A business plan is essential when starting a business. It is a working document to build up your initial business idea, calculate your startup and running costs and research how viable your business may be. A clear business plan can also be an important tool when speaking to banks and others about obtaining finance.
On a relatively basic level planning can include such areas as short term cash flow, short term budgets and forecasts which address business expenditure and tax and VAT payments. Strategic planning is concerned with the longer term vision and objectives. This may include your own objectives as well as those of the business. Without direction, sound analysis, clear projections, and well-thought out contingencies, businesses can become hostages to fortune.
A well thought through business plan is a useful working document, even if you are not presenting it to a bank or investor. It can be used by the business owner as a strategic plan setting out the aims and goals of the business. A good business plan should include quantifiable goals through which performance can be tracked and monitored against. It will allow you to see how your new business is doing and if there are areas that need to be changed to help you to hit your business goals.
Very often as an owner of a business you struggle to find the time to sit down and develop strategic plans. You end up flying by the seat of your pants, trusting your intuitions and relying on snap judgments rather than adhering to a pre-arranged strategy.
Without planning proactive management is replaced by reactive coping. Instead of following a well-thought-out plan, owners and managers are reduced to responding to unforeseen events, or trying to catch up on missed opportunities.
You can end up spending all of your time working in the business making sure your customers receive the service they expect, your suppliers are paid on time and your team are working effectively and efficiently. So the opportunities to spend time working on the business and taking an overview are limited.
In our capacity as accountants and business advisers we work with many businesses that benefit from sound business planning.
We have clear insight into effective business planning based on years of experience. We see the ebb and flow of business as it moves through various stages of development. With our help you can plan each of these stages to ensure they are successful and profitable. Areas we would consider include start-up, acquisition of business premises and other business assets, identification of the profitable and not so profitable products and service lines, frequency and form of business reporting and the likely tax impact of business decisions.
This is why we encourage our clients to schedule regular planning sessions. We can help you:
Click here for more information on the services we provide to help business start ups to grow and thrive.
Next week’s blog will be on the benefits of an accountant to a new business. We will be publishing further blogs on new start up businesses throughout May, so keep visiting our website for more information. To read earlier blogs in the series click here. For advice regarding any of the topics we have covered please contact us. We will be happy to help you and your new business start up to grow and thrive.
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"With the help and advice from DNG I have now had Xero installed for my accounting purposes. Although this was a worrying prospect for me I have to say that Xero is very straight forward and easy to negotiate. Everything was set up and geared for our purposes and has been a very positive experience. In the event that you require help the explanations and instructions on the help bar are brilliant and written in layman’s terms.
I don’t think I would have progressed so well without the help and support of Jo and Sarah from DNG. They put everything in place and guided me through all the procedures and gave me confidence. So much so that within two months I had ditched my manual accounting books and am doing everything on Xero. Its great to always have someone to ask even this silliest of questions at the end of the phone or emails! Thank you Jo and Sarah!"
"I have had nothing but a positive experience over the past 5 years from DNG. This tax year they have been particularly fantastic at saving me a considerable amount of money and advising on future payments. Their fees are probably the best money I spend every year. I’ve been asked for their details from 2 friends and family as a result. I would thoroughly recommend them as not only do they get good results, they are very easy to work with."
"We have been very impressed with the service we have received from DNG since outsourcing our payroll at the start of 2017. Our payroll/auto enrolment is not straightforward. Not only do DNG deal with the pension complications effectively and efficiently each month, they also identified errors we made in earlier years enabling us to recover nearly £4,000 of overpaid National Insurance contributions. We are pleased to recommend DNG, and their payroll team in particular, for their professional and diligent approach to providing their services to us."
"DNG provided us with invaluable advice and support as we negotiated our way through a recent MBO. They were super responsive and patient with our never ending questions and queries. I wouldn’t hesitate to recommend their services to other small businesses."
"Halcyon has been with DNG since 2000. In that time they have become an integral part of our business success. Not only do they provide the statutory auditing services but they have become our "Critical Friend" - offering advice and guidance at crucial stages of the Company's evolution and development. It's hard to imagine not having them there.
We are delighted with the quality of service they provide - always professional, always timely and always valued.”
"Jones Wholesale have been clients of DNG’s payroll facility for many years and would not think of changing to any other option. The consistency of service received is extremely reassuring and the staff I have experienced have always been efficient and a pleasure to deal with.
To know that calculations and reports will always be accurate and timely is of paramount importance to me and their knowledge and advice on personnel and tax/benefit matters has proved particularly valuable."
"The British Institute of Non-Destructive Testing (BINDT) has used DNG’s services for over 25 years. DNG are active participants in the day-to-day function of the Institute’s Finance and Accounts department.
BINDT is reassured in the knowledge that the staff at DNG are always on-hand with viable solutions and dependable advice for any financial query passed their way.
DNG provide outstanding payroll and budgeting support to BINDT and are consistent in preparing for and providing a thorough audit of the Institute accounts.
The support and services BINDT receives from DNG are second-to-none."
"iSAMS have been working with DNG since 2008 and they were not only chosen on the basis of their excellent reputation locally but also on their expertise in our particular area of activity.
DNG are our ideal partners and have helped us maximise on the exciting growth our business has seen during its infancy. We particularly value the on-site and personal service provided by the Management Accounting and Systems Support team.
We are more than delighted with the services that they provide and would strongly recommend DNG to any company or individuals seeking very professional and friendly advice."
"Barton Petroleum Ltd have been using DNG’s payroll services for many years now and value highly the confidential and personal service which they deliver. Their speedy and efficient resolution of complex queries is particularly appreciated.
DNG represent excellent value for money at a time when all forms of expenses are under the microscope and I would have no hesitation in recommending them as an outsourced bureau."
"DNG’s approach and conscientious attitude have been invaluable to my business and I could not have done without their expertise. Knowing the payroll for my employees, at the Tattoo Club is in safe hands has allowed me to concentrate on other issues within my business.
I pass on my sincere thanks to them and hope that we will continue our business association well into the future."