To succeed in business today, you need have a clear strategy, a good plan, robust internal processes, and the right team advising you. So here is our starter for 10.
1. Know who you are and where you are going – have a clear proposition of what you do with a plan of action to achieve your objectives.
2. U nderstand the Risks and Rewards – being aware of the potential risks and taking steps to militating against them.
3. R esearch – know your potential clients. Know your competition and what they do. Develop your USP to gain commercial advantage.
4. Get Organized – a good way to do this is to have a plan and create a to-do list each day.
5. K eep Detailed Records -by keeping detailed records, you will know where the business stands financially. The use of cloud applications such as “Xero” and on-line accounting are efficient ways of doing this. HMRC require all businesses to keep records for 7 financial years.
6. Business Bank Account – always keep your personal and business finances separate.
7. Sole Trader or Limited Company – consider your trading vehicle carefully, as in the correct circumstances this can be more tax efficient. Use of family members to maximise allowances should be considered.
8. Have a Tax Strategy – consider maximising all financial allowances on pensions, ISAs, SEIS, and R&D relief.
9. VAT registration – in the correct circumstances the flat rate scheme can very advantageous
10. Take advice – engage the support of a business coach, accountants, lawyers, etc. to help grow your business. Many professionals offer an initial meeting with no obligation.