How to build a great business: find a mentor & manage your cash flow

1)Manage your cash flow

It may seem obvious, but knowing exactly how much money comes in and out of the business on a daily basis is crucial, says Michael Kain, Managing Director of Bramley & Gage. He knows that if they never have another order for their drinks, the business could pay off all of the bills for a period of time. Michael has taken the family gin manufacturing business from strength to strength, selling their award-winning 6 O’Clock gin to stockists across the UK.

2) Plan for expansion

Colin from Mill View Plant Centre in Oxfordshire has been running the family business for over 30 years. He believes you should always think about how you can expand, to ensure you stay ahead of your competition. Whether you want to increase sales by developing or improving new products or services, here are some ideas for how to plan for growth.

3) Integrity

Don Dennis, founder of the Flower Essence Repertoire in Scotland, credits working with integrity as the most important thing he’s learned from running a successful business.

4)  Find a mentor

Maria Hopwood, pictured above, is founder of fabric specialist The Stripes Company and thinks having a mentor is crucial for building up your own business. She’s not alone – some of the most successful business leaders have had mentors including Richard Branson and Steve Jobs.

5) Use social media

Celia Gay from Newton Farm Foods in Somerset uses Twitter and social media to stay in touch with and support other local businesses. Social media can also help you attract new customers.

Building a great business requires investment

All great businesses require investment which is why we’ve created a better way for businesses to access the capital they need for cash flow, growth and more. You can borrow £5,000 to £1 million for your business and pay back over 6 months to 5 years. Check your eligibility online in just 30 seconds – it’s worth noting that 2 years trading is required.

If you could give one piece of advice to someone in the early stages of building their business – what would it be?