Cash saving ideas (Part 1)

May 18, 2011 § Leave a comment

I asked this question to a range of entrepreneurial Scottish businesses – these are some of the answers. Thanks to all the contributors.

Brian Hughes Halferty – Kiltr.com

  • Try to negotiate fixed monthly prices for legal and accounting fees, they can easily catch you by surprise and always get a second quote at the very least
  • If you’re at the seed stage and people like your idea, try to negotiate a sweat equity deal over the long-term

 

Hugh Ilyine, DestiNA Genomics

  • Finding and working with really effective service suppliers       
  • Support from Scottish Enterprise through their Business Support service for High Growth Start-Ups

 

 Donald Cameron – EQSN

  • Good sales qualification.
  •  Webex to demonstrate and prequalify opportunities

 

Alexander Cole – Peekabu Studios

  • Judicious use of the right software can save you a bundle, especially on starting finances. Get some advice, definitely, but you’ll be surprised how much of your financial projections you already know.
  •  Never work for free – doing speculative work can be a huge drain on time and cost you big time in lost work if it goes sour. If it’s worth it to a client or investor to see some real work on the table, then it’s worth being paid for.

 

Billy Stenhouse – Baguette Express

  • Make suppliers phone you.
  •  Check you are getting the best rates from your bank and never accept they give you the best terms, be prepared to change.

 

Richard Burton – Hoodeasy.com

Ways to improve chances of funding success (Part 2)

May 3, 2011 § Leave a comment

I asked this question to a range of entrepreneurial Scottish businesses – these are some of the answers. Thanks to all the contributors.

Becky Woodhouse, PURE Spa

  • Cash is king so make sure that your cash flow forecasts are up to date and as accurate as they can be – this will also ensure that you can forecast any potential shortfalls and take action before they grow into a problem
  •  Don’t take no for an answer!  If you are confident in your proposal, don’t give up, and seek out feedback if you have been unsuccessful so you can identify the areas you need to improve to make your proposal a success

 

Ben Panter, Blackford Analysis

  • Understand the customer and end-user
  •  Appreciate that these might be different people

 

Carol-Ann Searles, Carlyle Associates

  • Research and road test funding proposition before approaching funders to try to get a right first time approach
  •  Use your network as funding may come from unexpected sources

 

Dr Tim Willis, CEO & Founder, Flexpansion

  • Answer the questions as fully as possible on forms for public funding especially – back up your statements as much as possible with external sources, market research etc.
  •  A bit obvious, but do as much preparation as you can for pitches.
  • Practice as many times as possible and be prepared for as many questions as you can.  If you don’t know, just say so as it validates the answers you are able to give.  And make a note to find out the missing answers.

 

Alex McAndrew, Spinsight

  • Sell something, anything!

 

Colin Gilchrist, Digital Face

  • Get on Linkedin and look for Equity Partners – consider their background and whether they are a natural fit – don’t approach just anyone with cash
  •  When pitching you have 10minutes to get their buy-in, practice, practice, practice – if you have slides limit it to 10 – if you don’t have them by then it will be a huge uphill struggle. 

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