The steps taken in starting a business will vary
depending on the size and complexity of your plans, from the individual
who wishes to commence a window cleaning round to the group of people
who wish to develop, manufacture and distribute a major product. But
if the business is to succeed, various questions must be asked and steps
taken, no matter what the size.
Firstly, a business plan must be created. For the smallest
type of business this can be achieved informally with, perhaps,
little outside help. But for ventures of any substance, the services
of an accountant should be obtained, to help prepare the financial
aspects of this business plan.
Such a business plan will typically include sections on:
- Brief resume of the business and its aims,
- Structure and legal status of the business,
- Product details,
- Marketing plans,
- Finance requirements,
As well as assisting with the above, we can also
tax and general
business and finance advice,
to help with your new business.
Business plans are most often required to support
a lending application to a bank, from a new business. Our experience
of how bank managers interpret these applications, and of what
criteria they are looking for, will allow us to de-mystify this
process for you and to boost your chances of making a successful
application, first time. Based on second guessing the risk the
banks will associate with your proposal, we shall also be able
to advise you on the optimum combination of interest rate, bank
charges, life assurance and personal guarantees that you should
expect to negotiate with your manager. In addition, our involvement
in your business at such an early stage in its life will enable
us to give you pro-active
tax, business and finance advice, to save you money in your
Practical Examples of our Business Plan Expertise
- Using our insight gained from other clients in similar businesses to assist with the
detail within your business plan.
- Using our established contacts with local bank managers to understand what sort of
terms they would lend finance under.
- Being a 'sounding board' to challenge the assumptions within your business plan and
giving an opinion upon whether they are reasonable.
- Maintaining your book-keeping
system once the business plan becomes a start-up.