Starting A Business, Take Everything Into Account
Topics: Business account, account services, starting a small business
It is believed that only half of new businesses will last more than five years, this is because failing to account for the many facets of business operation is a regular occurrence. When starting a new business it is fundamental to account for everything, plan thoroughly and stick to this plan; although change is a necessary evil if you wish to achieve success.
Before you start your business you must have a clear and concise strategy of what services or products it will supply. It is important to set yourself goals and in a defined manner and regularly go back to your original aims as a marker of success. These goals are often known as ‘the business mission statement’ and are crucial element to keeping your business heading in the right direction.
Once you have laid out a detailed business statement it is time to seek professional advice. Sources of this include business account managers, local government specialists and the chamber of commerce. All can advise on the right course of action for your business, whether this be in terms of choosing the right account, premises or stock. Luckily if utilising an account manager at your bank it may be possible to achieve free advice; at least for the initial period.
Even if you are confident in your account manager and accountant it is not a good idea to leave the finances wholly to an external party. You should always keep your own records of financial transactions and factors such as taxation. Fortunately in the UK there are many courses in subjects such as marketing, book-keeping and legal requirement.
The government are also there to aid small businesses, financial assistance to bolster your account balance comes in the form of grants and loans, while the advisory roles carried out by a variety of government departments can be considered extensive.
When planning your business you must be clear on what kind of niche you will be carving out. Considering if there is a market for the services your business provides is essential and your survival depends upon it. To assess this situation make sure to consult with potential customers, this information will be infinitely valuable once your business is up and running.
Your account manager will most likely advise on a course of marketing to raise awareness of your business. This can take the form of studying the market you wish to enter in detail while also promoting your business to those who you think will benefit most from its existence. At this stage it is also important to study the competition; to understand fully what services your competitor supplies allows you to develop a unique angle to coax customers away from established companies.
A term that is frequently bandied about in business circles is ‘USP.’ This is your unique selling point and defines what is different about your business and why customers should choose your services over those of a competitor. If you have a new product this is simple enough whereas if you are entering an already saturated market your USP may be providing the most efficient and customer friendly service.
It is advisable to carry out these tasks before you even head to the bank to open a business account. Developing an extensive business proposal taking into account premises, competition, and the levels of trade you expect is a prerequisite for banks. Remember your bank is also making an investment and providing them with sufficient information is vital.
On a final note it is also important to take into account your survival income. It is a rarity that start up businesses will make break even let alone make a profit in their first year. Calculating a survival income will give you a minimum figure you must make to cover any personal overheads. If you follow this advise there is no reason that after a few years your business account will be full to bursting and your company will experience high levels of success.
Commercial expert Thomas Pretty gives business advice and recommends using a LloydsTSB business account for your financial requirements. To find out more please visit www.lloydstsbbusiness.com
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