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While it’s hard to fault an entrepreneur for their idea, passion, drive and resilience, all too often it is possible to brutally dissect the way in which they go about building a company structure around them. This is when business insight is key.
Bivek Sharma, head of KPMG Small Business Accounting, sat down with Business Advice to explore four key stages of business growth: establishing, expanding, evolving and exiting. Well be unveiling them each one at a time, with the next being at the start of January, but for now it’s all about establishing.
Just like you wouldnt go running without doing your laces up, so too an entrepreneur must consider all of the issues that could trip them up before theyve even made it to the first corner.
Sharma told us: Businesses need to have a direction of travel you wake up one morning and you have an idea, but then you need some meat to the bone.
Never have words been so true. An idea is great, but without the business insight on how to execute it then an idea is all it will ever be.
you’ve got to test your idea and your product, said Sharma. There is a danger sometimes if you’re working in isolation that you’ve come up with an idea that you think is great but it might not test so well outside your immediate circle.
Business Advice has also produced some helpful videos on the issue, where Sharma goes into great detail about the importance of a business plan, having scalable processes and goal setting. You can have a look at those below.
Once you’ve finished having a look at our detailed first feature, found here, we would invite you to submit any extra questions you might have for Sharma and the team at KPMG Small Business Accounting.
An early-stage entrepreneur’s success is partly based the network they are able to become part of. Without people to bounce ideas off and secure some business insight, there is the risk that a company might be driving down the wrong road without any idea.
