hether bringing an idea to fruition, commercialising a research project or opening a café, launching a new business can require an overwhelming amount of effort, perseverance and, most importantly, cash. The pressures of navigating the various structure and strategy decisions, understanding compliance responsibilities, accessing financing opportunities and working out the best way of keeping track of everything can be eased a lot by engaging with advisors who understand the struggle, the process, the pitfalls and the wins, and can connect you to the best support network from the start.
Investment and funding
There are numerous ways to finance a new business, from self-funding, borrowing from friends and family, applying for grants, loans and overdrafts, through to securing external equity investment and beyond. Cash is the key and accessing it from all available sources can become the main focus of attention for many entrepreneurs. When it comes to exploring the market, assessing options, making decisions and signing agreements, it’s important to have the right advice alongside you to ensure you are making the most of all opportunities available.
The least interesting but most important aspect of running a company or sole trader business, filing PAYE submissions, VAT returns, annual accounts and tax returns can feel like a tedious task and expense, however having all this taken care of correctly from day one not only keeps the business free of unnecessary late filing penalties but is also a basis for other vital aspects of financial management such as regular reporting and cash flow forecasting, not to mention the potential VAT rebates that many early stage businesses can find to be a vital source of working capital.