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I recently had the chance to sit down with Garry Crosby<\/a>, a business coach who presents the Business Sense Podcast.<\/a><\/p>\n 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.<\/p>\n 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.<\/p>\n Proactive financial management<\/strong><\/p>\n Garry and I talked about why proactive financial management is so important and how businesses fail to actively manage their affairs.<\/p>\n 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.<\/p>\n I have to say things like: “Let’s have a look at your management figures. Let\u2019s see where we are sitting in terms of the financial data.”<\/p>\n I think a major part of proactive financial management is taking a realistic view of your situation and discussing your plans with your accountant.<\/p>\n We are often able to tell you what will work, and what won\u2019t, from a financial perspective.<\/p>\n Tax planning and tax efficiency<\/strong><\/p>\n 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.<\/p>\n I said: \u201cYou can\u2019t do anything about tax after the year-end has passed\u201d and I meant exactly that.<\/p>\n Once the tax year is over it\u2019s very difficult to recover from mistakes or poor tax decisions.<\/p>\n That\u2019s why it is so important to discuss taxation issues with your accountant early!<\/p>\n We can help you develop both short-term and long-term strategies for mitigating your tax liabilities \u2013 so long as you discuss it with us in a proactive and early fashion.<\/p>\n 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.<\/p>\n 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.<\/p>\n Starting a business and initial growth<\/strong><\/p>\n 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.<\/p>\n 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.<\/p>\n Then we discussed the financial priorities of start-ups, and whether investing in marketing and advertising was worth it.<\/p>\n We also spoke about initial investment decisions and keeping your costs down.<\/p>\n 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.<\/p>\n Why you should listen to the podcast<\/strong><\/p>\n 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.<\/p>\n By watching, you\u2019ll learn about financial management, tax planning, and the initial stages of business growth \u2013 all critical areas that can make or break your business.<\/p>\n You’ll gain insights into not just the ‘what’ but the ‘how’ of managing your business finances.<\/p>\n Whether you’re a budding entrepreneur or a seasoned business owner, there\u2019s something to learn, something to ponder, and most importantly, something to implement in your own business journey.<\/p>\n If you would like to discuss any of the issues we spoke about in the podcast with me directly, please email me: <\/strong>matthewstorey@mooret.co.uk<\/strong><\/a> or <\/strong>contact the Moore Thompson team.<\/strong><\/a><\/p>\n To listen to the podcast in full, <\/strong>please click here<\/strong><\/a>. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"