Ready to launch?

Book your free, no obligation discovery call today and find out
how we can help your business plan for a prosperous future.

Don’t Let Your Business Fail

No one sets out in business to fail but unfortunately it does happen. According to an article on smallbusiness.co.uk, small business survival rates are as high as 91% after the end of year one but after 5 years, just 40% of them will still be trading so it’s prudent to set yourself up for success. Having worked with many SME’s over my career here’s my top tips to staying the distance: 
 
1. Develop A Business Plan 

Business
A key factor in failure of any organisation is lack of planning and a Business Plan will force you to look at what your business is doing, how it will do it and potential challenges. You will also need a Business Plan if you are looking to receive any grants or funding so it will show that you are taking your company and its future seriously. Once you have a Business Plan don’t leave the plan on the shelf and simply tick it off your ‘to do list’, refer to it and constantly improve and refine it as your business evolves and develop. If you are unsure where to start take a look at Bplans.com, they have a great selection of free business plan templates to download.

 
2. Don’t Try And Do It All Yourself 
BusinessEasier said than done when you are starting off but it’s important to be realistic and honest about your 
own skill level, what you can learn and what is just way outside your abilities. These days there’s a lot of 
support out there for small businesses and this often includes expert support on areas such as finance, 
marketing and legals so research what’s available to you locally and take advantage of everything you 
can. If there’s still areas outside of your abilities, then look to outsource. 
 
3. Get Yourself A Mentor 
Business mentor
The ability to stand back and be objective about your business will get harder over time, a mentor will 
help with this and much, much more. Mentors come with many years’ experience and can help you in 
sharing their knowledge and information as well as supporting you in not making the same mistakes they made. They also make great sounding boards and are there to support and encourage you and help 
grow, not just your business, but you. As a trusted advisor they will help you set boundaries and will 
challenge you to ensure you are moving the business forward. Many mentors can also be great 
connectors, knowing many people, one or more of whom may be perfect connections for you! 
  
4. Be Financially Prepared 
Business finance
You have to be conscious about what monies are coming in and out of your business, you know that so 
here’s some thoughts on ways to help this. When you start up you have to have enough cash in the 
business to keep it going for some time without any cash inflow. Put aside some reserves, it may take 
longer than you think to start the cash coming in, this doesn’t mean your business won’t succeed but it 
can take longer than you initially expect. Also seek some financial support, this can help with cashflow 
the best decisions for you in terms of salary and dividends.
To find out more about how we can help your business succeed take a look around our site.

Other news you might be interested in

Lockdown Government Financial Support – January 2021

As the UK endures it’s third period of Covid-related lockdown and with many non essential busi...
Read

Paying Your January Self-Assessment Tax With A Payment Plan

It’s fair to say that many people are facing a tough financial period due to the impact of the...
Read

Starting a Business in 2020

Welcome to our first blog ‘Starting a Business in 2020’ aimed at start-up businesses! I...
Read

Don’t Let Your Business Fail

No one sets out in business to fail but unfortunately it does happen. According to an article...
Read

Top Tips for Marketing your Small Business on Social Media

If you have a small business then social media should be part of your marketing mix, but which chann...
Read

Latest Twitter Feeds

Accounting and BeyondFollowAccounting and Beyond@AccountsBeyond·22hIs your business looking f...
Read