Issue #63 - What makes an MBO? 🏪

Getting into the micro business owner mindset | 12 ways to increase small business revenue | How does being a micro business affect your energy contract? | Courses for August | Tunes | Words | More

Jul 20, 2023

Getting into the micro business owner mindset 🧠

Welcome to Issue #62 of The Backbone - the fortnightly newsletter from Bionic.

There are 5.2 million micro businesses in the UK. That accounts for 95% of all businesses, according to UK Parliament business stats.

If any two of the following points apply, then your business will be defined as a micro business:

a turnover of no more than £632,000
no more than £316,000 on the balance sheet
10 employees or less

But what defines a micro business owner? Are there certain traits and mindsets that connect owners of these backbone businesses? We asked a few to find out and the following themes kept popping up…

A positive outlook is a must
It helps to be versatile
Make sure you’re self-sufficient
Stay motivated
Be passionate
Be aspirational

You can find out more in our blog - What mindsets do successful business owners have in common?

Do you agree with our findings? Is there anything else you think you need to be a micro business owner? Leave a comment and let us know 👇

📨 SUBSCRIBE

Subscribe to The Backbone to get each fortnightly edition into your inbox at 7 am every other Friday. Perfect for a quick read at breakfast or on the commute.

🗞 READ

12 ways to increase small business revenue 📈

In the last issue of The Backbone, we asked if you had any ways of making extra money at your business - and you didn’t let us down. So, if you’ve exhausted all the money-saving tips, here are 12 ways to make more money at your business.

Tips to increase your revenue

How does being a micro business affect your energy contract? 💡

Ofgem, the energy regulator, has put some rules in place to help make sure micro business owners get a fairer deal from brokers and suppliers. This includes greater transparency on the terms of your energy deal and what happens when it ends, better information on the energy market and your rights, and more effective dispute resolution if you run into issues with a broker.

Here’s all you need to know 👇

🗣 SHOUTOUT

#BionicBusinessStory - Cheerio Juice Bar & Bakery 🥐

For this week’s small business story, Chloe interviewed Kadija Nakhli, CRM Manager here at Bionic and co-owner of Cheerio Juice Bar & Bakery.

To find out more, check out the Cheerio Juice Bar & Bakery on Instagram 📷

📚 FACTS

Did you know…there are loads of free online training courses that can help you with all aspects of running your business? Here’s a round-up of some to look out for in August 👇

💷 Cost of living: Building resilience - August 1

📝 How to Write a Business Plan for Funding - August 4

🙏 Expert 121 with Laura Wood, Workplace Wellbeing Advisor - August 7

🤳 Top TikTok strategies to grow your small business - August 8

🔎 An Introduction to Intellectual Property - August 15

🔐 Cyber Security for your small business - August 23

📊 BUSINESS

Get your business costs sorted 💷

Bionic - the business price comparison experts - compare a range of business essentials to help you save time, money, and hassle.

Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾

Sort your business essentials

Bionic managed to shave some money off Daniel’s business bills 🪒

Check out more ⭐⭐⭐⭐⭐ Trustpilot reviews

🎧 LISTEN

Playlist 🎶

You ever have those days where you need to just knuckle down to plough through some work, but keep getting distracted by the slightest things? If so, then Classical for Working could be the playlist for you. Studies have shown that listening to classical music can help boost concentration and self-discipline, and this playlist has nearly four hours of classical jams to help you get in the zone.

Podcast 🎙

If a podcast hosted by the unlikely-named Guy Raz isn’t enough to draw you in, How I Built This offers a masterclass on innovation, creativity, leadership and how to navigate challenges of all kinds. Each episode sees Guy Raz interviewing some of the world’s best-known business minds to learn how they built their iconic brands.

👩‍🤝‍👩🏾 SHARE

If you love The Backbone (or even if you just quite like it) share it with someone who has equally great taste in email newsletters.

Share The Backbone

🏡 HOUSEKEEPING

Check your folders 📁

If The Backbone isn’t landing in your inbox every other Friday, please mark this address as ‘not spam.’ If it isn’t in your spam folder, it may have been moved to another folder, like ‘Promotions’ or ‘Social’.

🚫 STOP

Thanks for making it to the end of another Bionic small business bulletin 🤝🏻

Please leave a comment and let us know if there’s anything else we should be featuring.

The Backbone