Taking on staff

As your business grows, you will probably need to hire new staff members. Recruiting the right people Without good people your business cannot succeed, and for a new or growing business, making the right recruitment decisions can be the difference between long-term success or failure. Consequently, you need a structured process for recruitment. Here are

Tax and tax planning

Failure to plan for business taxes can cost you money. Although you should never let tax breaks persuade you to make a poor business decision, it is essential that as part of your planning for your new business, you build in steps to minimise taxes. What does business tax planning involve? The areas you’ll need

Maintaining good financial control

In any new business, retaining good financial control is vital. Achieving it involves: Deciding which areas you need to monitor and how frequently Generating the numbers quickly and accurately Sharing the results with everyone who needs to know them Interpreting the numbers correctly Taking appropriate and timely action based on your interpretations The starting point

Raising finance

If you are thinking of starting a new business, the chances are that you will need to raise finance from an external source. Like everything else, this requires careful planning and good professional advice. Sources of finance Some of the more common sources of finance are: overdraft loan mortgage share issue for your company hire

Writing a business plan

Creating a business plan is one of the most important things you will do when starting up. It will help determine whether you gain funding from potential investors, and it will help you to clarify your business objectives and direction. In this section we look at how to write an effective plan, the ingredients it

Your business vision

If you are starting your own business, you probably have a great idea, a new way of looking at things, or a vision. But have you thought about how you can exploit a niche, or differentiate yourself from the competition with a Unique Selling Point (USP)? Many business owners underestimate the importance of researching their