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Priorities For Start-Up Businesses

By May 29, 2018August 23rd, 2018Blogs

Start-up businesses can always use a helping hand and understanding your priorities can give you the best opportunity to be successful. As a start-up business, knowing your targets and objectives can help your business stay on course.

Coleman & Co support all start-up businesses and can always advise our clients on financial and business targets. With many years of experience, we offer expert advice to start your business perfectly.

Company Values

Every business should have targets and company values that need to be achieved. With 52% of employees in the UK saying they don’t know their own company’s vision, this should be sorted quickly. Start-up businesses should always have a goal they want to achieve at some point in the future.

Using your staff members to help contribute to these goals could also be a good choice. Having company values in place that your whole team relate to will always lead to a cohesive and successful business.

Financial Targets

Many staff choose to start their own business, allowing you to make more money for yourself. Having financial targets in place can help all start-up businesses and ensures you are working towards something. With cash flow forecasting, you can create an accurate and detailed plan for your business finances.

Cash flow forecasting allows you to create an estimate of the income and expenditure in your business. Using your plan for the business, accountants can help start-ups create forecasts to compare to the actual progress your business makes.

Keep Staff Happy

Whilst the majority of start-up businesses may just have one employee, it’s important to keep staff happy when you recruit. A survey revealed that 58.1% of staff want a good salary whilst just 22.4% want a nice boss. Not all staff are going to be fully satisfied, but finding the right balance should be a priority.

Having accountants organise payroll and bookkeeping will mean staff members are always paid accurately and on time. There are several factors to consider when aiming to keep your staff happy and achieving this will keep your business running smoothly.

Focusing On Business

Using an accountant could be the best move you make as a start-up business. Ensuring your finances are organised and that cash flow forecasts are created are just some of the features that accountants can offer. As a result of outsourcing your financial management means, you are able to focus on business.

Start-up businesses must have complete control of themselves to prevent failure. With the additional advice from accountants, this ensures you have a great understanding of business performance and that there is minimal risk of failure. Organising and monitoring finances can be extremely time-consuming. Having the helping hand of an accountant will always allow your business to flourish!

Limiting Expenditure

Start-up businesses will not always have a large budget to play around with, so limiting your expenditure must be done. With 4 in 10 small businesses failing within 10 years, it can be a big challenge to save your money. However, without saving effectively and budgeting, your money will soon begin to disappear.

Therefore, your business will not have enough money to spend, preventing growth and meaning that your business cannot achieve your vision. Limiting expenditure is the first thing your business must do to ensure growth, and it is never too early to begin budgeting.

Contact Us

For more information regarding the services we have available or how we can assist start-up businesses, do not hesitate to contact our team. Coleman & Co will help all businesses in Lisburn, offering advice for all financial and business needs. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

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