5.
Technology is king
There has never been a better time to make use of technology for your new business. From real-time, cloud accounting, time and inventory systems, to digital marketing and online sales, making the most of technology from day one saves a great deal of time and effort as well as also ensuring your company is equipped for a modern-day customer.
6.
Plan ahead for the second phase
Many new small businesses start strongly, with real enthusiasm for their venture and income from existing connections. It’s crucial though to have a plan for the next stage when the launch period is over. Identify, in advance, your next target audiences, where you can market yourself next, and whether you will expand to offer any additional services. Don’t let your confidence, or motivation, fall away once you’ve got started: it’s only the beginning!
7.
Be pro-active with your cashflow
Managing money is one of the hardest things when you start a new company but it’s important to be efficient with how you handle your funds. Invoice promptly so the money is in your account, not your client’s, for longer. Stay on top of your day-to-day accounts too. Many businesses fall into the trap of either taking too much money out of the company, and facing a struggle to pay a later tax bill, or being overly conservative and leaving surplus money in the business, sitting there, doing nothing. Having a handle on what money you do, and don’t, need at any one time is a great skill to learn and one your advisers can help with.
P8
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