Entrepreneurs Share Top Tips; Small Business HOW I

The Journal (Newcastle, England), September 30, 2008 | Go to article overview

Entrepreneurs Share Top Tips; Small Business HOW I


HOW I ... Is a column in conjunction with the Entrepreneurs' Forum that looks at the gems of advice shared by our top entrepreneurs on dealing with issues in their daily lives.

Chris Quickfall, who runs Whickham technological support company Invate, said: "Trying to set the business up was a bit like being a rabbit caught in the headlights because I vastly underestimated how much support there is out there. We managed to raise finance from Business Link, The Prince's Trust and Project North East. We also got the banks to put in some money and used that to go to another bank to do what's known as invoice financing.

What we did was sell our credits to a bank, and they give 90% of it back immediately and 8.55% back once our customer paid. That allowed us to have enough working capital to support the business and enable it to grow."

Lisa Hart, chief executive of Newcastle business research consultancy Acritas, said: "I always envisioned being the global leader in market research for professional services, now we're not far away from achieving that goal. The way we've got there has been very different to what we anticipated, but the vision has remained the same. At first we expected to have a number of key accounts that would deliver so much revenue each year, which we'd grow over the years gaining more client accounts and fulfilling their individual needs. Last year, we got a series of briefs that had the same objectives. …

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