Business Plan and Advice

Our advice on business covers…………

  • Assisting in new business opportunities
  • Consulting on useful marketing tools and web support
  • Creating network, providing general support and possible training for the business development
  • Supporting to raise bank loans, get grants and other funding
  • Helping for leases and business rates
  • Advice of tax issues in developing the business
  • Recommendations for the ways of managing business finance
  • Advice on the business health along with assessment
  • Providing plans for the business development strategy and so on

Plain English guide to profit and loss

Plain English guide to profit and loss

When you’re in control of your profit and loss (P&L), you have a tighter hold on the reins of your profitability. Read our Plain English guide to P&L and learn how to boost your profits.

Here’s our Plain English guide to profit and loss and what this report reveals about your finances.

What is profit and loss?

Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings.

Your P&L is a breakdown of your company’s revenue (money coming into the company as sales and other income) and your expenditure (direct costs, overheads, expenses and other costs).

As a business, you obviously want to turn a profit and make money. Keeping a close eye on your P&L allows you to track your revenues and expenses over a set period, and look for ways to boost your profitability as a business.

How does profit and loss affect your business?

Being in control of your financial management is hugely important for any business. Your P&L is one of the main ways to track and analyse this financial performance.

To manage your P&L effectively, it’s important to focus on:

  • Revenue management – to keep your revenue (income) healthy, you need to be proactive about generating sales and monitoring your revenue streams. This helps keep your income steady and stable, while also identifying areas for growth and improvement.
  • Expense control – tracking and monitoring your operating expenses helps you spot where spending efficiencies could be made. Whether it’s overhead costs or inventory overspending, your P&L helps you spot unnecessary costs and boost profits.
  • Cost analysis – analysing your business costs can help you spot the opportunities for saving money. Whether it’s agreeing a discount for buying in bulk, or switching to a new supplier with cheaper rates, there are plenty of ways to cut costs and be more profitable.
  • Monitoring gross margin – reviewing the company’s gross margins helps you assess the profitability of each product or service. By pushing up prices, or cutting your production costs, you can boost those margins to drive up profits.
  • Financial reporting – preparing regular profit and loss statements is key to good financial management. Reviewing your P&L helps you assess the overall financial performance of the company and make better-informed decisions.

How can our firm help you with managing your P&L?

When you’re in control of your P&L, you have a tighter hold on the reins of your profitability.

As your adviser, we’ll help you run regular P&L reports as part of a monthly or quarterly package of management information. We can help you track, review and analyse your revenue and expenses to spot the best opportunities for boosting the company’s profits.

If you’d like to know more about the impact of profit and loss, we’ll be happy to explain.

Get in touch to chat about managing your P&L and let’s find how we can help from you here at The Stan Lee.

Plain English guide to profit and loss Read More »

Why your accountant is the mentor you didn’t know you needed

Why your accountant is the mentor you didn’t know you needed

A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success.

But have you ever thought of your accountant as a mentor?

Why your accountant is the ideal mentor

Having someone who understands your business journey is incredibly important. You might see an accountant as someone who files your tax returns. But, in fact, we’re experienced business owners, with access to a significant network of other business professionals.

An accountant can be the mentor you didn’t know you needed. No-one knows your business better than us, so we’re perfectly placed to offer you advice, guide your business journey and help you push your skills and capabilities as a business owner.

As a mentor, an accountant will:

  • Expand your knowledge as an entrepreneur – as business owners, we have the knowledge and experience to help you move your business forward. And we can work with you to expand your leadership skills, business thinking and entrepreneurial ideas.
  • Be a shoulder to lean on – we’ll offer 1-2-1 mentoring sessions where we can listen to your unique worries and concerns as a business owner. Having someone on the same page to listen and empathise is vital for your business and your own mental health.
  • Guide the important elements of your business – we’ll help you manage and improve your business strategy, planning and decision-making skills. We’ll also provide the management information systems you need to guide your finances and planning.
  • Keep your finances on track – we’ll show you how to maximise profits, reduce costs, and make better financial decisions. We’ll also help you plan your own personal wealth and tax strategies, so you can achieve your own entrepreneurial goals and lifestyle.
  • Introduce you to a broader business network – we work with hundreds of other business owners across a range of industries. This means we can link you up with other entrepreneurs and founders, so you have a network of other like-minded individuals to connect with. This can be vital when brainstorming and benchmarking, or if you need to talk to someone who understands the specific pain points you’re experiencing.

Having someone to guide your business journey can be invaluable. A business owner must grow and evolve along with their business, and having regular mentoring catch-ups is the ideal way to progress, offload your concerns and look for new inspiration.

If you want to grow as an entrepreneur, please come and talk to us about our mentoring services and how we can guide your business future from here at The Stan Lee.

Why your accountant is the mentor you didn’t know you needed Read More »

Plain English guide to cashflow

Positive cashflow is the beating heart of your business. Dive into our Plain English guide to cashflow and find out how to get in complete control of your cash position. 

Why is cashflow so central to good financial management? Here’s our plain english guide.

What is cashflow?

Cashflow refers to the movement of money into and out of your business over a specific period.

In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming into the business (cash inflows). The ideal scenario is to be in a ‘positive cashflow position’. This means that your inflows outweigh your outflows – i.e. that more cash is coming into the business than is going out.

When you’re cashflow positive, the main benefit is that you have the liquid cash available to fund your daily operations and debt payments etc.

On the flip side, if you’re in a negative cashflow position, this can be a red flag that the business is facing some financial challenges – and that some serious cost-cutting and/or revenue generation is needed.

How does cashflow affect your business?

Not having enough liquid cash is one of the biggest reasons for companies failing. So it’s absolutely vital that you keep on top of your company’s cashflow position.

Five key cashflow areas to focus on will include:

  1. Monitoring your cash inflows and outflows – this means regularly tracking your cash inflows from sales, loans and investments, as well as managing your cash outflows from expenses, purchases and debt repayments.
  2. Managing your account receivables and payables – efficiently managing your customer receipts and supplier payments helps smooth out your inflows and outflows – and delivers stable cashflow that’s easier to predict and manage.
  3. Getting proactive with your budgeting and forecasting – creating realistic cashflow budgets and forecasts helps you predict your future cash position. By anticipating your future cash needs, you can actively plan for potential shortfalls or surpluses.
  4. Being in control of your stock inventory – having excess stock in your warehouse ties up cash. So, it’s a good idea to optimise your inventory levels and to only manufacture/order the items you need on a day-to-day basis.
  5. Investing in your cash reserves – with emergency cash reserves in the bank, you know you have the funds to handle unforeseen cashflow issues or sustain your operations during lean periods. This makes your whole cashflow position more stable.

How can our firm help you with cashflow management?

Positive cashflow is the beating heart of your business. Working with a good adviser helps you keep that cashflow healthy, stable and driving your key goals as a company.

We’ll help you keep accurate records, track your inflows and outflows and deliver the best possible cashflow position for the business.

Get in touch to chat about improving your cashflow and let’s find out how we can help you from here at The Stan Lee.

Plain English guide to cashflow Read More »

3 Cloud Accounting Tips To Save Your Business Time And Money

3 Cloud Accounting Tips To Save Your Business Time And Money

Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc.

So, how do you keep your finances in check, while also spending less time and money on your accounts?

  1. Bringing your accounting into the digital age

Switching to cloud accounting can be a revolutionary step for many business owners, especially when you look at the ways you can streamline and automate the basic accounting tasks. By using accounting platforms like Xero, QuickBooks, MYOB or Sage, you get all the basics of small business financial management, but with the benefits of smart automation.

With most modern cloud accounting software, you can:

  • Automate the scanning and digitisation of your expenses and receipts
  • Automatically reconcile your bank transactions with your invoices and bills
  • Connect your accounts to other time-saving apps for mileage claims or staff expenses.
  1. Getting paid faster and with less admin

With a cloud accounting platform driving your business, you also make it easier to send out e-invoices and get paid faster and more effectively. Improving your payment times and cash collection can make a huge difference to your cashflow position, and also sets the right expectations with your customers – making it clear that you require to be made on time.

Using the invoicing function in your business software, you can:

  • Quickly send out electronic invoices as soon as a job is completed
  • Set up automated invoices to be sent out at pre-agreed points in a project
  • Include payment buttons on your invoice, so customers can pay via PayPal or card
  • Remove the barriers to payment and speed up payment times.
  1. Getting a better overview of your important numbers

Using cloud accounting isn’t just about automating the time-consuming financial admin tasks. By recording and tracking all the financial and non-financial data flowing through your system, your accounting platform can actually provide you with a goldmine of useful real-time information.

With cloud accounting providing your reporting, you can

  • Access totally up-to-date real-time information, to improve your decision-making
  • Track your performance against targets to see how well the business is performing
  • Monitor spending and budgets to keep your cashflow under control
  • Understand your return on investment when it comes to sales and marketing activity 
  • See how promotion has driven sales but reduced your profit, due to discounting.

Talk to us about setting up a more productive kind of accounting

If you want complete control of your finances and business decision-making, updating your accounting software and processes will be key to achieving that goal.

We can help you decide which accounting software is most suited to your business, and how to maximise the benefits you get from automation and real-time data.

Get in touch to talk through updating your accounting and you can request us here fee quote.

3 Cloud Accounting Tips To Save Your Business Time And Money Read More »

Xero Certified Accountants in Canary Wharf: How to Maintain Your Digital Accountancy Records with Xero?

Xero Certified Accountants in Canary Wharf: How to Maintain Your Digital Accountancy Records with Xero?

Xero Certified Accountants in Canary Wharf

Are you in the business or about into the business here in the UK? You know that the UK accountancy is now going mostly digitalised. You may need experts’ hand to help on your digital accountancy records. In this article, we have a brief about how to maintain your digital records with Xero software.  

Maintain Accountancy Records with Xero:

  • Xero Set Up: First you need to have the subscription with Xero and then set up your business with them in just few minutes. Xero has default Chart of Accounts that ready to use for you. You can setup your business not only for accounts, but also for VAT, PAYE, CIS and much more.
  • Bank Connection: You can connect your bank securely with Xero software so that all real time transactions will feed with Xero and ready to reconcile rather than manual import.
  • Bank Reconciliation: Once the bank transactions are in place with Xero, you can reconcile them on daily, weekly, monthly or at your own choice. The correct reconciliation leads to accurate readymade trial balance with profit and loss accounts and balance sheet so that you can prepare your management and final accounts.
  • Invoices and Bill Entry: Do you worry about manual invoices or invoicing software with extra costs. You can create your customised invoices with Xero and send to your clients digitally in such few clicks. You can also see online the amount unpaid from your clients that help you to accelerate your cash flow management. You can also do the bills entry with Xero to have the report of accounts payable.
  • File Stores: Worry about to keep your income and expense invoices that need file storage with extra costs? You can keep your files in Xero and have access anytime from anywhere as you like.
  • Data capture: If you have subscription with Xero, you can connect your company with Hubdoc with no extra costs so that you can capture data digitally. From Hubdoc, the data will integrate into Xero automatically once they are connected and upload data in Hubdoc correctly.
  • Expenses claims: You can manage your expenses with Xero and reimburse the spending of your employees. Even you can manage the expenses on the go including the mileage.   
  • VAT Returns: All VAT registered businesses here in the UK must submit their VAT returns with MTD (making tax digital) compatible software and you can do so with friendly Xero software. Preparing your VAT returns and submitting digitally is just with a click.
  • Much more: Using Xero means you have much more benefits including contacts, accept payment, financial reporting, easing multi currencies, connect with POS (point of sales) and so on.

The Stan Lee is Xero Certified Accountants based in Canary Wharf, London. We are ready to assist you on your cloud-based accounting with Xero software. We offer setting up your business with Xero software at no costs for our clients.

Get Free Xero Set Up

Disclaimer: The above information is just as a general information that might help you. However, we highly recommend having expert advice suited for your circumstances. The Stan Lee and its author are not liable if you rely on this and have any consequences.

Xero Certified Accountants in Canary Wharf: How to Maintain Your Digital Accountancy Records with Xero? Read More »

Restaurant Accountants: Checklist for Your Catering and Hospitality Business Accountancy Needs

Restaurant Accountants: Checklist for Your Catering and Hospitality Business Accountancy Needs

Are you an entrepreneur and involved in restaurant business here in the UK? We understand that you have calibrated in your business industry. However, are you aware about your catering and hospitality business accountancy needs? In this article, we have a checklist for you that might assist for your business accountancy, taxation, and support requirements.

Checklist for Restaurant Business Accountancy Needs:

  • Business plan including forecast: Are you about to start your new business? Then you should set up your business plan before starting the business. You may also need business plan for your existing business. You should assess your business whether this is suitable to you, you have feasibility to start with and finally decide whether this is acceptable by you. You should also forecast in which period you will go for breakeven point and then earning your desire profit.
  • Register your business: Once you have decided for your restaurant business, you need to register the business either as a sole trader or under a limited company. This is a common question that which one is the best and you should seek an advisor for this suited to you. You should register for PAYE scheme if you have staff and for VAT where applicable. You also need to be aware about other registration relevant to your industry including licence from the local authority, health and safety and so on.
  • Book-keeping: You may be aware that your business accounts preparation depends on accurate and timely bookkeeping, and you should do so on regular basis. You may have inhouse bookkeeper, but this might be costly to you and do not add value to your business as not core business activities. We recommend using the outsourcing for your business bookkeeping if suited to you. Don’t forget digital aspect for your bookkeeping as we are now emerging technology for accountancy matters.    
  • Payroll and workplace pension: You may need to run payroll scheme if you have people working for your business as employees. Your business may be also subject to workplace pension if the employees have income in certain level. The payroll period could be on weekly, monthly, four weekly and other basis. Under the payroll, you will deduct tax and NIC from employees’ salary and as an employer, you will pay NIC as well.  
  • Company accounts and tax: You need to prepare the accounts and submit the self-assessment tax return to HMRC as self-employed if you have registered your business as a sole trader. As a limited company, you need to prepare limited company accounts under the Companies House Act and submit to them. You also need to prepare corporation tax computation and submit the CT600 to HMRC with the accounts.    
  • Others: The above lists are not complete and hence you should consider that as follows:
  1. Don’t foregate to have your business bank account to run the business
  2. Consider preparing management accounts to see how your business going rather than waiting for the end of the year
  3. Choose the suitable accountants where you can work smoothly in a partnership

We are aware that you have a range of challenges in your industry including customer trend, emerging technology, competitiveness, and an economic vibrant niche. Your industry is mostly affected because of the recent pandemic outbreak and now it could be the good time to resume your business after a long of stressful and terrible period.

The above information is just as a general information that might help you. However, we highly recommend having expert advice suited for your circumstances. The Stan Lee and its author are not liable if you rely on this and have any consequences.

Restaurant Accountants: Checklist for Your Catering and Hospitality Business Accountancy Needs Read More »

How to find an Accountant suited for your business?

How to find an accountant suited for your business?

How to find an accountant suited for your business?

An accountant is like a new business partner, they will become a trusted colleague if the right one is selected. It is said that a good accountant can save you time and money while growing your business, and the reverse is certainly true for a bad one. Before choosing an accountant, you need to look for someone that meets your requirements; someone you feel comfortable with, can trust and whose fees are reasonable.

When it comes to choosing, and working with, an accountant, there are certain questions you should ask to make an informed choice. Below is a three-step process you can use as a guide to select your trusted, suitable and professional accountants.   

Step 1: Searching for Your Suitable Accountants

Once you have decided the time has come to hire an accountant, you should search for one who matches your needs. To gather as much information as possible on your potential accountants, you can use the following research methods:

  • Ask friends, colleagues, and associates whether they can recommend a good accountant
  • Use search engines to find accountants’ websites and read thoroughly them to identify those who meet your needs
  • Contact your prospective accountants. You can call or email them and see how quickly and professionally they respond
  • Visit their office and talk to them and their staff to see who will be best suited to you

 Step 2: Choosing Your Potential Accountants

Having done your research, you are now able to choose the right accountants. The following criteria will help on your decision:

  • Working as a business partner. An accountant is effectively a business partner, so trust and confidence are paramount. Selecting the wrong accountant will be costly for your business and stressful for you. Charlotte Chung, senior policy advisor at the Association of Chartered Certified Accountants (ACCA), emphasises that the key thing to question during the hiring process is how the accountant will add financial value to your company. She says “Look for someone who can act as a business partner. You want them to demonstrate the skills and knowledge of supporting a small business.”
  • A good match. The right accountant will have more than just prestige – it’s important they understand your business needs and can offer relevant insight. Based on the research by Experian in 2015, about 59% of start-up directors are running a company for the first time. Therefore, they are often unaware of all their requirements. It is vital to find out whether an accountant works with small business, has expertise in the relevant sector, and whether their fees are an affordable and viable business cost.
  • Services and available resources. Not every firm will offer all the services you require. You must ask yourself whether the services offered by a specific firm will serve your purposes, not forgetting to consider your future needs. You should also assess the functionality of the firm and whether it suits your requirements; for instance, you can ask them which accounting software they use.
  • Staff specialisms and the firm’s reputation. You need to discover whether your prospective accountancy firm has the relevant experts to understand the needs of your business. For example, do they have specialists to give advice on tax planning, business development and any other consultancy services you require? You should also look into their professional qualifications in the relevant fields and their performance standards in the specific services that you need. Remember to include client testimonials and the firm’s reputation within the industry in your decision making. Do not forget to ask your prospective accountant about their professional authorisation to provide all the services you require.

Step 3: Working with Your Accountants

When you have appointed an accountant for your business, it’s necessary to monitor their ongoing performance, and check the following:

  • That you can communicate with your accountant at a time convenient to you without fear of being charged for every call
  • That your accountant responds quickly when you have any queries
  • That you can speak openly with your accountant, and that they understand your requirements and give honest advice
  • That your accountant visits your business and gives constructive and useful advice free of extra charges
  • That the accountant charges fixed fees wherever possible for their work
  • That the accountant updates you concerning deadlines for filling your accounts within reasonable timeframe

It is worth noting that you should have pleasant, professional, and productive relationship with your accountants, which is defined by ongoing conversation and information sharing, leading to ultimate trust. The way to get the most out of your accountant is to engage in dialogue. The more you share with your trusted and authorised accountant about your business, the more you will get out of the relationship.

Choosing the right accountant is crucial for creating a successful business, where a careful decision is required. The Stan Lee always works in the clients’ best interests. Please contact us to find out how we can add value to your business venture.

How to find an accountant suited for your business? Read More »

Five things to be aware of in your business due diligence affairs

Five things to be aware of in your business due diligence affairs

Five things to be aware of in your business due diligence affairs

When conducting due diligence on a target business the main goal is to evaluate every detail of its affairs including staff, turnover and if the business has any outstanding debt.

The reason is to allow you to make an informed decision on a potential acquisition. In this article we look at some of things that you should be aware of when conducting business due diligence.

1. Create a Virtual Data Room

There can be a lot to go through when conducting business due diligence and to make it easier and more efficient it is a good idea to view it all via a virtual data room.

Having a virtual data room can be used as a central hub for all the pertinent information that due diligence experts can search, analyse, and evaluate. It can also help to speed up the process, especially if there is a due diligence checklist to run through.

2. Business Structure and Best Practices

Another key area of business due diligence to be aware of is the company’s business structure, processes, and best practices.

This should include names of all the board members, bylaws, minutes of previous meetings as well as shareholder information and company organization chart.

Also, you need to check any recorded history of partnership agreements with suppliers and vendors, it can be good to check the companies press releases and public communication where they have been named.

3. Investigate Business Finances

One of the biggest parts of business due diligence is the company finances and here the accounting expert will want to see a detailed record and all up-to-date finances.

This will include profit and loss statements, tax fillings, annual reports, and accounts payable statements. They will also want to see the business forecasting for performance including projected profit and financial targets.

4. Review Company Assets

Company assets is another area that will require detailed business due diligence which ensures the company can provide evidence that they own their intellectual property.

This part of business due diligence helps to understand the economic value of these assets and that there is no risk of liability of infringement.

Lastly, it is good practice to complete a detailed inventory of the business’s physical assets which might include office equipment and supplies as well as manufacturing or engineering equipment for example.

5. Outstanding Legal Proceedings

Finally, it is important to undertake business due diligence to identify if the company has any ongoing or unresolved legal proceedings that could arise once the acquisition has been completed.

These issues can be with current or past members of staff as well as customers, suppliers, or vendors. Any unresolved lawsuits will often end up being a deal breaker and could be costly to you in the future.

Speak to the experts

To learn more about conducting business due diligence, why not speak to one of our team today? At The Stan Lee we have a fantastic team of expert industry professionals who can help ensure that any business due diligence is done correctly and efficiently. You can email us at info@thestanlee.com or call directly on 020 3778 0973.

Five things to be aware of in your business due diligence affairs Read More »

Should I Register My Business Start-Up as a Sole Trader or Limited Company

Should I Register My Business Start-Up as a Sole Trader or Limited Company

Should I Register My Business Start-Up as a Sole Trader or Limited Company

One big decision for any new start-up is whether to register the business as a sole trader or limited company? It is a common question that many new business owners will face, and this article breaks down the two options for you.

What are the differences?

Sole trader

Registering as a sole trader means that you have complete control of the business whether you employ others or not, you will also keep all the profits after tax. Instead of paying corporation tax and paying yourself a salary the profits you make are your salary – you will of course have to pay tax just as you would on any other income.

Limited company

A limited company on the other hand means that you will be registering a business name that you will work for, and in this case, earn a salary from. Any profits you make belong to the company and will either come in as a salary, dividends, or loan.

Which one is best for me?

Your business goals and strategies will determine which option you decide to take. If for example you are making your own products and selling them at markets or online via websites such as Etsy or Ebay, but you have another job then registering as a sole trader would be the most beneficial.

It is quick and simple to do, and it is also tax-friendly which is important for you to make a profit and a success of the business. A sole trader is perfect if you are just starting out. Depending on your future success you can register as a limited company later down the line.

How do I register?

Registering as a sole trader needs to be done before the end of the tax year and before October 5th where you need to submit a tax return. Remember, there is a certain amount you can earn before HMRC will expect you to pay tax – this is called a trading allowance.

If you are earning above this allowance, then you need to complete a self-assessment tax return which can be done by registering online or by posting the relevant information to HMRC which you can download from the official HMRC website.

Registering your business as a limited company is usually done via Companies House and you have the option to purchase a ready-made company name, or you can form your own company. You also need to appoint a company director who must be over 16 years old and cannot have been bankrupt or disqualified from directing a previous company.

Speak to the experts

If you are starting a new business and need some advice on whether to register as a sole trader or limited company then our team of highly trained business consultants can help you with all aspects of your small business. If you would like to know more about how we can help you why not get in touch with the friendly team here?

Should I Register My Business Start-Up as a Sole Trader or Limited Company Read More »

Seven Common Mistakes That All Start-Up Businesses Can Face

Seven Common Mistakes That All Start-Up Businesses Can Face

Seven Common Mistakes That All Start-Up Businesses Can Face

Starting a new business can be difficult as there are so many things to think about and important decisions to make. If you don’t get these decisions right the first time, then it can damage your future success. In this article, we look at seven common mistakes that all start-up businesses face.

1. Not planning

Planning is the key to success and with a solid plan that includes a clear business strategy, you can reach all of your goals. The planning phase of a new start-up can be tiresome, but it is an important step in the start-up process. This stage should include a financial and detailed marketing plan.

2. Not setting realistic goals

Setting goals will give you and your new start-up a clear direction and keep you on track day-to-day. The goals should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) and you should revisit them over time to make sure that you are still on target.

3. Not embracing technology

Embracing technology, especially today, is a must for any new start-up, whether it is through marketing, bookkeeping or customer service being able to adapt to technology will help elevate and make your business more efficient in the short and long term.

4. Not seeking professional advice

New business owners often try to go it alone which can be a problem if they don’t know what they are doing or don’t have a plan. Speaking to a professional business advisor can really help advise you on the right steps for setting up your start-up.

5. You don’t know your ideal customer

Part of a good start-up is being able to understand who your ideal customer is. You can have the biggest marketing budget in the world, but if you don’t know who you are marketing to then it’s just going to be a waste. Doing market research and looking at who your competition targets are a great way to find out who your ideal customer is.

6. You overspend your budget

When starting a new business, you don’t have to invest large sums of money to get started. Start with the basics and then as you become more successful and begin to turn a profit you will be able to add and upgrade the necessary equipment and resources – create a budget and stick to it.

7. You’re not committed

You must be fully committed when starting a business as it requires dedication, time management and passion. New start-ups will require you to make certain sacrifices that are necessary to make it a success especially if you have to face challenges in the future.

Speak to the experts

At The Stan Lee, our team of highly trained accountants, bookkeepers and business consultants can help you with all aspects of your small business finances. If you would like to know more about how we can help you why not get in touch with the friendly team here?

Seven Common Mistakes That All Start-Up Businesses Can Face Read More »