Owning a business for the first time is hugely exciting! The first year of any business is busy, challenging and can be a little bit daunting. There are so many areas you have to focus on that it can be quite a juggle!
Here at Anne Street Partners, we have helped many first time business owners navigate their way through the more complex matters of finance and taxation, allowing them more time to focus on what they do best.
We have put together our top 5 tips to help you manage your first year in business:
1) Organise, organise, organise! We cannot stress this point enough – organisation is key to success. Keep folders for every aspect of your finances as it really helps organise you. It helps to make an effort early on in your business so that it becomes habit. Keeping organised helps with planning for your tax return…
2) Keep all receipts for your tax returns – This is again very important. In order to help your accountants, make sure you keep all your receipts – especially those larger business purchases. Organise them by month in a folder. This allows you to easily flick through months and work out average spend by month – as well as help your accountants. Start a basic spreadsheet of outgoings and use this as a benchmark of spending.
3) Know what you do, do what you know: This old adage rings very true in business. Starting a business is quite easy. But making it a success is more likely if you do what you know – if you have passion for what you do and if you do it because your heart is in it. Know your strengths and weaknesses and focus on building your business around your talents, rather than just profits.
4) Learn from your mistakes – In a new business you will undergo a steep learning curve and you will make mistakes. That is part of what makes the first year in business an exciting one! How you handle problems and issues is what makes all the difference. Remember, no one can plan for everything!
5) Talk to our business team here at Anne Street Partners: We can help you in organising your finances, business plans and your first tax return. Our financial planners have a wealth of experience in helping business owners make a success in their first year. Contact our team today for more information and impartial advice on 135 444