This month Best Choice Acoountancy are concentrating on the challenges startups and small businesses face.

We will also highlight some of the various schemes available from the government and other sources to support businesses.

There are many challenges facing startups and growing businesses in general from getting the right products and services to marketing your business in a crowded and competitive environment to having the right finances in place.

How can you succeed?

The right finances in place - Apply for a startup loan

You may need capital to start your business or to expand. We can help you by assisting you in preparing your business plan, guide you when you need to make important financial decisions and assist should you need a loan from your bank or a grant. Did you know you can apply for a government-backed Start Up Loan of £500 to £25,000 to start or grow your business? Please follow this link for more information.

www.gov.uk/apply-start-up-loan

Accurate accounting records

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There is a tendency to underestimate the value of accurate accounting records. When a business is successful this is often due the way financial information is gathered and accessible to the business owner. Claiming all your business expenses will often mean a reduction of up to 25% of your tax bill. And as your business grows you will need VAT records and PAYE records as well as records for your Personal Income. We can assist with setting up digital records very quickly so that you can extract financial information as and when required and comply with HMRC requirements.

A positive cash flow

So many things can hinder a positive cashflow, lack of finance, poor credit control procedures or using suppliers that are too expensive. To keep a positive cash flow you also need to get your pricing right and ensure you make enough profits to cover your expenses. Above all make sure that you get paid on time and if in doubt get paid before you part with your products or do the work. We can help by helping you to get your pricing right and by ensuring that your accounting and credit control procedures are in place to manage your cash flow successfully.

Additional Finance and Support for Your Business

In addition to the government-backed Start Up Loan of £500 to £25,000 to start or grow your business, there are many other initiatives to support UK businesses. Did you know that there are 77 different types of grants and 37 loan schemes? Whilst not all schemes are relevant to the construction industry, many are.

For example 'Better Business Finance' provides access to finance providers across the UK. Depending on the number of employees and the region a business can get up to £20,000,000, really a staggering figure.

For a full list of loans, grants, expertise and advice please follow this link.

www.gov.uk/business-finance-support?types_of_support[]=grant

We hope you found this article of interest. For more information and assistance please do not hesitate to contact us on 020 8857 5781.