Starting with a dream

Do you have a plan for your business? Do you have a clear idea of what defines success in business for you? Are you living the dream you had when you started the business? Or are you still employed in a job – but the employer is also you?

Why are you in business?  What customers are you serving and how are they benefiting from your product or service.  What values will you adopt towards your customer service and employees? What about your team – how can you be sure they will serve your customers in the same consistent manner?

Once you are clear as to your goals and business philosophy, it’s going to make it much easier for you to achieve what you have set out to do. Making the right decisions before your business opens its doors can mean the difference between success and failure.

Some other questions to ask at this stage include:

What is the best structure for my business? You should consider the pros and cons of trading as a sole trader, partnership, trust or company.

Do I have a suitable business plan? If you need to raise money a business plan with a cashflow forecast will be essential to support any applications for finance. Regardless, it will be essential for running your business in its first months and years.

Have I set up adequate reporting systems and procedures? These are essential because they enable you to monitor, control, and evaluate the performance of your business. We advocate a mix of leading and lagging performance indicators so that you can manage your business looking forwards as well as backwards.

Have I given enough thought to my retirement plans? It is never too early to start planning for retirement. Sooner, rather than later you will need to decide what resources to commit to your retirement planning.

If you plan to operate your business through a company you could consider the advantages of setting up a company plan.