Brighton is a hub for small businesses in the UK. According to the think tank Centre for Cities, Bighton is in fact the best place to start a small business in the UK. So what lessons can these small businesses take from big businesses to continue to grow and thrive? Let’s find out.
Raise funding efficiently
Small or large, many businesses need to raise money so that they can grow. There’s a variety of ways to raise startup funding from crowdfunding to government grants, debt financing and equity financing (when investors buy shares in your company). Many companies opt for equity financing and raise seed capital or Series A funding from angel investors or venture capital firms. This can be a time-consuming and expensive process, though, because it involves a lot of planning, pitching and signing legal documents. That’s why some savvy entrepreneurs use services specifically created to help businesses close funding rounds faster. Small businesses could apply this approach to fundraising and boost their growth by raising some investor money, especially if they can get the right support in place to simplify the process.
Tap into trends and buzzwords
Ever noticed how in TV adverts, social media and other media channels, big businesses speak to their audiences by addressing current trends, topics and buzzwords? This helps them to connect with their audience, show that they’re engaged and be recognised as thought leaders or trend-setters. It also helps them create and sell products that are relevant to the current needs and desires of consumers. Small businesses can do the same. They can create products and services that serve the needs and desires of consumers and promote them in a way that appeals to those consumers.
Among the top growing businesses in the country, The Argus reveals that 19 were based in Brighton and Hove. One of these demonstrates the power of promoting a buzzword. Organic Zoo is a children’s clothing store that sells European-produced organic cotton attire, and with ‘organic’ being so well-known as a sign of good quality, Organic Zoo has quickly become very appealing to customers.
Focus on employees and grant them autonomy
Small businesses that focus on their employees early set themselves in good stead going forward. Just as big businesses delegate important roles to worthy managers and leaders, so too should small businesses train up their employees and trust them with important tasks. It helps to keep them motivated, engaged, and feeling as though they are a core part of the project.
Some businesses have even been founded with the sole purpose of promoting others in business. This is the path that Brighton-based Thrive has taken, boosting female entrepreneurship through business support. It plays to the premise that building people up in the world of business will only result in progress, which small businesses can certainly do within their own walls.
Big businesses find funding efficiently, tap into the desires of customers, and promote the advancement of their employees: small businesses wanting to grow and develop should follow suit.