider. You will not reap the benefits if you cannot spend the time training. Remember, in the long run, interns should save you time as they can help to effectively manage your workflow by taking on those extra tasks you never quite get round to doing properly. With your mentoring and guidance, interns will help grow your business and accomplish your future.


Has your business had experience with interns? I would like to hear your thoughts.


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Safaraz

I Get By With A Little Help From My Friends - Forming Strategic Alliances & Joint Ventures

I have found strategic alliances to be very beneficial over the years. For example, Pathway has a strategic alliance with a number of Accountants which is great for both sides. Both businesses work with small business owners which need and we refer them to one another, each gaining a bigger client base and more recommendations.

Your business may use a strategic alliance to:

• Share resources and information. Your businesses may be in the same field but you are likely to have expertise in different areas. Both businesses will grow stronger through sharing knowledge and learning from one another.

• Increase access to innovation and new technology. Another business may introduce you to a tool that totally changes how your business functions, which you may never have discovered without them.

• Reduce competition. By joining forces with a like-minded business, you will not only immediately lose them as a direct competitor, but you will also be creating a competitive advantage over other similar businesses by the pooling of both businesses’ resources and skills.


How do you know who to form a strategic alliance with, and how can you ensure success?

It can be difficult to let new people into your business world after doing things in a certain way for however long. How do you know who to trust? If you’re thinking about linking up with another business, check out these tips:

Select your partners carefully
Look for peers who are like-minded and share your ethics. You can make contacts in many places; at networking events, online groups or social networking, and even with or via your Advisers: Business Coach, Bank Manager, Solicitor, or Accountant.

Be clear about your expectations and desired outcome
Identify the kind of alliance you want and of course it needs to be a win-win. Can you both commit equally to the project? It would be wise to negotiate a formal contractual arrangement for further peace of mind.

Keep communicating
You will need to stay in regular contact to maintain a strong and successful alliance. Many business relationships fail because of faulty assumptions and poor communication. Make sure all communications are documented and don’t just assume your partner understands everything without explanation and rationale.

Set specific timelines
Set trial timeframes to get an idea of your partner’s work ethic, management style, attention to detail, and true commitment. It’s important to test the waters before fully committing.

And if things do go wrong…

Be sure to establish an exit clause when setting up an alliance. Decide upfront on an exit strategy that will suit you both should the alliance fail. Don’t be afraid to brainstorm possible best and worst case scenarios.

So do your research to make sure it’s the right strategy for your business, and target a strategic and motivated alliance partner. It may be tough but the benefits for your business, and your partner’s business, could be endless. By sharing resources, costs and risks, your strategic alliance may catapult your growth in a way you might never achieve on your own.


Kindly provide your views and comments and kindly connect via twitter: @SafarazAli
Regards,

Safaraz