A brand is a set of characteristics - or an identity - that is easily recognisable and which enhances the reputation of your products or services.

A brand should embody the unique selling points of your product or service. An accountant could place a figure on some of the goodwill you have built up on your brand values.

Brands aren't just for big companies - they can make smaller businesses stand out from the crowd, particularly in competitive markets. A strong brand image will help you establish an edge over your rivals and can open doors to new opportunities. For example, other lines can be bought in, branded and sold as your own products.

A strong brand helps to sell your message and benefits for you. As long as any new products and services you introduce are up to the standard of your existing offerings, it becomes a great deal easier to launch new branded lines. The brand is your ambassador and advocate, attracting customers and reassuring them. At the same time, it will help to bring in a flow of new customers.

It will probably take you years to build up a widely-recognised brand - the sooner you start the better. Here are the first steps you need to take:

1. Try to think of a memorable and meaningful trade name that sums up what you do, making sure it does not conflict with any existing names in your field.
2. List the brand attributes you want to convey.
3. Commission an appropriate logo. When you have the right design, make sure it appears everywhere.
4. Develop a corporate image and colour scheme that can be used on your website, on stationery, vans, signs, staff clothing and adverts.
5. Ensure that all your products and services are reliable, compatible and of a good standard. A single weak link will drag down the value of the brand.

Deciding on your values or what makes you special need not cost anything. However, communicating your brand message and style will inevitably require a budget commitment. The key areas you could budget for are:

• The development of a strapline or mission statement that succinctly conveys your message.
• Design needs, such as a website, a logo, business stationery and product packaging.
• Advertising and promotional materials that convey and support the brand promise.
• Staff training to make sure your employees understand your brand values and business goals

A separate logo, as a distinct way of writing your company or product name, is not an essential requirement for a brand. Many well-known and profitable brands exist without logos. Often they rely on their name to create the necessary impact rather than a graphic. However, the look of a brand name demands as much care and attention as a logo. It's worth using a designer to create a properly-conceived brand name identity, rather than just picking an attractive font.