But it can also be very rewarding, both personally and financially. Building a successful business – knowing what you’ve achieved through your own initiative and efforts – is one of the most satisfying things you can do.
When you’re taking such a big step, it makes sense to seek expert advice at the earliest possible stage. We’re experienced in advising start-up businesses and will start by reviewing an existing business plan, or working with you to create a plan, advising you on ways to develop and improve the viability of your enterprise.
Your business plan is a key tool in approaching your bank or other financial institutions for funding. Cash flow forecasts are important at this stage too, but also on an ongoing basis to help you make sure that you have the assets you need to take on extra business, plan further borrowing and provide an early warning of potential problems.
One of the most important choices you will make when you go into business is deciding on the best structure for you.We can advise on whether sole trader status, a partnership or limited liability partnership or a limited company is most appropriate for your business and your circumstances.
We can also advise on day-to-day business support you’ll need, such as computerised or manual bookkeeping systems. We also offer management and annual accounts services and can advise on setting up PAYE and VAT systems.
By working with you, and building a long-term relationship, we can use our knowledge of your business to identify opportunities for improvement and growth, as well as highlighting potential risks and the necessary action to prevent these becoming problems. We can also advise you on your business strategy to move forward to achieve your goals.
As your business grows, you may consider opportunities to expand that include mergers or acquisitions. We can review the accounts and trading prospects of your target business and advise on
the implications of such a transaction.
And although when you’re starting out in business, the last thing you want to think about is what happens when you want to move on or retire, succession planning is vital, or all your hard work could be for nothing. We’ll help you to identify an exit strategy that will help you to maximise your investment in your business.