Key advice for new businesses

key piece of business advice I always give to clients and prospective clients starting a new business that the most important thing is cash.

Cash constraints can cripple even the best business ideas and the business can fail before it even gets going.

So what do I advise:

1. Keep things as lean as possible to start with - Only commit to costs that you genuinely need to start with, nice to haves can come later.

2. Take credit where you can - Negotiate credit terms with your suppliers or use interest free payment options such as Paypal and Klarna.

3. Bank borrowings - Arrange a loan and or overdraft facility with your bank. If you open a business bank account with the same bank as you bank personally with they have history with you already so more likely to support a credit application.

Oakdene accountancy can help guide you through these early stages and we are happy to offer start ups extended credit facilities on our fees. We can write you a business plan and forecast to support credit applications. We can advise on what costs to commit to and also look at tax efficient ways to extract income from your business.

Contact us for a no obligation chat