Business Tips

Business Tips

Whether you are a new business or have been trading for years we hope these notes will be of interest to you.

YOU'RE IN BUSINESS (MINDING YOUR OWN)

So you have decided to take the plunge and you are in business.

Whether you are making something, selling something, providing a service or simply working on a Self Employed basis - YOU ARE IN BUSINESS.

You can get great satisfaction from being your own boss.  However, it is important that you take care of all aspects of the business to get the most out of it.

You will find that running your business comes down to doing three things well:

1)  Doing what you are good at - i.e.  Providing your product or Service.

We are sure that you must be good at it because you are confident you can earn your living doing it.

This is the enjoyable bit.

2)  Selling your product or service.

No matter whether you are the best carpenter/shopkeeper/builder/dressmaker in the world, if nobody knows or wants to buy what you have to sell you can't succeed in your business.

Marketing your business is as important in the early days as providing your service - you need customers.  Research your market, study how others get their business, get your name known through advertising, personal contact, sign written vans etc.

Neglect this area at you peril!  Who wants to be a highly skilled bankrupt?

This is the hardest bit.

3)  Looking after you administration and paperwork

This means getting your invoices out on time, collecting payment when due, keeping purchase invoices filed, orders filed so that they are fulfilled on correct delivery dates, keeping your bank happy, understanding your financial position and keeping everything under control.

This is the boring bit. - but also the bit that lets you know how you are doing and how much money you are making!  And after all that is why you are in business, isn't it?

Practical Accounts and Book Keeping Advice >>
Contact CT Associates >>

Tax Tips

Tax Tips

What you've always wanted to know about tax, but your accountant wouldn't tell you!