Are you ready to make the jump from employee to business owner? While starting your own business can seem daunting, there are lots of things you can do to improve your chances of success. Having an experienced mentor with an accounting background is one of the best ways to manage risk as you enter this brave new world. Professional business advice provides you with solid foundations, and helps you to set up the systems and processes you need to thrive.
Professionals such Accountants, Financial Advisers and Lawyers offer and clarity and to recognise the common factors that everyone must deal with when they migrate from an employee to a start-up business.
These five ‘must dos’ can help anyone to get their business off on the right foot and improve its chances of long-term success.
- Use your Accountant or advice professional as your mentor
You will certainly need an accountant, so why not go the extra mile, and choose someone who can offer you solid business advice. From helping you set up your business through to making it more efficient and developing a succession plan, no-one understands the nuts and bolts of your business like your Accountant.
- Determining the right structure
New businesses succeed or fail depending on their structure, which needs to be developed carefully to avoid taxation, financial, and compliance complications. If the wrong structure is in place from day one, it may be costly and difficult to unwind later, especially when other shareholders or directors are involved with the business.
- Setting up the right systems and processes
While a solid structure is a great start, every start-up business depends on efficient ongoing systems and procedures that stand the tests of time. When the right systems are in place, you will save money on accounting fees and get the accurate information you need to make useful management decisions.
- Business Planning
Business planning is an expression many businesspeople hear often, but often take for granted. A good business plan should be ‘stress tested’, engage with industry experts, and identify new or emerging opportunities for business growth.
- Regular review
It’s almost impossible to look at your own business with an objective frame of mind. Every start-up business needs to be smart and disciplined, with regular reviews required to assess whether your business is meeting its targets. Advice professionals help businesses to address these issues early on, identifying small cracks before they turn into major problems.
Whether you’re a small start-up or an established business, an accountant with a track record of mentoring can be a huge help. It’s never too early or too late to implement these amazing tips.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.
This information does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs.