25 Jul Top 5 Things you Must Know as a Small Business Owner
If you’re a small business owner, chances are that you’re struggling with profits, managing employees and expanding your business. As a business professional, you hardly get any time to work on strategizing your business. What’s the probability that your plan of action might not fall into depths of non-existence. Here are the top 5 tips to improve your business
Improve Time Management and Commitment
Setting up a new business may be time-consuming. It’s rewarding but it’s always great to know what process will you be working on. In short: know what you’re getting into.
Work on your Strengths and Weaknesses
Identify your strengths and especially your weaknesses. Identify areas where you need to get advice.
Structure your Business
Work on your business structure. You can trade as a sole trader, partnership, limited liability partnership or limited company. They all have different tax consequences and responsibilities and you should take advice on which one is best in your circumstances
Produce a financial forecast so that you know what funding you are likely to need and be conservative.
Investigate the competition thoroughly, don’t take them for granted, and look to take advantage of their weaknesses. You must also constantly be on the lookout for what they are doing.
Work on your research market to understand what you’re getting into.
Devise a Marketing plan
Decide on your marketing plan. Just because you have a good product or service doesn’t mean you will sell anything. Getting marketing right can be the difference between success and failure.
Decide what staff you’ll be working with. Operate PAYE for any employees and let the accountants help you. Also, take a look at employment and health and safety laws. A business plan is an important document to put together even if you don’t need to raise finance. It will help you to properly focused.
As a brand owner, you might want to work on a separate brand identity. It’s not only good for business safety but also helps you improve your brand identity.
Keep your accounts
Decide on how you are going to keep your accounts and get advice from your accountant from day 1.
Make sure you register with all the relevant authorities including HM Revenue and Customs and decide if you need to register for VAT.
Consider all the necessary insurances you need including public liability, keyman, stock, business assets, business interruption, bad debts, motor insurance, employer’s liability (compulsory if you have employees), professional indemnity, and permanent health insurance.
Use trusted advisors such as accountants and solicitors to help guide you. Not getting the right advice can be costly.
How we can help you
Whilst there are many common issues to consider for new businesses, every business start-up situation is different and expert advice at the beginning will pay for itself many times over. Assistance with business plans for funding, setting up your book-keeping system, and tax planning at the beginning are all key areas that we regularly get involved with.
5 Key Qualities Needed to Succeed in Business
Why do some people succeed in business and others not and why are some exceptionally successful. Some of it may be luck but there are common factors in successful business people that would seem to indicate otherwise.
It seems that great entrepreneurs have 5 key qualities that help them succeed in situations that others may fail…
- Desire to succeed not having an employee 9 to 5 mentality. They want to go that extra mile to succeed and will do whatever it takes.
- Positive mental attitude both towards themselves and their business. They see opportunities where others see obstacles, their cup is always half full and disappointments don’t get them down. They look forwards, not backward.
- Commitment to hard work they’re not afraid of hard work and the commitment needed to succeed.
- Patience Rome wasn’t built in a day and as well as being committed they have the patience to see the job through, taking it to step by step.
- Persistence Challenges and problems will reveal themselves along with the pay but the successful entrepreneur will persist with their ideas and not give up or change direction.
How We Can Help You
We can assist you with all areas of business advice when starting up, not just accounting matters. If you have any concerns over starting up or queries, please talk to us.