Running a small business can be hugely satisfying but often a struggle too. The right help at the right time can make an enormous difference.

Here, in support of Small Business Saturday UK, the partners at Moore Stephens East Midlands share their top tips for small business owners.

Look before you leap – You need to answer questions such as: Is it what you really want? What will be involved? What are the skills that you need to run the business and have you got them? It is essential you appreciate the challenges involved.

Believe in your product or service – If you don’t it is unlikely you will be able to sell it. Businesses that grow tend to have owners who understand how the product/service makes a difference to the customer and the wider society.

Have a clear plan – You’re not only delivering a product to customers but you are creating an organisation which can consistently meet customers’ expectations. A vital component of that will be the business plan which should be reviewed and refined at least on an annual basis. Documentation can be seen as red-tape but it can help keep you on track and avoid misunderstandings.

Be prepared to take risks – Be brave but not reckless. Know when to ‘test the water’. Being in business is about taking calculated risks and getting a suitable return, even if you can see possible downsides to a proposed new venture, don’t necessarily rule it out.

Learn from your mistakes – It is unlikely that you’ll succeed in business without making a few mistakes, but these don’t need to define you. Write the story of how it went wrong, make changes to your plans to mitigate against those risks in future and re-evaluate.

Build a motivated team – disgruntled employees can damage your business. Build a team of committed people who pull together and trust each other. Ensure your key team members are suitably rewarded and incentivised

Make sure individuals focus on what they do best – Don’t have your best salesperson doing your paperwork. Make sure everyone is clear as to their specific roles and that they have the skills and experience for the tasks involved.

Get the right external support – Small businesses often have limited access internally to specialists. You need to establish a team of external partners who will work with you to help you achieve your goals. Having a good accountant will be of paramount importance

Cash is king – Manage cashflows efficiently and protect against unnecessary shortages. Maintain accurate cashflow projections to highlight any potential cash “squeezes” before they occur, allowing for planning to ensure appropriate funding is in place.

Have a robust credit control system in place – Agree your business terms in writing; these could include early settlement discounts and interest charges for late payments. Assess the credit worthiness of potential customers and suppliers. Establish a credit control policy with clearly defined credit limits for customers.

The price must be right – Make sure the price you charge for your product or service reflects the value that a purchaser believes they are getting.

Make the most of available tax reliefs and rebates – There are a number of grants, incentives and tax reliefs available for small businesses, but many miss out because they’re unsure what they can claim for. Incentives such as small business rates retail relief, National Insurance employment allowance and R&D relief can make a big difference.

Don’t fall foul of VAT – all business with a VAT taxable turnover of more than £81k must be VAT registered and submit a quarterly VAT return. Make sure you choose the right VAT scheme – depending on your industry sector you may benefit from being on the flat-rate VAT scheme (designed to simplify VAT accounting for smaller businesses) or other VAT scheme.

Negotiate commercial property leases carefully – Make sure you get the best possible rent terms for your business and the length of the lease is adequate for your business purposes.

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Have adequate insurance – Employers’ liability insurance is a legal requirement if you employ staff. If you have visitors to your place or work or you visit customers on their premises you might need public liability insurance to provide cover in case of accident or damage to property.

If you provide a service such as advice or consultancy you should think about professional indemnity insurance. Don’t assume that your existing policy is sufficient – if you work from home or use your vehicle for work, check that you’re specifically covered for business use.

Put your customers first – Satisfied customers are vital to business success. Listen to what your customers want and adapt your approach accordingly. Remember that the customer is always right!

Be consistent – Your business should become known for its reliability and consistency. Set internal standards and lead by example. Strike the right balance between a standardised approach and allowing people space for flexibility and initiative.

Don’t neglect your marketing – customers won’t purchase from you if they don’t know who you are or what you offer! Effective marketing today doesn’t have to cost a fortune. A low-cost DIY template website can be as little as £3 per month. Most social media sites are free to use. A survey by Yodle showed that only about half of small businesses have a website and only around 1 in 10 are using social media to promote themselves.

Moore Stephens East Midlands Chartered Accountants www.moorestephens.co.uk/eastmidlands