Starting And Growing A Business In 2023

Starting and growing a business is a huge commitment, while developing your initial idea is just as demanding - especially if you’re entering a crowded market. In many cases, you may be embarking on your first experience of running a business, and although there’s no foolproof guide to consult when expanding upon that golden idea, there are plenty of helpful services to consider and templates to follow. With new organisations rising from the ground-up on a daily basis, and 2023 sure to be a year as demanding as ever, why not consult this handy article from Marshall Accountancy - local leaders in business development assistance.

Scale And Ambition

Every moment of inspiration is different, and forming your initial ideas alongside a tangible plan will provide a ready-made guide to follow, be it dictated by a particular timescale, or other measurable factors. Setting the scale and ambition of your initial period in business should consider criteria including sales, finances, development and marketing, with key performance indicators identified. Growth in business requires time, dedication and hard work, so be ambitious with your initial ideas. If you’re committing to setting up a business in the first place, you should have full belief in your abilities, as well as the credibility of the idea itself.

Even if your aim is to simply run a small team of employees, there’s nothing wrong with thinking big and aiming high. Over the years, we’ve worked with plenty of ambitious businesses, from start-up companies to expansive organisations with hundreds of employees - and the successful among them all have one thing in common: Predetermined goals and constantly evolving targets which they’re looking to meet.

Setting Targets

Setting targets can be difficult, made easier by reviewing the market and industry standards. The fact remains that most entrepreneurs spend the majority of time on their business or product, neglecting the importance of getting to know the competition. Keep yourself and other stakeholders informed of important industry movements, innovative ideas practised by rivals as well as the way your competitors approach stumbling blocks - as this could prove beneficial should a similar issue arise. You can set rough targets based on competitors and their successes, using high acheiving contemporaries as a benchmark to measure against.

Can you achieve a particular sales target? Pitch to a certain number of investors? Reach a particular number of clients by the end of the year? The best targets to set are measurable ones. Each target doesn’t need to be a lofty one when you first get the ball rolling either - and this is where your short-term goals can come into play.

Backed by decades of experience, share your ideas with our advisors at Marshall Accountancy and we’ll help you to evaluate them in a constructive manner. Stuck for where to seek professional advice? We can:

●     Help you to decide on the most suitable structure for your business - sole trader, partnership, or limited company

●     Assist in preparing a business plan, with cash flow projections, budgets, and trading forecasts.

●     Extensively assess your finance requirements, advise on the best sources of finance, and draw up any necessary proposals.

●     Establish a good working relationship with your bank - important for gaining trust.

●     Complete any registration procedures with Companies House and HMRC.

●     Deal with company secretarial issues if you’re understaffed.

●     Set up a recording system for your internal use and for complying with statutory requirements.

Finances

From opening a business bank account, to enlisting the help of accountants and building a rapport with lenders, the financial aspect of establishing a new business is perhaps the area that most will struggle with. Though this should be a lot easier if you are savvy at financial planning, there are of course going to be unexpected issues and unforeseen occurrences along the way, requiring problem-solving skills and potentially a helping hand.

If appropriate, maintaining a good relationship with suppliers can allow for extra room for negotiation in the future, while keeping note of inventory along the way is just as important. Though your ambitions should remain lofty, keep sales projections and monetary targets on the cautious side while your business is still young.

Marketing Your Product

Though marketing agencies are a fantastic option if feasible within your budget, there are plenty of other avenues to explore when it comes to initially promoting a new service or product. Digital marketing is of course important for exposure, with social media advertisements and engaging written content can gather clicks and page views. Utilising a newsletter sign-up form, email marketing is just as crucial, especially when there are limitations to the funds for paid advertising. Once you have collected email addresses for potential customers, you can send emails to promote your startup, hassle-free and inexpensive.

Of course, there is ample competition in 2023, and though it may be tempting to pump money into a campaign, you can create a successful marketing plan without endless funds, but this may mean getting creative with how you advertise and engage. Creating a digital presence which is recognisable will revolve around knowing who your customers are, what they think about your company, and what they are looking for when they seek out your service.

Staying On Top Of Deadlines

It can often seem like there are 101 things to do when you set about establishing a presence with your start-up, therefore one of the most important things you can do is to plan ahead and prepare. This may seem like an obvious statement, but it is often overlooked, setting back even the most well-regarded of rising companies. Planning ahead allows you to anticipate problems and challenges, and to develop strategies for dealing with them. If you know what needs to be done and when it needs to be done, you're much more likely to meet your deadlines.

Timekeeping and organisation isn’t a strong point for all of us, but don’t let that be a hindrance to your business success. As you should know, The Companies Act places strict obligations on companies to submit annual, quarterly and regular documentation according to deadlines, and the penalties for non­ compliance could be heavy, financially crippling even. At Marshall Accountancy Ltd, we provide peace of mind by taking the hard work off your hands. Our company secretarial services include:

●     Preparation and filing of statutory returns

●     Preparation of minutes and resolutions

●     Company formation

●     Company searches

We’re proud to provide expert, highly reliable services across Stoke-On-Trent, so if you’re searching for a reliable secretary to perform these tasks on your behalf, look no further. Should you discover that you or your business has outgrown your accountants, or that the relationship simply doesn’t meet requirements as desired, we can work alongside your existing firm - ensuring that the transition to Marshall & Co is as seamless and as hassle-free as possible.

Varied Support From Marshall Accountancy Ltd

Marshall Accountancy Ltd were established as chartered accountants almost 30 years ago, and continue to excel with a growing pool of clients and associates. Introducing new services and original, innovative processes, first-rate customer service is to be expected when you work with us. Offering the very best local accounting services for both business and individuals, we are your one-stop-shop for all of your accounting requirements, offering not only expert auditing and tax assistance, but also crucial advice and support on improving and developing your business.

With legal services available to complement our traditional accountancy offering, we’re experienced at, but not limited to helping with:

●     Lasting powers of attorney

●     Wills and trusts

●     Probate services

●     Funeral and estate planning services

Our attentive and knowledgeable team has developed a reputation for building strong and long-lasting partnerships with our clients, growing businesses, improving profitability and minimising your tax liabilities. Any questions or specific enquiries? Simply contact us at your earliest convenience.