Something here at Elsburys we are incredibly proud of is the amount of new businesses we have helped get started and remain clients of ours to this day.
Having a practice with 30 years trading history in the books is something of real value to us and we are always happy to share that advice with any entrepreneur who is looking to get started.
So here are a few basic tips if you are thinking of making the plunge.
- Make your financial forecasting as accurate and as realistic as possible. Remember, profitable companies go out of business, not because they are losing money, but because they don’t have cash in the bank. Cashflow forecasts are critical.
- Create a professional business plan which should include…
- An executive summary
- A description of your goods and services.
- Your market opportunities and a summary on your competition.
- Detailed financial plans
- Details on funding and what the cash will be used for
- Never be afraid to ask or take advice, you may be an expert in your field but when it comes to setting up a business there are pitfalls you will need to be aware of.
In addition to those basics, something we see far too often are sugar-coated rose-tinted glasses. Not literally of course, though maybe there is a gap in the spectacles market for those? What we see is well meaning, enthusiastic people who simply don’t look at the downsides, and as negative as that might be, every business needs to understand their break even or the thing in their business that could kill them. This cannot be ignored.
Our final bit of advice is one of review. A business plan is a working, living breathing document, it is something you would have pondered and slaved over for many many hours to get right. It’s a map that charts the journey to success, make sure you review it, check it, and read it to remind yourself why you are doing what you do and how to do it…in the midst of a crisis, you may just be thankful for it.
Please contact us at firstname.lastname@example.org for help creating your business plan.
MD & Owner of Elsburys Accountants