There is a well-known phrase in life and in business, “Failing to plan is planning to fail”.
When you first decide to start a business, the decisions you make will have a lasting impact on the business and foresight at this time can save a lot of problems at a future date. Most people who start in business do so because they have a skill to offer or an idea we have which we feel we need to try but whatever the reason we need to look at how we trade and what the best options for your individual circumstances are.
Things you need to consider would include:
• Deciding on the best legal entity whether this is sole trader, partnership, limited company etc…
• Choosing suitable banking facilities and writing a business plan, producing cash flow forecasts and budgets.
• If finance is required and assets are to be taken on finance we can suggest options to maximise cashflow whilst saving on long term costs.
• Dealing properly with business registrations with regard to HMRC for all required services.
Business plans should be clear and should explain where you fit in your marketplace and what your goals, objectives and sales forecasts are. You need to carefully consider what your unique selling points are and what you will do better than the companies currently in your marketplace.
If you are trying to raise finance or attract investors to your business you will need to present a positive and professional image of your business. Callan Accountancy can help you construct an effective business plan that contains all of the key information expected of forward-thinking, modern companies.
With comprehensive knowledge of the local and national business community, we can look at your options and guide you to the best possible outcome.
Call us today for a business health check on 0845 050 7613 during office hours or by email firstname.lastname@example.org.