Business expert René Carayol and Barclays’ local business MD Steve Cooper give their tips on how your business can get ahead of the recovery.

Last month, we announced details of a series of regional networking events we’re running in conjunction with Barclays which will help entrepreneurs prepare for the upturn.

The ‘Let’s Talk Preparing for Growth’ seminars, free to attend for Growing Business readers, will be led by business and leadership expert René Carayol and will provide advice on choosing the right time to expand; access to finance in a downturn; employing the right tactics to win new business and keeping costs under control while expanding.

In preparation for the events, which kick off this month and will also provide opportunities for networking, we asked Carayol, who has held senior positions at Marks and Spencer, Pepsi, Pizza Hut and IPC, and Steve Cooper, managing director of Barclays Local Business, to give us their tips on how you can prepare your business for the upturn.

How can entrepreneurs choose the right time to expand and what indicators should they be looking for?

René Carayol: “One never has to tell entrepreneurs when the time is right. The entrepreneurs I know would say, ‘the time is always right to do what is right’. That usually means growth. The best entrepreneurs identify serious strategic low cost opportunities that usually more than compensate for a slightly depressed market. I recently interviewed James Caan and he talked me through three days ‘in the life’: on the Monday he had raised £1bn for one of his ventures; the following day he bought into a chain of gyms which he was converting to a low cost £19.95 membership and on the third day he sold a couple of businesses. The best time to do business is when other people are closing their firms down.”

Steve Cooper: “What is the demand for your product and service? Is it increasing, is it decreasing, is it stable? Get out there, find out what’s happening in the market, what people are buying. Test what people are they prepared to pay. The lessons of being cautious shouldn’t be forgotten when expanding, either. Most businesses are far more efficient following the downturn.”

Do small businesses need to adopt different tactics for winning new business in a downturn?

RC: “The worst place to be for winning new business in a tougher trading environment is to be a ‘me too’ business. It’s far better to be unique, special and different than another commodity business.You have to differentiate yourself fromthe competition and I’m not talking about lowering your price – I’m talking about adding value where others do not or cannot. You have to ask yourself what makes you special and what makes you different because that’s what will make you memorable and stand out from the pack. By far the best way to make yourself different in a sustainable fashion is to have the best people around.”

What skills do entrepreneurs need in order to take advantage of an upturn?

SC: “When you’re doing a deal, make sure the payment terms are just as water tight as they were when times were tough. Understand the changed funding environment. If you’ve got a viable business, you will get access to finance. What does viable mean? It’s not a mathematical formula. Can the business demonstrate it can afford to repay what it borrows? If the answer is yes, it will get the money. We’ll be educating entrepreneurs on how to go about structuring approaches for bank debt and venture capital so they can access the funding they need.”

RC: “Those who are closest to the customer tend to win the new business. Remember, we can do so much more for our customers in a downturn than we ever could in the good times. They will never forget that when the good times return.”

Growing Business is offering 50 free event places to its readers. Visit www.preparingforgrowth.co.uk or call 020 8334 1655 to find out dates and details of the events and secure your free place.