During our Ready. Set. Scale. Small Business Day event, experts imparted valuable insights on navigating common small business challenges, harnessing new-age technology, and practical growth strategies that don't break the bank.
ICYMI, check out five key takeaways on the economy, marketing trends, and the role of AI in business that small businesses can leverage to thrive in today's dynamic landscape:
#SmallBusiness#Entrepreneurship
During our Ready. Set. Scale. Small Business Day event, experts imparted valuable insights on navigating common small business challenges, harnessing new-age technology, and practical growth strategies that don't break the bank.
ICYMI, check out five key takeaways on the economy, marketing trends, and the role of AI in business that small businesses can leverage to thrive in today's dynamic landscape:
#SmallBusiness#Entrepreneurship
𝐖𝐡𝐲 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐢𝐬 𝐎𝐟𝐭𝐞𝐧 𝐎𝐯𝐞𝐫𝐥𝐨𝐨𝐤𝐞𝐝 𝐖𝐡𝐞𝐧 𝐒𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐚 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬
When starting a new business, excitement often takes center stage. Entrepreneurs are driven by their vision, eager to launch their product or service and make their mark. Amidst this enthusiasm, #accounting and #bookkeeping often take a backseat. Why? Because numbers and financial records feel less urgent compared to building the brand, securing customers, or perfecting the product.
One reason people don't care about accounting when starting a business is the belief that it's something they can deal with later. The idea is to focus on growth first and worry about the books when there's actual revenue to track. However, this mindset can lead to missed opportunities and costly mistakes. Without proper financial tracking from the beginning, businesses risk running into cash flow problems, #tax issues, or even legal complications.
Another reason is the misconception that accounting is purely a compliance task, rather than a strategic tool. Many entrepreneurs overlook how crucial #financialdata is for making informed decisions. Whether it's budgeting, forecasting, or understanding profitability, accounting provides the insights necessary to steer the business in the right direction.
The key takeaway? While accounting may not be the most glamorous part of starting a business, it is essential for long-term success. Embracing it early on can save headaches down the road and set the foundation for a sustainable, thriving business.
#SmallBusiness#Entrepreneurship#StartupTips#BusinessSuccess#AccountingMatters#TouctoolsBusiness#TheAccountingtouch
𝐖𝐡𝐲 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐢𝐬 𝐎𝐟𝐭𝐞𝐧 𝐎𝐯𝐞𝐫𝐥𝐨𝐨𝐤𝐞𝐝 𝐖𝐡𝐞𝐧 𝐒𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐚 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬
When starting a new business, excitement often takes center stage. Entrepreneurs are driven by their vision, eager to launch their product or service and make their mark. Amidst this enthusiasm, #accounting and #bookkeeping often take a backseat. Why? Because numbers and financial records feel less urgent compared to building the brand, securing customers, or perfecting the product.
One reason people don't care about accounting when starting a business is the belief that it's something they can deal with later. The idea is to focus on growth first and worry about the books when there's actual revenue to track. However, this mindset can lead to missed opportunities and costly mistakes. Without proper financial tracking from the beginning, businesses risk running into cash flow problems, #tax issues, or even legal complications.
Another reason is the misconception that accounting is purely a compliance task, rather than a strategic tool. Many entrepreneurs overlook how crucial #financialdata is for making informed decisions. Whether it's budgeting, forecasting, or understanding profitability, accounting provides the insights necessary to steer the business in the right direction.
The key takeaway? While accounting may not be the most glamorous part of starting a business, it is essential for long-term success. Embracing it early on can save headaches down the road and set the foundation for a sustainable, thriving business.
#SmallBusiness#Entrepreneurship#StartupTips#BusinessSuccess#AccountingMatters#TouctoolsBusiness#TheAccountingtouch
Eradicating Entrepreneurial Poverty 🧮 | I guide tech-savvy CEOs to scale their business while scaling back their time commitment using the 16 profit & cash flow drivers🚀CFO / Business Strategist 🔥 YouTube Host 🎬
I free up creative agency founders's time by handling their finances so they can focus on growth | Virtual Finance Office | Founder @ Tonbridge Accountants Ltd | ACCA Fellow who gets the creative hustle
Have you got your ducks 🦆🦆🦆in a row?
If you’re like me, the answer is often ‘not quite’.
But here’s a thought – it’s perfectly OK to start selling even if everything isn’t perfectly aligned.
The key is to generate interest, perhaps even a waitlist, signaling that you’re on the move.
The message? Start before you’re fully ready.
🚨However, there’s an exception to this rule: accounting.
When launching a business, having your accounting functions in order from day one is non-negotiable.
Without a solid accounting foundation, you’re not just unprepared; you’re at risk of making expensive errors.
So, while it’s fine to embrace a bit of chaos in many areas as you grow, ensure your financial house is in perfect order.
That’s not just preparation; it’s preservation.
Hi, I’m Wendy. 👋🏻
I help business owners simplify their accounting and keep more money in their business.
If this is something I can help you and your business with, let’s chat! 👍🏻
#Entrepreneurship#StartupLife#AccountingEssentials
Empowering Ambitious Growth-Focused Businesses (£1m+) with Strategic Financial Insights for More Cash, Higher Profits, and Less Stress | CEO of Crisp Accountancy
Are you thinking of starting a new business but already have an existing one within a limited company? 🤔
What should you do? Well, you have two options:
Start a New Limited Company or Run the New Trade Through Your Existing Limited Company
Let's explore the pros and cons of each option.
Option 1: Start a New Limited Company
Pros:
Less Risk: If one business faces challenges, the other remains unaffected.
Better Reporting: Easier to track costs, profits, and losses separately.
Investment and Growth: Simplifies the process of selling a business, attracting investors, and rewarding employees with shares.
Cons:
Higher Costs: You'll incur double accountancy fees and additional administrative expenses.
More Complexity: Managing two sets of accounts and regulatory compliance can be more cumbersome.
Option 2: Use Your Existing Limited Company
Pros:
Simpler Setup: You can use a trading name (e.g., "X is a trading name of Y Limited") to maintain separate brand identities.
Lower Costs: Avoid the double accountancy fees and extra admin.
Tax Benefits: If the new business is loss-making initially, you can offset those losses against the profits from your existing business, reducing your corporation tax liability.
Cons:
Higher Risk: Both businesses are under the same legal entity, so if one is impacted, the other could be too.
Less Financial Clarity: It may be harder to track and report on the performance of each business separately.
What to Consider
There’s no right or wrong answer—it all depends on your plans, goals, and how quickly you want to grow. If you prefer simplicity and cost savings, using your existing limited company might be the way to go. However, if minimizing risk and having clear financial separation is a priority, starting a new limited company could be the better choice.
Ultimately, the decision should align with your long-term vision and operational strategy.
Watch the video to delve deeper into the pros and cons of each option and make an informed decision for your business's future!
#BusinessTips#Entrepreneurship#Startups#LimitedCompany#BusinessGrowth#StrategicPlanning
Thinking about starting your own business, or just getting started? 🚀
Starting a business can be exciting, but it's important to be prepared! We work with startups a lot, so we're here to help you navigate the essentials.
Before you dive in, consider these key steps:
🔸 Do your research: Understand your industry inside and out. Grab a coffee with someone local to you and learn from their experience.
🔸 Seek expert advice: Accountants and bookkeepers (like us) can provide valuable insights and help you structure your business.
🔸 Explore the ATO website: The ATO provides small business benchmarks, so you can see how similar businesses in your industry are performing.
🔸 Understand your financial needs: Determine your start-up expenses, ongoing operational costs, and explore available grants.
🔸 Choose your business structure: Sole trader, partnership, company? The structure you choose impacts your tax obligations and legal responsibilities.
🔸 Know your obligations: Accurate record-keeping is crucial! Understand what records to keep, the income you need to declare, and the deductions you can claim.
Is your head spinning? Don't worry, Nova can guide you through these crucial steps, ensuring you have a solid foundation for your business. Contact us for an obligation-free chat – we're here to help you succeed!
☎️ 1800 668 225
🌏 www.novabk.com.au#smallbusiness#startup#entrepreneur#businesstips#ATO#bookkeeping#businesscoach#success#newbusiness#businessadvice#Nova
From Survival to Significance: How Purpose Drives Small Business Success
As a small business owner, it’s easy to get caught up in the daily grind—chasing revenue, managing operations, and keeping the doors open. But what if there’s more to your business than just survival?
In my latest blog, I explore how purpose-driven principles, like those from the Economics of Mutuality, can transform your business from simply surviving to thriving with significance. 🎯
When you infuse purpose into your business, you not only create lasting impact for your customers and community but also unlock new avenues of growth, freedom, and profitability.
Ready to elevate your business? Let’s break free from the status quo and build something meaningful. 💪
Read the full post here: https://lnkd.in/gzXb9A5d#PurposeDrivenBusiness#SmallBusinessGrowth#EconomicsOfMutuality#BusinessStrategy#Entrepreneurship
