{"id":2105,"date":"2017-11-01T07:35:31","date_gmt":"2017-11-01T07:35:31","guid":{"rendered":"https:\/\/engineernewsnetwork.com\/blog\/?p=2105"},"modified":"2017-10-31T13:36:28","modified_gmt":"2017-10-31T13:36:28","slug":"how-not-to-screw-up-your-business","status":"publish","type":"post","link":"https:\/\/www.engineernewsnetwork.com\/blog\/how-not-to-screw-up-your-business\/","title":{"rendered":"How not to screw up your business"},"content":{"rendered":"<p><strong>Richard Stonier shares his top three tips to stop small business owners from falling at the first financial hurdle<\/strong><\/p>\n<p>You\u2019ve picked a name, your business cards are fresh from the printers and your social media pages are set up.<\/p>\n<p>That means you\u2019re ready to get your business moving, right? It\u2019s easy to get caught up in the exciting things when setting up a company.<br \/>\nHowever, if your business is going to succeed, you have to get your finances in order..<\/p>\n<p>In 2015 there were 5.4 million SMEs operating in the UK.<br \/>\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block; text-align: center;\" data-ad-format=\"fluid\" data-ad-layout=\"in-article\" data-ad-client=\"ca-pub-7565662001938327\" data-ad-slot=\"7585079586\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><br \/>\nFor small businesses finding their feet, competition is fierce. While the modern entrepreneur is often pictured sipping on a latte as they leisurely work through emails, all small business owners know that building a successful business is a completely different story. To fight to the head of the pack, effective financial management is essential.<\/p>\n<p><strong>Keeping cashflow in check<\/strong><\/p>\n<p>In my years working in accountancy, I\u2019ve encountered too many small business owners are who are unfamiliar with what cashflow actually is, or are unaware of how much cash their business has access to.<\/p>\n<p>Although orders may be streaming in and profits may appear to be at an all-time high, if cashflow levels are too low business owners will struggle to meet financial obligations, including wages, utility bills and transportation costs.<\/p>\n<p>Online accountancy software keeps control of cash levels by using the latest cloud technology to track incomings, outgoings and profit margins.<\/p>\n<p>The flexibility for business owners to remotely access this information from any device, at any time enables informed decisions about what actions they can afford to take.<\/p>\n<p><strong>Saying no to unnecessary stuff<\/strong><\/p>\n<p>Taking a realistic approach to practical and financial restraints is one of the most important things a small business owner has to keep in mind.<\/p>\n<p>Like taking on new clients that you can\u2019t service, being impractical about the resources that your company invests in can ruin you before you start.<\/p>\n<p>When setting up your small business, the latest coffee machines, embossed company stationary, a haul of employee smartphones and a Google-style nap room may all initially appear essential.<\/p>\n<p>After all, staff satisfaction is a vital ingredient to any company.<\/p>\n<p>In reality, small business owners need to be shrewd in their spending. This goes for both office benefits and the technology and tools you need to run your business.<\/p>\n<p>You need to research which technology or services are most cost efficient for you that can generate the highest Return on Investment (ROI) while delivering quality.<\/p>\n<p><strong>Affordable accountancy<\/strong><\/p>\n<p>One of those services you need to factor in is accountancy. Your accountant should be looking after your finances, not using them up.<\/p>\n<p>Start-ups and small businesses can\u2019t afford to invest in services from big accountancy firms \u2014 nor do they need to.<\/p>\n<p>When you\u2019re starting out, the real benefit any accountant can offer is in the fundamentals I\u2019ve discussed here, which makes online services ideal.<\/p>\n<p>Online accountancy services cost effectively take care of everything you need to keep your business ticking over.<\/p>\n<p>Any small business needs to be agile and able to keep pace with the competition, and using online accountancy instantly puts all the information you need at your fingertips to allow you to move quickly \u2014 without breaking the bank.<\/p>\n<p>There\u2019s a lot that can trip you up when you\u2019re running a small business, but only if you don\u2019t tackle it head on. By ensuring that you\u2019re financially savvy from the start, you can avoid screwing up your dream business; making sure those bespoke business cards don\u2019t end up in the bin.<\/p>\n<p>Richard Stonier, co-founder and partner of online accounting service <span class=\"highlight highlight-blue\"><a href=\"http:\/\/www.deansaccountants.com\/index.php\" target=\"_blank\" rel=\"noopener\">Tally<\/a><\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richard Stonier shares his top three tips to stop small business owners from falling at the first financial hurdle You\u2019ve picked a name, your business cards are fresh from the printers and your social media pages are set up. That means you\u2019re ready to get your business moving, right? It\u2019s easy to get caught up &hellip;<\/p>\n","protected":false},"author":1,"featured_media":2106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[199],"tags":[],"class_list":["post-2105","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news-views-and-opinion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How not to screw up your business - Engineer News Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.engineernewsnetwork.com\/blog\/how-not-to-screw-up-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How not to screw up your business - Engineer News Network\" \/>\n<meta property=\"og:description\" content=\"Richard Stonier shares his top three tips to stop small business owners from falling at the first financial hurdle You\u2019ve picked a name, your business cards are fresh from the printers and your social media pages are set up. 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