Ponder this: When you head off on a long journey, would you not first check your car is road worthy and check it along the way if you had any concerns on the running of the car? Perhaps a seasoned traveller would wing it a few times – but is it really worth the risk? Imagine if you found yourself stranded in the middle of nowhere, kids in the back, and no phone signal to call for help, what then?
And so it is the same with your business finances. Without due planning or careful thought on how you will reach your end destination, including how you plan to finance your venture, how do you know you will achieve your goals? And why leave it to chance when you don’t have to?
By being forward thinking and investing a small amount of your time on your business numbers now, it could go a long way to helping you achieve your business goals and lead you to seek finance in the right quarters to help you expand.
The present, a good start
Before you consider seeking financial investment in your business, it is important to first get a clear picture of your business in the present and that means taking a thorough look at your numbers first.
The power of your business numbers cannot be underestimated. As your accountant, we spend a lot of our time translating and distilling business data into something useful and relevant based on your business goals. These goalposts can show where a business is now and what a business can achieve in the future. And we take our clients with us on this exploratory journey, working together from the very start so better informed decisions can be made on both sides. After all, as small business accountants, we are champions and supporters of small businesses, but only small business owners can decide the best course of action for their business whilst we provide the tools to do so.
Our collaborative approach is supported by cloud accounting software, which we use as standard with all our clients. Having the tools of business efficiency and a more reliable way to work with to analyse your numbers versus excel spreadsheets, you can quickly become familiar with the technique of reviewing your business numbers in the present, and with our support, you can set targets you desire for you and your business for the future. With targets or goals in place for the medium and long-term, which we can review on a regular basis as needs and opportunities arise that may alter our course, you will have a much easier journey to your end destination. Just like planning for those long journeys, being prepared and planning carefully means you are setting yourself up for success.
Now that you are set-up for success, you are ready to choose the right type of finance that suits your business ambitions.
Which finance option works for you?
As you are probably be aware, there is a wealth of finance options available to businesses owners, so with so many options, how do you know which finance option is the best for you?
Firstly, consider how far you would like the funds to go. For example, are you needing a short term loan to get cash quickly to pay for suppliers or perhaps a long term one, perhaps to invest in the business with property or expanding operations and hiring new staff.
Short term needs could be met by invoice financing arrangements, overdrafts or commercial loans. Finance that matches a more lengthy time period might be better suited by loan financing or equity.
It’s not unusual to need a mix of both types of financing. Regardless of the correct solution for you which we can guide you through step by step, everyone you seek money from will expect you to be confident in your numbers.
Southside Accounting can help
Southside Accounting are your local accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.
We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.
Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Call us to book a free no-obligation meeting today.
Written by Shaima Todd.