Introduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Beyond the Book 3 Where to Go from Here 3 Book 1: Laying the Groundwork 5 Chapter 1: Preparing for Business 7 Getting in Shape to Start Up 8 Confirming Viability 11 Going for Growth 15 Chapter 2: Structuring Your Business 19 Going into Business 20 Safeguarding Your Business Assets 30 Getting Help 35 Chapter 3: Can You Do the Business? 43 Deciding What You Want from a Business 44 Exploring Different Types of Business 46 Assessing Yourself 48 Chapter 4: Preparing the Business Plan 55 Finding a Reason to Write a Business Plan 56 Writing Up Your Business Plan 60 Using Business Planning Software 66 Presenting Your Plan 68 Chapter 5: Establishing Your Starting Position 73 Introducing SWOT Analysis 74 Identifying Strengths and Weaknesses 74 Analysing Your Situation in 3-D 81 Chapter 6: Researching Your Customers and Competitors 85 Anatomy of a Customer 86 Determining Which Customers Buy What 94 Seeing Your Product through Your Customers' Eyes 99 Sizing Up Competitors 104 Calculating Your Market Share 105 Introducing Market Research 108 Book 2: Sorting Out Your Finances 119 Chapter 1: Finding the Money 121 Assessing How Much Money You Need 122 Reviewing Your Financing Options 126 Determining the Best Source of Finance for You 130 Going for Debt 131 Sharing Out the Spoils 138 Chapter 2: Seeking (Nearly!) Free Money 143 Researching and Obtaining Grants 145 Applying for Awards 148 Raising Money from the Crowd 154 Comparing Accelerators and Incubators 157 Chapter 3: Keeping Track of Finances 161 Understanding Your Accounts 162 Balancing the Books 167 Analysing Performance 171 Accounting for Pricing 174 Chapter 4: Budgeting for Beginners 181 Constructing a Budget 182 Exploring Budgeting Alternatives 185 Capital Budgeting 188 Book 3: Finding and Managing Staff 193 Chapter 1: Staying on the Right Side of the Law 195 Cutting Through the Red Tape 196 Working Out What the Law Expects from You 197 Going the Extra Distance 198 Deciding Who Has Rights 199 Deciding What to Put in the Contract 204 Drawing Up Other Employment Policies 204 Managing Without an HR Department 205 Getting Help and Advice 206 Chapter 2: Finding Person Friday - Advertising and Interviewing 207 Filling the Gap 208 Getting It Right from the Start 209 Considering Diversity 215 Sorting the Wheat from the Chaff - CVs and Application Forms 216 Handling the Practicalities of Interviews 218 Planning the Interviews 220 Checking Up on Your Chosen One 222 Offering a Job to Your Dream Candidate 226 Chapter 3: Employing People Successfully 229 Motivating and Rewarding Employees 229 Managing the Admin 237 Chapter 4: Disciplining and Dismissing Staff 245 Resolving Disputes 246 Dismissing Staff - the Right Way 248 Dismissing Staff - the Wrong Way 253 Tying Up the Loose Ends 255 Facing Tribunals - Something to Be Avoided 258 Chapter 5: Inspiring Employees to Better Performance 259 Introducing the Greatest Management Principle in the World 260 Discovering What Employees Want 263 Deciding What to Reward 268 Starting with the Positive 269 Making a Big Deal about the Little Things 271 Considering Money and Motivation 272 Chapter 6: Coaching and Development 277 Playing a Coach's Role 278 Coaching: A Rough Guide 280 Coaching Metaphors for Success in Business 281 Tapping into the Coach's Expertise 282 Developing and Mentoring Employees 284 Explaining How Employee Development Helps 284 Personal Development Plans 286 Helping Employees to Develop 287 Chapter 7: Being an Expert at Performance Appraisal and Management 291 Taking the First Steps 292 Developing a System for Providing Immediate Performance Feedback 294 Reducing Shrinkage 297 Reading the Results 298 Appraising Performance: Why It Matters 299 Spelling Out the Performance Appraisal Process 301 Preparing for the No-Surprises Appraisal 304 Book 4: Keeping On Top of the Books 307 Chapter 1: Recording the Financial Facts 309 Keeping the Books 310 Keeping the Right Paperwork 314 Filing Your Accounts 317 Managing Your Accountant 318 Protecting Your Business Against Internal Fraud 319 Insuring Your Cash through Fidelity Bonds 323 Chapter 2: Managing Your Tax Position 325 Tackling Taxes for Different Types of Businesses 326 Paying Taxes 329 Handling Employment Taxes 334 Surviving a Tax Investigation 335 Chapter 3: How Investors Read a Financial Report 337 Analysing Financial Reports with Ratios 338 Finding Financial Facts 347 Introducing the Audit Report 349 Digging Deeper into the Audit Report 351 Frolicking through the Footnotes 353 Book 5: Marketing and Advertising Your Wares 355 Chapter 1: Taking a Closer Look at Customers 357 Checking Out Who Your Customers Are 358 Discovering Why Your Customers Buy 361 Finding Out How Your Customers Make Choices 364 Remembering the Big Picture 366 Dealing with Business Customers 367 Chapter 2: Considering Your Business Mission, Vision and Objectives 371 Developing Your Concept 372 Composing Your Mission Statement 372 Seeing the Vision Thing 374 Setting Objectives and Goals 374 Chapter 3: Marketing and Selling Your Wares 377 Making Up the Marketing Mix 378 Defining Your Product or Service Parameters 379 Using Advertising to Tell Your Story 379 Getting into the News 388 Using Blogs and Social Networks 390 Selling for Business Success 390 Settling on a Price 394 Pondering Place and Distribution 396 Considering the Newer 3Ps 399 Looking at Legal Issues in Marketing 402 Naming your business 403 Looking at logos 403 Protecting patents 403 Registering a trademark 404 Detailing your design 404 Controlling a copyright 405 Abiding by fair business rules 405 Setting terms of trade 406 Describing your goods 407 Dealing with payment problems 40 Chapter 4: Creating and Placing Ads 409 Deciding on Your Budget 410 Writing and Designing Your Ads 411 Making Sense of Print Media Rates 418 Placing Newspaper and Magazine Ads 420 Considering Yellow Pages, Directories and Their Digital Alternatives 426 Broadcasting Your Message on Radio, TV and Online 428 Snail-Mailing and Emailing Your Customers Directly 431 Using Billboards and Other Out-of-Home Ads 436 Chapter 5: Public Relations and Publicity 439 The Relationship between Public Relations and Publicity 440 Becoming a News Source 442 Spreading Your News 446 Crisis Communications: Dealing with Bad News 454 Chapter 6: Doing Business Online 457 Appreciating the Power of the Internet 458 Reviewing What You Can Do Online 461 Establishing an Internet Presence with a Website 463 Selling Goods and Services 469 Gaining and Monitoring Visibility 472 Practising Safe Online Business 477 Chapter 7: Social Media Engagement 483 Explaining the Why, Who and How of Social Media Engagement 484 Using Words and Pictures 495 Leveraging Audio and Video for Engagement 501 Considering Other Social Media Engagement Tools 506 Book 6: Growing and Improving Your Business 511 Chapter 1: Thinking Strategically 513 Making Strategy Make a Difference 514 Applying Off-the-Shelf Strategies 516 Checking Out Strategic Alternatives 528 Coming Up with Your Own Strategy 532 Chapter 2: Managing More than One Product 533 Facing the Product/Service Life Cycle 534 Finding Ways to Grow 539 Managing Your Product Portfolio 549 Extending Your E-Penetration 555 Buying Out Competitors 556 Chapter 3: Improving Performance 563 Checking Your Internal Systems 563 Retaining Customers 564 Improving Productivity 571 Chapter 4: Franchising for Growth 575 Defining a Franchise 575 Considering Your Franchise Options 577 Weighing the Advantages and Disadvantages 578 Doing the Pilot 579 Finding Franchisees 580 Rolling Out the Franchise 581 Chapter 5: Funding Expansion 583 Dealing with Financiers Post-Investment 584 Investing in Future Rounds 588 Considering a Public Listing 590 Recognising the Rise of Alternative Funding and Online Platform Funders 593 Looking at Differences in Digital Funding 604 Chapter 6: Becoming a Great Manager 607 Building a Team 608 Coaching and Training 610 Appraising Performance 613 Developing a Leadership Style 614 Measuring Morale 621 Index 625
Colin Barrow is a strategic advisor and the author of more than 30 books. He has held senior staff and line positions in business and was head of the Enterprise Group at Cranfield School of Management for ten years. He was also a non-executive director of a high-tech venture capital fund and has served on government task forces.