Tameside is a thriving business destination, offering a diverse range of opportunities for businesses of all shapes and sizes. With a strong economic base, skilled workforce, and strategic location, Tameside is well-placed to support businesses in their growth and success. Throughout this article, we discuss essential strategies for running an effective business in Tameside.

Understanding the Tameside business landscape

Tameside has a thriving business community with a wealth of opportunities. The borough is supported by a strong manufacturing base, a growing service sector, and a solid community. The top economic sectors in the area include:

Retail and hospitality: There are plenty of hospitality establishments in Tameside, serving the local population and visitors from across the UK. You will find several pubs, restaurants, shopping centres, and a growing number of hotels.
Manufacturing: Tameside has an extensive history of manufacturing, and it’s still a significant sector within the borough. There are both small and large-scale manufacturers, making everything from textiles to food products.
Education: Tameside has a rich educational landscape, with plenty of excellent schools and colleges. As well as this, transport links to Manchester make it an excellent hub for university students.
Healthcare: Many quality healthcare providers serve the Tameside area, including hospitals, pharmacies, and clinics. This sector is supported by the Tameside Hospital NHS Foundation and the University of Manchester’s School of Medicine.

Like any UK borough, not everything is roses. Challenges in the Tameside business sector include an ageing population, an unstable transport network, and a lack of skilled workers (STEM and healthcare).

Despite the challenges, there are plenty of opportunities in the area as well. For example, a Levelling Up Fund of around £19.87m is being spread across the construction of commercial spaces, new offices, new homes, and a state-of-the-art health and wellbeing club.

Crafting a robust business plan

Starting a business in Tameside starts with a solid business plan, just like any other venture. A business plan is like a map detailing every aspect of your business. Anyone should be able to pick it up and understand exactly what your business sets out to do, how it will get there, who will be involved, and how it will overcome potential issues.

You will need to include the following components:

● Executive summary

● Company description

● Market analysis

● Marketing and sales strategy

● Management and organisational structure

● Financial projections

● Risk management

● Conclusion

Although there are a lot of sections, you can make life easier by downloading a PDF template. However, you will need to use one of the helpful tools like this, which allows you to convert PDF to Word. You can only edit a PDF after converting it to Word unless you’re willing to pay Adobe’s prices for premium.

Securing funding and managing finances

Making money is the goal of any business, but liquid assets are required to cover the startup costs. Fortunately, there are several excellent ways to generate wealth to fund a business. Here are some of the most popular approaches:

● Friends and family: Borrowing money from friends and family comes without strict terms of more traditional funding options.

● Bootstrapping: Using personal savings or investments to fund a business.

● Crowdfunding: Raising funds from the community, typically through a platform like Kickstarter.

● Angel investors: Invest in early-stage businesses in exchange for convertible debt or equity.

● Venture capital: Invest in businesses with a high-growth potential in exchange for a large ownership stake.

● Bank loans: Traditional bank loans often require collateral and business credit history.

After funding is secured, it’s important to manage it properly to avoid crumbling. Start by creating a viable budget, tracking expenses, managing cash flow, and devising a tax strategy. Depending on your time and resources, it may be worthwhile to hire an accountant to manage financial affairs on your behalf.

Attracting and retaining top talent

Hiring and retaining top talent in today’s competitive business landscape can be tricky, but it’s essential for the success of any business. A talented workforce brings expertise, innovation, and skills to your team, which helps with growth and sustainability.

The first stage of attracting top talent is creating a compelling employer band, which means spending time devising company values, culture, and unique selling propositions. As well as this, you’ll need to provide meaningful work with plenty of growth opportunities - and a healthy compensation package doesn’t go amiss.

When it comes to retaining talent, you need to communicate with transparency, provide regular feedback, and draw out clear career progression paths. Alongside this, we recommend devising a quality employee health and wellness programme.

Embracing technology for business growth

Even if your business offers a physical service, you need to embrace technology to appeal to modern audiences. The best areas to adopt technology include cybersecurity, customer relationship management, productivity, automation, and data analytics.

Integrating the latest technology into your business will make way for data-driven decision-making, boosted productivity, enhanced customer experience, wider market reach, and an edge over the competition.

Working on community engagement and networking

Community engagement and networking are essential parts of business growth, especially in a relatively small borough like Tameside. Community engagement allows you to understand the community and build solid relationships while networking grants you access to unique opportunities and advice. By working alongside the local community, you can work towards a future that benefits everyone.

Navigating legal and regulatory compliance

Businesses must follow all applicable laws and regulations to operate efficiently, protect their reputation, and avoid legal repercussions. To find out more about legal compliance in Tameside, it’s best to visit the local government’s website and read through their FAQs. As well as this, you can schedule a meeting to make sure you’ve got everything covered.

Running an effective business in Tameside requires extensive knowledge of the local business landscape and a comprehensive approach, from creating a solid business plan to embracing new technology. By attracting top talent, knowing the local area thoroughly, and adopting technology in the right areas, businesses can achieve success and growth. Remember, staying informed on current trends and being open to change is crucial for thriving in the modern business world.