The Big Question

Ed Gooderham, director, Green & Co Accountants and Tax Advisors, Cwmbran

Specify your business objectives -ensure you and everyone else fully understand what you are setting out to achieve. Do your research – plan your strategy, know your market and keep an eye on your competitors. Be aware of your limitations –do you have the knowledge, the time and resources to effectively carry out your undertakings. Review your position – use management information regularly to see where you stand now and help you plan for the future. Take a break – keep a healthy balance between life and work to avoid burn-out.

Clare Morgan, marketing director, Peter’s Pies, Caerphilly

I would say it’s essential to always treat people with respect, dignity and in a professional way – just as you’d like in return really. On a day-to-day basis, planning in advance to ensure the day is structured and organised will always ensure it’s the most productive it can be. I think it’s important to explain your ideas in detail and with passion to ensure people understand the rationale and the output expected – it’s not really fair to expect people to carry out a process if they haven’t been properly briefed in the first place. And finally, it’s also important to make time for you, even if it’s for a cup of coffee away from the desk during the day or heading to the gym first thing in the morning – anything that helps to clear the head a little will help you to focus better in the long run.

Clive Thomas, managing partner, Watkins and Gunn Solicitors

Always make sure you enjoy what you do and surround yourself with amazing people. If you can do that then your day won't feel like work and you will bring an infectious enthusiasm to the workplace that everyone around you will thrive on.

Liz Maher, Centurian VAT, Langstone

Having confidence in your idea/ability is key – so self-belief is important particularly for women in business – often women will still, I feel, look at an opportunity, be that a job or a business, and identify what they can’t do rather than what they can. I also think sometimes we wait too long to get an idea or business idea out into the marketplace by worrying about perfecting every aspect and second guessing what the potential issues may be. That doesn’t mean to say you shouldn’t plan thoroughly, protect Intellectual property with patents etc and understand the technical issues around your offering or subject but, especially in small businesses where you don’t have to overlay a 'committee management' process, you should move quickly and get visibility in your marketplace as new issues arise.

Luke Welsh, head of employment Law, Howells Solicitors, Newport

The best advice I would offer is to ‘get lots of advice’. Surround yourself with great advisors, and a great network. Don’t be afraid to ask lots of questions, and be willing to pay for good advice. Good advice will give you confidence in your actions and plans which when starting out will provide peace of mind.

John Newell, director, Kingston Newell Estate Agents, Newport

Listen to your customers and manage expectations regarding fulfilling what you promise. House sellers will often contact a couple of estate agents to value their property and frequently choose the estate agent that provides the highest market price. Whilst the seller will stand to receive more from the sale of their house the chances are it will take a lot longer to sell, require more viewings and then when valued by the mortgage company be rejected at that price. Do customers want a quick sale, what are their reasons for moving – do what is best for them and be realistic. This approach certainly works for us.

Dan Smith, M4 Property Consultants, Newport

Newport’s retail market is currently in transition, with the Friars Walk development opening fast approaching. However there are still retail units available which hold real opportunities for local businesses and first time business owners. Here are our tips on finding the right retail premises:

Location Location Location – Will your customers make a specific trip to you, or do they just walk past and decide to call in? Key in choosing your location is understanding your customers. For instance, if you’re a value retailer, your customers would expect you to be close to other value retailers, not luxury fashion brands.

Affordability - Know your budget and stick to it. However, don’t take a unit just because it’s cheap, it has to be the right unit for your business.

Small Business Relief – In Wales you can get 100 per cent relief on your business rates when the rateable value of your commercial property is £6,000 or less. The rate of relief will gradually decrease from 100 per cent to zero per cent for properties with a rateable value between £6,001 and £12,000.

Flexibility – Where possible, try to agree flexible lease terms. On small retail units, three-year leases with 18-month break clauses are often achievable. This gives you the opportunity to give a location a real go before deciding if it is right for your business.

Property Consultants - Commercial property professionals can save you both time and money. Talk to a local commercial property advisors who have a specialised knowledge of the local area, chances are they will know the right spot for your business.