Over the years I have met many new business owners and discussed potential business ideas with clients.
During this time I have learnt that we are dealing with client’s dreams and aspirations, and that we must be recognise and support this as much as possible to ensure they are successful. The statistics show that a new businesses have a high risk of failure in the early years, but with the right help and the correct advice we can help to ensure that these businesses succeed. It always upsets me to see that a client has gone down a particular route without consulting an accounting professional when they heard something from a friend or family member. One particular client went down one such route and lost the advantage of a £30,000 tax refund, when they could have got free guidance from ourselves in the initial consultation.
This means we will be looking at business structure, pricing, costs, marketing, market size, competition, advertising, location, cashflow forecasts, taxes, government support and last but not least profitability. Even established businesses need help and should carry out a regular review of all these areas.
In my practice we are almost assessing daily how the market is developing. How the competition tries to adapt and looking at future technological or economic factors that are changing what we do and how our clients should operate. Even a business that is loss making can be turned around by reviewing all these factors. I have supported these clients by analysing profitability and when possible, by obtaining tax refunds or business loans to inject much needed cash to achieve its goals.
If you are concerned about starting up a business or have a business that is not making enough profit. Then please, come and see us. We can always add value or give you some guidance to improve your potential.