The initial business idea is the easy part. The hardest part is actualy starting it, and knowing if you’re going in the right direction, never mind if you have enough money to do so. The more forethought you can give to the job of running your business, the more likely you are to succeed.
We can help you plan your business and answer some of the fundamental questions you should consider before you start….
- What are your prospects given that, while the economy has largely recovered, profitable trading (especially in the High Street) remains challenging?
- Are you the sort of person who can succeed in business?
- Have you any funds you can inject into the business?
- Are you familiar with the legal requirements that will be enforceable upon you as a business proprietor?
- Have you considered how much you will realistically earn during your first year?
- What are your funding requirements and do you need help raising finance for your business?
- Is the business going to be viable?
- Have you considered how you can minimise your tax liability so that you keep more of what you earn?
- Have you considered how technology can benefit your business?
- Have you considered if online is applicable to your business?
- Does social media have a role to play in promoting you and your business?
- When do you want to retire? Some business owners don’t make enough money to save for the retirement they want.
There are many other matters you need to consider both before you go into business and during your all-important first year.
What will your business cost to start?
Our startup calculator will assist you in assessing the initial cost of your new business venture. To discuss your startup requirements in more detail, give us a call on 01383 721421 or email firstname.lastname@example.org.
With careful planning and the right advice you could earn more and pay less in tax. Viewing your accountant as a business advisor, not just as a professional trained in traditional compliance services, will boost your company´s bottom line.
Determine your needs
Always keep your long-term goals in mind. Running your business more cost-effectively can be achieved only if you have the vision to project your goals into the future.
Cash shortages, lack of a solid business plan to guide the business, and steady decreases in profitability are all warning signs that a business is heading towards a potential financial crisis. It is crucial to evaluate your business’s structure and performance before these warning signals manifest.
We can help you to focus on how to improve your profitability by analysing all the aspects of your business. Reporting on profitability is a standard procedure, but helping create it by providing intelligent, entrepreneurial advice is what we strive for. We value the opportunity to work alongside you to help you achieve your goals.
Beyond the basics
Services we can provide include:
- Advising on how to minimise tax
- Optimising your recordkeeping and utilising software and cloud based solutions
- Compiling the data you need to secure finance for your business and keep lenders happy
- Preparing budgets and projections so you can compare to actual trading
- Acting as a referral source to help you find a trusted solicitor, banker, insurance agent, etc.
- Determining which of your products and services are viable and which should be modified or terminated
- Reviewing the best structure for your business, and advising you on when to incorporate
- Tightening internal accounting controls to prevent instances of fraud
- Helping you develop reporting systems including cash flow planning so you get the management information you require to run the business
- Finally, if there’s a service we are unable to provide ourselves, we will be able to refer you to someone who can advise you.
We are here to help you now
Understanding what an accountant can do for you is a start. By treating us as a wealth of entrepreneurial know-how, you can obtain quality advice on a variety of topics that extend far beyond our traditional accounts and tax compliance work:
- Call us. There’s no such thing as a stupid questions so don’t ever hesitate to ask. For example, if you’re debating whether to buy or lease equipment or are concerned about the costs of your insurance coverage, the answer could be just a call away.
- Use us for both business and personal financial matters. Sole traders or partners often find their tax paperwork overlaps with business and family finances. Using us to handle both will help you establish a joined-up approach.
- Meet with us for a mid-year planning session. Schedule dedicated time to discuss your finances. If you start planning early, you might find that we have more time to help you improve your bottom line and take advantage of available tax efficiencies.
- Plan for major financial events before they occur. If you contact us when you are anticipating a major event, such as an inheritance or an expansion, you could reduce your tax liability in the long-run.
- Use our contacts. We are an excellent resource for helping you network with other professionals.
Make our business skills work for you and your current business or your business ideas. We’ve been turning peoples business ideas into succesfull businesses since the 1920s. To discuss your business startup needs, call us on 01383 721421 or email email@example.com.