Ten Top Tips For Business Success
Paul Moston has some useful advice for anyone thinking of setting up a new business or seeking to take their business to the next level
Any business, no matter what size should always have a plan. Imagine walking out of your front door now and not know where your ultimate destination will be. Even if it is to return home, you know that’s where you want to end up. No why would you run a business and not know what the destination looks like.
2.Structure and name
Make sure you have the right business structure. That can be sole trader, partnership, Limited Liability Partnership, Limited Company or even Public Limited Company. Don’t underestimate the importance of the name.
3.Get to grips with the tax system
Ok, this is a tough one, but you really should understand the different tax systems for each type of business and how they might affect you now and in the future. There is plenty of help on the web, however, a good Chartered Accountant will always be willing to guide you and provide a basic outline of how you and your business are likely to be taxed.
This is a minefield and should not be entered unless you are absolutely certain of the right path for your business. Always consider whether your business should be or needs to be registered. If you need to register then look at the various option available to make the administrative and accounting burden simpler. Get advice from a Chartered Accountant.
5.Sales and marketing
Developing a strategy to grow your business is crucial to its long term success. In the fast changing world a business standing still will soon find that it will lose customers to those competitors that are hungrier. The world of marketing has changed beyond recognition and social media is here to stay. Get on board this fast moving train.
6.Create the forecast
You should always have a clear target of sales and the resulting cash flows. This should be documented and be a continuous tool of measurement. Most financial forecasts are produced for The Bank, and then never come out of the bottom draw again. Make sure you understand the reasons why you are exceeding or falling short of your plan.
7.Don’t be afraid to ask for help
There are numerous bodies willing to help any business. From The Bank, HMRC, business groups, on-line support, suppliers, friends & family and a solid group of local professionals, including (at the centre of all this) a great Chartered Accountant.
8.Protect your business
You can forget that the world is a tough place. Protection of names, ideas, inventions, Intellectual property rights are sometimes overlooked. On top of this you will need to protect your data, premises, staff and most importantly your business and your family.
Look for a business mentor who you can work with. You should be in regular contact and never be afraid to pick up the phone to this person. A great business adviser or coach should be able to ensure that you are heading on the right direction. This relationship of trust will ensure that you never make a decision without wanting to talk it through with this adviser first.
10. Always Chartered
Not all accountants are qualified. Chartered Accounts are the premium brand and are subject to regular independent quality assurance reviews and have higher professional standards.
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Winchmore Hill accountant Paul Moston has some useful advice for anyone thinking of setting up a new business or seeking to take their business to the next level