Our top tips to help you to grow your new business, the new digital system enabling you to check your State Pension forecast, and a key survey looking to gather views from female entrepreneurs
Today’s blog post from MLS Accountancy contains a variety of business-related news which you may find useful. If you have any questions or if you would like to find out more about the accountancy services we offer, then we’d love to hear from you – take a look at our website to see how we may help you and then get in touch!
5 essential steps to successfully establish and grow your new business
If you are embarking on the exciting journey of starting your own business, then we wish you many congratulations!
As you navigate the path to entrepreneurship, it’s crucial to lay a solid foundation that sets your venture up for success and sustainable growth. Here are five important steps to consider as you establish and grow your new business:
1. Develop a comprehensive business plan
A well-crafted business plan serves as your roadmap to success. It outlines your business goals, target market, competitive analysis, marketing strategies, financial projections, and more.
Taking the time to create a thorough business plan not only helps clarify your vision but also demonstrates your commitment to potential investors and lenders.
2. Choose the right business structure
Selecting the appropriate legal structure for your business is a critical decision that impacts on tax, your potential liabilities as a business owner, and how flexible you can be in the way you operate.
Popular options include being in business as a sole trader, a partnership, or a limited liability company.
Each structure has its advantages and disadvantages, so it’s essential to carefully evaluate which will suit you the best, not just now but in the future too.
3. Set up efficient financial systems
Sound financial management is essential for the long-term success of your business. Implementing efficient accounting and bookkeeping systems from the outset helps you track income, expenses, cash flow, and profitability accurately.
Consider investing in accounting software or hiring professional accounting services to ensure that you have ready access to the financial information you need as well as to comply with tax and other laws. A good choice and an efficient system can do wonders for freeing up your time to focus on growing your business.
4. Build a strong online presence
In today’s digital age, establishing a robust online presence is crucial for reaching and engaging with your target audience.
Create a professional website that showcases your products or services, provides valuable content, and makes it easy for customers to contact you.
It can be well worth looking at how social media platforms, email marketing, and search engine optimization (SEO) techniques can be leveraged to expand your reach and attract potential customers.
5. Invest in continuous learning and improvement
Entrepreneurship is a journey of continuous learning and adaptation, so stay informed about industry trends, market developments, and emerging technologies relevant to your business.
Networking opportunities, workshops and seminars all provide opportunities to learn and develop. Consider joining industry associations or mentorship programs, as these can provide cost-effective but highly valuable training.
You can also learn from your customers and employees so embrace feedback they give you as it will help you to identify areas for improvement and innovation.
By taking the right steps from the moment you start your business, you avoid many pitfalls and put your business in the best position to thrive and be successful.
As experienced business advisers, we understand there are many challenges and opportunities that come with starting and growing a new business. Why not ask us for a copy of our New Business Kit that will give you a comprehensive guide to the financial, tax and accounting considerations of starting a business? We will be happy to let you have a copy!
New digital service to check your State Pension forecast launched
A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement.
The service is called Check Your State Pension forecast and can be accessed via GOV.UK or the HMRC app. You will need to register for or login to your Personal Tax Account to find the service.
The forecast details your NI record by tax year and identifies if there are any years that are not counting towards your State Pension entitlement. The service also shows the details of any voluntary NI contributions that you could make to increase your forecast.
The service allows you to choose which years you would like to pay voluntary contributions for and then takes you through to a secure payment facility to make payment.
If you think you may have gap years in your contributions, it is important to check sooner rather than later. Because of new State Pension transitional arrangements, the deadline for paying voluntary NI contributions was extended to 5 April 2025.
Currently, it is possible to make voluntary contributions for tax years going back to 6 April 2006. However, from 6 April 2025, it will only be possible to make voluntary contributions for the preceding six years.
If you need help using the service, or you would like to review your retirement and pension plans, please give us a call. We have expert financial advisers who will be happy to discuss your plans with you in a no pressure environment.
See: https://www.gov.uk/check-state-pension
Views sought from female entrepreneurs
Small Business Britain, Square and Clearpay have commissioned a joint survey to understand the opportunities and challenges for female entrepreneurs in the UK.
The survey wants to find out about the experience female entrepreneurs have in running their own business and the ups and downs that go along with it. Insights from the survey will be published in June 2024.
To share your views, the survey can be found here: https://www.surveymonkey.com/r/fent24