Philip Gale
Chartered Accountant
and Listening Business Advisor
philip@mctpartners.com
+44 (0)208 423 6060
Business start ups
This is a big step and daunting for anyone when setting up in business for the first time. It is worthwhile spending time to consider your business strategy before you start and important to determine the correct structure at the outset.
The main choices are sole trader, partnership, limited liability partnership, private limited compnay, public company or company limited by guarantee. Each has its own pros and cons.
We have years of experience working with new start ups.
We start off with a free introductory fact finding exercise to understand your business idea and personal goals.
We will discuss your options and propose the most suitable structure for your purposes.
We can assist you with the formation and registration of your chosen entity and advise you regarding regulatory requirements.
We can further assist you to set up efficient bookkeeping and accounting processes and, if required, we manage these for you in order to free up your time to manage your business.
If appropriate, we will recommend and obtain an online bookkeeping package.
We may be able to help you to obtain additional funding.
For more information, email us at info@philip-gale.com or use the contact form.
Some of the main reasons why new businesses fail
Started for the wrong reason
Possibly the number one reason for failure is because the business was started for the wrong reason
Not having an effective plan
If you don't have an effective plan, it is much harder to stick to your vision and to make the right decisions.
Poor management
It may be a great idea but often people lack the necessary business and management skills and don't seek help !
Inadequate Funding
Be realistic at the beginning, and start with enough money that will last you to the point where you're business is up and running, and cash is actually flowing in.
Failure to understand the market and customers
It’s very important to understand your competitive marketspace and your customers’ buying habits.
Not knowing when to say "No"
Good businesses are based on customer service with a focus on quality, delivery, follow through and follow up. Too much to do and these will suffer.
Expanding too quickly
Growth needs to be managed carefully with the right research and appropriate systems in place first.
Ineffective marketing strategies
Every business needs customers. Do you know what to do to get yours?
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