Getting the Basics Right
Boo Donovan
Experienced Chartered Accountant | Strategic Business Advisor | Championing UK SMEs to Grow and Thrive | Transforming Your Business Aspirations into Financial Success.
So, you want to set up in business as a sole trader or limited company…..
Now what?!
The key thing is to set you and your business up to succeed and this means getting the set-up and the basics right. But it’s one of the things that is so easy to get wrong!
After all, starting out in your own business is exciting and you’ve got ideas about what you’re going to sell, how you’re going to grow and the goals you hope to achieve. These creative thoughts don’t want to be bothered with set-up and processes and controls. It’s these things though, that make your business successful.
Some of the key basics to get right are:
Unfortunately, something that we see often in businesses is where the underlying basics haven’t been set up properly or aren’t even in place, so cracks start to show when the business starts growing and getting busier to run. Or the business has slightly changed direction or grown rapidly so the basics need reassessing and changing.
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What are we doing?
At Troy Accounting, we’re constantly reviewing our own structure, processes and controls to make sure we’re taking into account the ever-changing landscape that occurs when you’re running your own business! For example, we’re currently looking at our client database and as we’re growing, how we can make things smoother and more efficient for our clients, as well as for us.
You may have seen that we’ve also recently taken on staff in recognition that we’ve reached a point where the structure and workloads need to change, again to support our growing business and continue servicing our clients and meeting their expectations.
The top 5 things you can check to make sure you’re getting the basics right are:
We look forward to hearing your success stories
If you’d like some support in getting the basics right, whether as a new business owner or a growing business that needs to reassess to be able to achieve your successes, then we’d also love to hear from you! As small business owners ourselves plus having worked in larger companies from the set-up of those companies, we understand the journey and have got many experiences to share in getting it right.
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