Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through. Running your own business, however, is about much more than that. Most new businesses fail, due to poor management of their cashflow. At the outset it is essential to have a sound and realistic business plan including detailed calculations of your financial requirements, particularly in the early years before you have an established reputation, and to form a good relationship with your finance provider.
You also need to be aware of and ensure your business complies with the relevant legal, accounting and taxation requirements. All this can seem somewhat daunting to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. You should however have the support of a team of trained experts. That’s where we fit in. Bring us your business ideas and we’ll help you to evaluate them in a constructive and realistic manner.
We can also help you:
- Decide on the most suitable structure for your business – sole trader, partnership or limited company
- Register your business with the Inland Revenue and Companies House
- Prepare a business plan, cash flow projections, budgets and trading forecasts
- Assess your financial needs
- Advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Help and advise you on registration requirements for PAYE/NIC and VAT
- Deal with company secretarial issues
- Set up a suitable accounting system for your internal use and for complying with statutory requirements
- Keep the accounting records for you whilst you get on with building up your business.