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Enterprise Development ... Start as you mean to go on.

pdf_buttonVHQ Article - Enterprise Development (EA).pdf

Enterprise Agencies aim to develop an enterprise culture, encouraging self-employment, new businesses and entrepreneurship. It is a huge challenge, but as numerous enterprise support programmes across the UK have demonstrated it is a challenge that has been taken up with great vigour and great success.

Now, the focus needs to switch to an even greater challenge: ensuring that those start-ups survive the difficult first few years and start to generate the profits required for ongoing expansion. Otherwise, the benefits that growth provides for neighbourhood, community and regional economies will be lost.

So, how can the survival rate be improved? There aren't any "magic bullets" but Virtual HQ Solutions, based on its long experience of working with new businesses, has some practical suggestions for long term success.


Existing Enterprise Support

New businesses generally value the help that Enterprise Agencies and other business support organisations provide. Their assistance is wide-ranging and involves;
  • Skills training
  • Personal coaching
  • Business plan development
  • Access to funding
  • Provision of incubation/office space
  • Inclusion in procurement processes

These help build the foundations for businesses, but what is needed to make sure that the support provided has a longer term effect?


Good Practices into Good Procedures

Virtual HQ Solutions' experience is that it is essential that they find ways to embed the good practices they learn into business procedures. Having properly defined procedures ensures that;

  • The right way of doing things becomes a business habit to the start-up team
  • New recruits can become effective more quickly
  • Good practice becomes self-perpetuating
  • The business establishes and retains control over the key functions (sales, finance, tax, and operations)


 

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