Starting a business is an exciting and ambitious prospect
Starting your own business is a very exciting prospect but it can also be incredibly daunting when you think about the many factors and obligations you’ll need to consider, such as:
Market Research – You need to conduct thorough market research to ensure your business idea is sound and lucrative. Many great ideas have failed by lack of planning and research. You’ll need to work out if there is ample demand and then determine what marketing, pricing and business model will work for your target market.
Business Structures – Examine the different business structures to see which start-up type is suitable for you, such as registering as a Sole Trader, Limited Company or Partnership, as each of them have their own benefits.
Choosing a name – It’s important to choose the right name to ensure your business name is memorable. Avoid creating a name like your competitors, as this will create confusion.
Designing a logo – A logo is crucial for your business as this is how your potential customers will recognise your brand.
Registering your domain and building a website – It is vital to register your domain and then build a website as most of your customers will conduct online research before they decide to buy your product or service.
Creating a Business Plan – Seek the advice from a professional advisor before creating your Business Plan so they can advise accordingly your best course of action before you outline your goals and objectives. Seeking advice will also assist you if you need to obtain financial assistance.
Finance – Every new business venture requires capital to transform their business ideas into reality. Whether it’s a product or service, you will need to plan and ensure you have enough money to start the foundations of your business. If you do require a financial injection, then how much finance will you need and what will it be used for?
Recruitment – Will you be recruiting staff and have you thought about the issues that come with it and subsequent payroll obligations?
With all this in mind, it’s important to surround yourself with a team of people who will encourage, inspire, advice and support you on your path to success, as it will be prudent to the health of your business to invest your time and energy into advisers who share the same level of passion for your business as you!
At Breslins, we provide the information and tools to support you on your business journey and ensure our accounting principles meet the requirements of governing bodies and that your accounting information is produced in the correct format.
To relieve some of the financial constraints involved with setting up a business, we will incorporate your business on your behalf and pay all associated costs for all our new clients who are starting a business.
On completion of your company formation, you will receive a:
- Certificate of Incorporation
- Copy of Memorandum & Articles of Association
- Unbound Company Register
If you would like to talk to us or need advice about starting a business, please Contact Us
Changing accountants can be a difficult decision to make
Most business owners have been with their accountants for a very long time and naturally see their relationships with their them as very personal ones, but sometimes change is unavoidable because their business objectives alter and sometimes change may be an inevitable step, or perhaps the structure of the accountancy firm changes forcing them to assess their accountancy requirements.
No matter what the reason for considering change, most people have a certain amount of reluctance to move accountants, and this is completely understandable, but recognising the benefits of change is essential because without reviewing alternatives, how do you know you are getting the best value?
- Do your accountants fully understand you and your business?
- Do you and your accountant review your finances on a regular basis?
- Do your accountants provide you with the necessary tools to increase your profits?
- Are your accountants providing you with monthly management information to monitor your incomings and outgoings?
- Do your accountants spend sufficient time looking at tax saving efficiencies?
Changing accountants can be done in one very simple process. Your existing accountant will not charge you for moving accountants and providing your records of information but will expect any outstanding fees to be paid
Here at Breslins
- We develop a real understanding of you and your business
- We make ourselves available – we are there for your benefit, not the other way around!
- We are approachable – no question is too basic & there are no stupid questions, only stupid answers!
- We provide you with a dedicated Client Manager
- We provide a clear breakdown of our fees with no hidden costs
A healthy cash flow is vital to the health of your business
Cash flow management is the process of monitoring, analysing, and adjusting your Company’s incoming and outgoing revenue. Forecasts need to be created and reviewed on a monthly, quarterly and yearly basis. By examining these forecasts, you can plan for different eventualities allowing you to budget for quieter periods.
It is essential for you to plan your businesses incomings and outgoings accordingly to ensure you have enough revenue to meet your outgoings, such as payroll and other financial commitments.
Do your accountants provide you will a clear view of your cashflow?
Do you understand what your incomings and outgoings are?
Do you have a clear picture of your business expenditures for the year?
We can help you to understand your cash flow by identifying the source of your incomings, and by preparing a financial forecast to determine the destination of your outgoings
By providing a forecast projection you will be able to see the full scope of your cash flow movements. By preparing this financial forecast, it will allow you to assess your likely sales income, costs, external financing needs and profitability.
It's difficult to achieve financial success without a strategy
A strategy which is bespoke to you and your business will help you to improve the elements of your business that ultimately determine your level of profitability. A strategy will focus on:
Lead Generation – this is the process that you use to attract interested prospects to your business. If two out of ten potential people come to your business and buy from you following specific activity, then work towards making that two into six or seven.
Lead Conversion – This is the process by which you convert leads into paying customers. It is the measure of the effectiveness of your sales efforts. By increasing your conversion rate from two out of ten to five out of ten, your sales and profits will increase.
Size of Transaction – This is the size of the sale and the profit that you earn. You should be continually looking for ways to up-sell to each customer so that they buy more.
Profit Margin Per Sale – a profit margin is the gross profit that you make from the sale of each product or service. You need to continuously look at ways to raise the price or lower the cost of the product or service without decreasing the quality. You can then increase your profits per sale.
Typically, most accountants only focus on preparing your accounts and tax returns
However, spending time reviewing your business on a monthly or quarterly basis and structuring your personal and Company finances can have a huge impact on the amount of tax you have to pay. Therefore, it’s important to review your taxes throughout the whole year as there are many financial decisions that can be made which can significantly reduce the amount of tax owed.
Have your accountants spent sufficient time on tax planning tips and ideas on how to minimize your taxable liabilities?
As another financial year ends, it may be time to do things differently?
We’ve found a lot of businesses don’t receive sound advice from their accountants as typically most accountants only provide annual accounts, rather than produce monthly management accounts, and by only providing annual accounts, it’s difficult to measure how well your business is performing on a monthly basis.
Do your Accounts for the year truly reflect all your efforts?
Are your Sales increasing?
Are your Profits improving?
Are your Cash balances better than last year?
If not, we can help! We provide meaningful information giving you the knowledge to increase turnover, reduce costs and minimise tax liabilities.