Setting up a business? Planning ahead is essential

Are you setting up a business? Or perhaps you are a start-up? If so, then you’re one of many. A whopping 660,000 businesses are registered in the UK every year, which equates to 70 businesses being created every hour.

When starting a business, there’s a sizeable amount of uncertainty instore, especially as recent research found that 20% of all small businesses fail within their first year.

Clear Vision Financial Management, based in Romsey, Hampshire, believe that planning ahead and understanding the entire financial picture plays a significant part in a business’ pathway to success.

Understand your finances

Do you really understand your business finances? If you don’t, you’re not alone. Many business owners receive a bundle of accounts that don’t actually show them anything. As Xero Gold Partners, we’re able to give you a level of insight and dialogue that you don’t get from other annual accounts, with clear communication and customer focus.

Only once you’re fully aware of your current financial standing are you able to make strategic business decisions in order to plan ahead. If you fail to plan and prepare for the future, then you can more than likely prepare to fail.

Credit check your customers and suppliers

In any business, it’s crucial that your customers are able to pay you on time. If they don’t, not only will this negatively impact your business but create a ripple effect throughout the chain including your suppliers and whoever they may be working with too. According to recent research by Xero, on average, small businesses in the UK are owed £24,841 as a result of late payments. For this reason, it’s always best to go into any level of business commitment with your eyes wide open.

In any instance, your first step should be to perform a check on any potential business partnerships with Companies House. You’ll be checking to see that the business’ registered name matches with its company number.

Don’t delay – ask for help if you need it

Here at Clear Vision, we prioritise a customer focus, honesty, clear communication and personal service. We have a broad portfolio of both business and individual clients spread across a range of sectors and industries, so understand the unique financial needs of each individual and can offer tailored solutions to tackle concerns and enable planning for the future.

If you have any questions or concerns about your finances, contact a friendly member of our expert team on +44 (0) 1794 330025, who will be on hand to help with your queries.