Decision Made – What should I do Next?
Having decided to start your own business, we can help with the various financial issues that may be required.
- Installing and setting up an accounting system (see our introductory offer).
- Preparing cash flows and budgets
- Registering with HMRC
- Training on accounting software
- Ongoing support as and when needed
- Advising on VAT
- Payroll services
“Choosing the right accountant is paramount in managing your finances. I chose JMB as they were approachable with a professional and friendly manner, reasonably priced and local. They are now an invaluable asset to my business.” Peter West, GoWest Design
We can also help with Company formations and Business plans. Please contact us if you are new to running a business and need help or advice.
Listed below are a few pointers to get you thinking.These are by no means exhaustive, but will perhaps help to prioritise and formulate a working plan. Being a business owner, whether it as a sole trader or within a company, the rules aren’t really much different, it’s just the numbers that change depending on the size of the business.
1. Always have a goal in mind
You can then work backwards creating smaller steps to help bridge the gap from where you are now. You probably always have a destination in mind when jumping in the car or making a train journey.
2. Create a game plan
Following on from 1. above, note down specific numbers and time spans, eg: turnover of 50k and profit of 10k within 12 months. This gives you something to aim for. Even if you don’t reach the targets you will be much further forward than without any plan.
3. Look after the cash
Cash is king, and you must implement a system for sending out invoices and getting paid as quickly as possible.
4. Focus on customers
Without sales or customers you have no business. Always strive to give the highest quality, listen to their needs, and always look for ways to improve and opportunities to add value. Deal with any complaints and turn them into extra loyal customers by sorting their problem above expectation.
5. Look out for competitors
Try to differentiate yourself from the competition. Find a Unique Selling Proposition (USP) that makes you stand out and encourages people to choose your product or service. Think friendlier, higher quality, better, faster, more convenient etc.
6. Find a niche
This is a particular sector of your market, or something you specialise in. You can apply laser focus to your marketing if you know who you are trying to target.
7. Learn to delegate
As soon as you are able, hand over tasks that take up your time unnecessarily. You need to utilize your skills to to generate the most income or maybe your role is to work on rather than in the business. This depends on the set up of your enterprise.
8. Accept help
Being a small business owner can be very lonely. Don’t be afraid to ask for or accept help if offered. Use others who have been there so you learn from their experiences (good and bad).
9. Monitor the figures
Accounts can be used to show much more than just turnover and profit. Regular accurate figures are an essential tool to keep you in the picture, but used constructively, they can help streamline your operation and achieve substantial growth by indicating where changes or improvements are needed.
10. Keep Marketing
Even if business is good, never assume it will stay that way. Look for different routes to market so you keep open various avenues of generating leads and obtaining new customers.
You can find help with practical issues such as location, finance. insurance, employment contracts, etc. via the Business Link website (see our links page).
