Small business owners face increased HMRC scrutiny amid Labour’s tax gap initiative
As the Labour Government sets its sights on closing the tax gap, small businesses and their owners could be targeted. Find out more in our infographic here.
How can you ensure you diversify your business wisely?
Ensure new markets add value to your business
It’s important that the niches identified for any new product or service add the most value to your business.
Steps to take include:
- Critically evaluating the value of entering a new sector: Taking into account the budget available in the short, medium, and long-term prospects of the sector.
- Testing the market view of your idea: Screening for market sentiment, prior to devoting further time or resources to an idea is a vital action to take.
- Testing the economics of your idea: This includes conducting primary and secondary research to highlight niches, as well as informing what price and volume assumptions should be considered.
- Choosing the best way/s to exploit the opportunity: After research and rigorous testing, it is important to determine the right entry model. Should you access opportunity directly, by partnership, joint venture, acquisition, or another model?
Our experience
A wholesaler of luxury fragrance was looking to test consumer appetite for a new perfume concept they intended to retail independently.
We helped identify and poll likely consumers to understand what price premium was achievable given the luxury perfume concept differentiators.
We were able to establish that two price/volume points could optimise profit.
This allowed us to develop a financial model that, in turn, could be used to obtain growth capital.
We can help
Contact us today to find out more about how we can help you
Read our insights here
What can businesses learn from the British Library cyber attack?
The British Library cyber attack in 2023 is prompting other organisations to review their own cyber policies and practices.
A tale of two regions: Northern businesses face greater financial headwinds than southern businesses
Research provides insight into the financial differences for businesses in the North and the South. Read our report to find out more.
Price Bailey’s Wellbeing and Mental Health Ambassadors
In this piece, we have asked several of our Wellbeing and Mental Health Ambassadors to provide their thoughts as to why the role is of such importance to them.
