Philip Button, Managing Director of Brookes & Co, shares a selection of top business tips which he has amassed over the last decade.
Location, location, location
We know that successful property investment is all about that old adage “location, location, location” but it is not just property to which this applies. When setting up a business, location is equally important. Where will your offices physically be based? What about your cyber location? Will you have a strong online presence? These are important initial questions when focussing on your target market and growing a successful business. As with property, understanding key demographic data such as population growth and changes in age and employment status will put you on the right track when targeting your customers.
Assess market trends
Research is of the utmost importance when running a successful business, so I would urge you to look carefully at trends in the market within which you’re operating, as well as at competitors. What are they, in your opinion, doing well? What could be done better? Everything has to be analysed and reanalysed.
The role of due diligence
Many people don’t undertake sufficient due diligence on the companies with which they partner or utilise as suppliers. It is essential that you check that they have a credible and long-standing reputation. At Brookes & Co, we personally inspect every single development that we present to our investors, put our own funds into each project, and are in touch with the developer every step of the way. It is key that you work with a reputable company that is financially sound and acts with integrity to protect your own business interests and reputation.
Get to know your clients
One of the best parts of my role as MD, is working directly with our clients and supporting them to build up robust, varied and high-yielding investment portfolios. I make a point of trying to get to know each and every client that I work with, so that I can understand their motivations, their particular interests and what it is about our company that they find most useful. This builds a strong individual relationship, increases client satisfaction and, in turn, grows the company’s reputation and business through referrals.
Take an active interest
I believe that as a responsible local business it is our duty and our privilege to support local activities and causes. This dream became a reality for us in June this year when we were key sponsors for the amazing SamStock charity festival and I would encourage other businesses, new and established, to take a similar tack, not only for promotional purposes but for giving back.