Build a successful business

A central hub for business owners in the build phase who are looking to take things to the next level

You’ve made it through your first couple of years – congratulations!

Getting started in business can feel like a big risk, and you’ve had some initial challenges to overcome – all the start up costs, your first experience of business income, your first experience of business tax.

Now you’re making some money and settling into your role as an owner, what comes next?

This stage is defined by new commitments

It may be taking on your first employee, or finding your first office. You might finally be able to delegate some stuff! Yay!

Whatever your goal, these next steps all come with their own unique challenges. You might find yourself asking yourself questions like:

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What do I need to do to start paying wages?
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What on earth do I need to know about employment law?
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What happens now you’re over the VAT threshold?
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What ARE my goals and how do I plan to achieve them?

The stress of covering your bills every month may be behind you, but as your business starts to build, you need to make sure you have control of it.

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Know and understand your numbers

As your business grows and the amount of payments in and out of your business also grows, really understanding your numbers and keeping track of everything is key to keeping sane.

Having reliable and up to date information will mean you know what’s going on, and will enable you to make timely decisions and where you are in relation to your goals. This is the main reason why good, regular bookkeeping is so important.

Things to do:

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Watch our popular webinar, Know Your Numbers. It takes you through the main reports you should be looking at, and what they mean for your business.
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Sign up for our Money Confidence Programme. The better you understand your business, the easier it will be to make more money. Learn how to control your outcomes.

Get to grips with VAT

If you’ve reached the VAT threshold (currently turnover of £85,000 in a rolling 12 months) you’ve achieved a great milestone, and one to be celebrating, not fearing.

Read the basics of VAT to understand what being VAT registered actually means and involves, and how to adjust your pricing.

Get to grips with VAT

If you’ve reached the VAT threshold (currently turnover of £85,000 in a rolling 12 months) you’ve achieved a great milestone, and one to be celebrating, not fearing.

Read the basics of VAT to understand what being VAT registered actually means and involves, and how to adjust your pricing.

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Learn how to be a great boss (and take on your first employee)

As your business grows and the amount of payments in and out of your business also grows, really understanding your numbers and keeping track of everything is key to keeping sane.

Having reliable and up to date information will mean you know what’s going on, and will enable you to make timely decisions and where you are in relation to your goals. This is the main reason why good, regular bookkeeping is so important.

Things to do:

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Understand your obligations like auto enrolment and National Minimum Wage, but get up to speed on the fun stuff too like Christmas parties!!
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Read this book to learn how to lead a great team – How to Be a Great Boss. We highly recommend it.
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Check out Pink Pig HR, where we have the basics of the legal requirements covered for you.

Ready to start hire your first employee?

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Keep the cash coming in quickly and easily

With all the extra money going out for employees and bills, maybe that nice little office you have your eye on, you’ll need to ensure the cash keeps flowing in as quickly and easily as possible.

Cash flow is key at this point – it doesn’t matter what your turnover or profit is on paper, if you haven’t received the actual cash payment your business will be in serious trouble.

Things to do:

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Make sure you’re invoicing quickly and on time to speed up the start of the payment process.
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Implement payment services such as GoCardless, Stripe, PayPal, iwocaPay to give your buyer options and help bring the cash in quickly.
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Check out some other quick wins to get that cash into your bank account.
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Read our blog, the 7 Deadly Sins of Credit Control for help putting a robust credit control process in place to keep the money flowing in.

Here’s our Cashflow Calm Guide

This guide takes you through all the steps you need to ensure your business keeps a positive cashflow and flourishes, in 3 key areas:

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Building Foundations – choosing the right bank, managing sales and expenses, getting paid on time.
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Financial Healthcheck – how to create a financial forecast so you can foresee any potential cash issues and deal with them ahead of time.
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Cashflow Solutions – the great companies we work with who can help your business to access additional funds when you need it.

Bring in reinforcements

Hopefully by following our advice, this next phase will bring you more of everything. More employees, more sales, more profit. This means somethings gotta give. You won’t the same time you had for bookkeeping, VAT and payroll.

Now could be a great time to delegate your bookkeeping and get help with your VAT return so you don’t have to stress (spoiler alert – it’s not as easy as clicking a button like some software companies would have you believe!). That way you can focus on all the other areas of your business.

That’s what we’re here for.