Jim Business Facts

Once that wonderful idea you had over your cornflakes has developed into more than just a passing fancy; when it has grown from its origins as something you ran tentatively passed patient friends and family members into a fully formed business, then it is time to reach for the common sense.

So many great business ideas never grow into successful businesses purely because the obvious gets lost in the mix. There is a wealth of new business guidance available, so much clever, astute and thoughtful advice in fact that it can sometimes become a little overwhelming.

By the time you have purchased every recommended piece of software that crosses your Ts and dots every i, or worried about understanding the ins and outs of employment law (years before you’ll ever need to employ anyone), it can be easy to overlook the less glamorous, more commonsensical stuff.

Finding yourself a good accountant who is well suited to you and your business, for instance, is not something that should be left to the last minute; the right accountant, can be an invaluable source of information and certainly in your first year of business their advice can mean the difference between manageable and hefty tax bills. They can also be the gateway to a network of other indispensable professionals, from financial advisors to carpenters; the client bases of most practices give them a plethora of contacts, so don’t wait until your business has been running for a year or two before thinking about an accountant, get one on-board from the off-set.

No doubt at some time, back in the early days, you’ll have slaved over a business plan, most probably to present to your bank and/or potential investors in order to secure the finance to start your venture; although the temptation now to put this plan in a draw and never look at it again may be great, it is vital not to waste this important document; use the information it contains and review it regularly, keep it constantly updated; it will allow you to adjust and develop your business as it grows.

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