Consultancy, Coaching and Development

Starting a new business is akin to diving into uncharted waters, filled with both excitement and uncertainty. Amidst the excitement it’s essential to consider financial and back-office activities that will also need to be considered. Think about the challenges of managing business bank accounts, ensuring timely invoicing, and establishing a compelling online presence through websites. Record-keeping is crucial for staying organized and compliant with tax regulations, both on a personal and corporate level. This is where working with a professional can truly make a difference. Imagine having expert guidance on navigating complexities such as company bank accounts, insurances, personal and corporate tax, understanding dividends and pensions and creating a financial budget or plan. By collaborating with skilled professionals, you can streamline these processes, alleviate stress, and set your new business on the path to success.

This programme is tailored to your needs and delivered over a 3-month period as you set up your business and start trading. Each month you will have two coaching sessions to ensure you achieve your start up goals, build confidence and understand how to run your business. Each session will look at what’s been achieved, learning on tailored topics and an action plan to propel your new venture to success.

Brilliant Basics Super Systems Maximising the Money Clever Contingencies

Powerful Planning Business Confidence

Brilliant Basics

To begin trading as a business, several essential tasks must be addressed. Choosing the right kind of business entity with a unique and fitting company name that reflects your brand identity and values. Registering your business entity with the appropriate authorities and ensuring compliance with legal regulations and tax requirements. There are insurances to think about, business banking facilities, websites, e-mail hosting, domain names, registered office and more.

Completing these tasks lays a solid foundation for your trading business, setting you up for success and growth in the marketplace.

brilliant basics

Super Systems

Maintaining efficient record-keeping and systems is paramount from day one for your new business venture. It serves as the backbone for organizational success, offering a clear roadmap for financial stability, regulatory compliance, and decision-making. By diligently tracking expenses, income, and other financial transactions, start-ups can better manage cash flow, and keep on top of the financial needs of the business.

Robust record-keeping and super systems from the outset lays a strong foundation for long-term growth and sustainability in a competitive business landscape.

super systems

Maximising the Money

Maximizing the extraction of funds from a limited company involves careful consideration of tax efficiency to optimise outcomes for directors. One strategy is to utilize a combination of salary and dividends, taking advantage of the lower tax rates on dividends compared to income tax. Additionally, directors can explore legitimate business expenses that can be offset against the company’s profits, thereby reducing tax liabilities. These expenses may include travel, accommodation, office supplies, and professional fees, among others.

A director’s loan account allows directors to borrow money from the company or repay excess funds drawn, with proper documentation and adherence to tax regulations. However, it’s crucial to maintain accurate records and ensure compliance with tax laws to avoid penalties or scrutiny from tax authorities. Seeking advice from financial experts or accountants can help navigate the complexities of tax-efficient fund extraction and maximize benefits for directors while staying within legal boundaries.

maximising the money

Clever Contingencies

Financial contingencies are indispensable for start-up businesses to ensure the timely payment of taxes and professional fees, safeguarding their financial health and compliance with legal obligations. Planning and setting aside funds for these expenses is paramount, as they can significantly impact the company’s cash flow and overall stability. By allocating resources specifically for taxes, such as corporate tax, Value Added Tax (VAT), and National Insurance contributions, start-ups can avoid cash flow disruptions and penalties associated with missed payments. Similarly, earmarking funds for professional fees, including accounting, legal, and consulting services, allows start-ups to access crucial expertise and support while staying within budget constraints.

Proactive financial planning and the establishment of contingencies prepare start-ups for the inevitable financial challenges inherent in the early stages of business development.

clever contingencies

Powerful Planning

Making a comprehensive plan is indispensable for launching a new business successfully. Firstly, outlining personal finance requirements allows the business owner to assess their financial capabilities and determine the resources needed to support the business during its initial stages. Setting clear financial targets for the business enables achievable milestones to be set and progress toward profitability and growth can be tracked. Developing a robust marketing plan is essential for attracting customers and generating revenue. By identifying target markets, defining marketing strategies, and allocating resources effectively, businesses can maximize their visibility and competitiveness in the marketplace.

Overall, a well-thought-out plan serves as a roadmap, guiding entrepreneurs through the challenges of starting a new business and increasing the likelihood of achieving their goals.

powerful planning

Business Confidence

Once your business is trading you may still need a helping hand, offering encouragement, motivation, and accountability, providing reassurance during challenging times, celebrate milestones, and help to stay focused on your goals.

A business advisor plays a multifaceted role in the first few months of a new business, providing not only practical guidance and support but also emotional encouragement, motivation, and accountability. By serving as a sounding board, mentor, and cheerleader, advisors can help entrepreneurs navigate the challenges of your new business with confidence, resilience, and a sense of purpose.

business confidence