What does a new business really need?

At Wefinda we believe that success comes from connecting businesses which need help with suppliers who actively want to provide that help. That is why we take such pleasure in matching needs and solutions and why our buyers’ guides have already helped many businesses to know and understand what would benefit them.

To help us to help you further we surveyed a range of businesses to find out where their priorities lay when they started up. They told us that their number one priority was sorting out effective communications. This recognises the vital role that telephone, internet and mobile have to play in today’s business world. With some companies now being able to virtually run their entire business via the internet, having a robust and fast broadband network is recognised as a key driver to business success in the UK. Because of this, Wefinda welcomes the recent Ofcom announcement on measures to open up competition for broadband services including the sharing of BT infrastructure.

The importance that new businesses place on the internet is strengthened with website design being listed as the 4th most important service closely followed by internet marketing in 6th. Sorting out an IT support package also makes it into the top ten reflecting the need to keep communications flowing smoothly.

Outside of the IT/ communications mix, your second priority on starting up in business was to find an accountant. With new businesses needing help in producing business plans, deciding whether to register for VAT, arranging finance and setting up their accounts; early help from an accountant can be invaluable.

Next on your list of priorities was getting the image of the business right with printing in 3rd place and logo/brand/graphic design in 5th. Having a professional image will enhance your business in the eyes of prospective clients. In fact, studies have shown that a strong brand and image can lead to the acceptance of higher prices by clients. Business Link sums this up when it says “the brand and image of a business are vital to its success.”

Once you have got your communications, accounts and image sorted out, priority then goes to finding the right premises. Office space and utilities come in close together at 9th and 7th. When choosing your office, the Wefinda guide cautions that “choosing the wrong office space has been known to result in business failure, whilst choosing well can result in increased turnover and profits”. In particular think about location and accessibility for clients and staff.

Wefinda is committed to helping the SME business community to strengthen and grow and would like to thank all those who took part in our survey. The information will be useful in preparing our buyers guides which, together with our tweets and blogs, we aim to pack full of hints to help SME businesses to succeed.