I recently had the chance to sit down with Garry Crosby, a business coach who presents the Business Sense Podcast.
It was a great conversation, and I think it offered a lot of important advice on the initial start-up process and how to correctly manage initial business growth.
Here are some of the key messages that came through in the conversation that I think would be particularly valuable for you and your business.
Proactive financial management
Garry and I talked about why proactive financial management is so important and how businesses fail to actively manage their affairs.
Especially when it comes to investing and funding, where I explained that sometimes, in my role as an accountant, I have to calm clients down.
I have to say things like: “Let’s have a look at your management figures. Let’s see where we are sitting in terms of the financial data.”
I think a major part of proactive financial management is taking a realistic view of your situation and discussing your plans with your accountant.
We are often able to tell you what will work, and what won’t, from a financial perspective.
Tax planning and tax efficiency
One important point that was made on the podcast was the fact that to properly manage your taxes, the process needs to be year-long.
I said: “You can’t do anything about tax after the year-end has passed” and I meant exactly that.
Once the tax year is over it’s very difficult to recover from mistakes or poor tax decisions.
That’s why it is so important to discuss taxation issues with your accountant early!
We can help you develop both short-term and long-term strategies for mitigating your tax liabilities – so long as you discuss it with us in a proactive and early fashion.
We are also able to properly educate you on any questions that you might have on tax or any other financial aspect of your business.
The message I was trying to get across is that if you talk to your accountant, we can help you reduce your costs and increase your profit margins.
Starting a business and initial growth
I feel that the most important and valuable part of the conversation I had with Garry was the discussion we had about initial business development and start-up financial considerations.
We talked about recognising your own personal skills and interests and bringing them into your business, as well as initial business planning and structure choices.
Then we discussed the financial priorities of start-ups, and whether investing in marketing and advertising was worth it.
We also spoke about initial investment decisions and keeping your costs down.
Finally, I mentioned that investing wisely in a good accountant can allow you to formulate a plan for proper resource allocation and give you invaluable business advice that is unavailable anywhere else.
Why you should listen to the podcast
To sum up, the conversation I had with Garry is an invaluable resource for anyone embarking on their own entrepreneurial journey or looking to strengthen their business’s financial foundation.
By watching, you’ll learn about financial management, tax planning, and the initial stages of business growth – all critical areas that can make or break your business.
You’ll gain insights into not just the ‘what’ but the ‘how’ of managing your business finances.
Whether you’re a budding entrepreneur or a seasoned business owner, there’s something to learn, something to ponder, and most importantly, something to implement in your own business journey.
If you would like to discuss any of the issues we spoke about in the podcast with me directly, please email me: matthewstorey@mooret.co.uk or contact the Moore Thompson team.
To listen to the podcast in full, please click here.