Let’s take a brief look at the key growth issues that you must deal with.
Financing your business can be done in a number of ways, but in most cases you will face cash flow issues – you may have to give credit, you will have set-up costs, machinery to buy, staff to pay, before you see a return on your investment.
A sympathetic bank manager will be a great asset; overdraft facilities may be required. Equipment can be leased, and debts can be factored to ensure that (unlike many profitable young companies) you do not fail for lack of cash in your early growth phase.
Few companies carry out all their functions in-house. It is important to focus on where your business truly adds value, and to have your core staff engaged in that. Other ancillary functions
will probably be better carried out externally. Examples include bookkeeping, accounting, legal, IT, payroll and general business services.
For companies who have a manufactured product, it is often more effective to outsource production under licence to an established specialist manufacturer. If your Intellectual Property resides in the product design and performance, and not the superiority of its construction, that is probably the way to go.
Where you base your business, the cost, condition and facilities of your chosen premises, and the potential for growth, are all critical factors to consider. Odiri will review with you how you fund your rental, rates and other on-costs. Purchasing may be an option rather than letting, if funds permit: and either way, we can help to optimise your tax position.
How you set up your business or restructure it as you develop (sole trader, limited company, partnership, limited liability partnership) can have a very significant impact on your success.
Depending on your business sector, location, innovation and sources of funding, we can direct you to incentives and tax breaks that will make a big difference to your growth potential.
At each stage there are key points where the right decisions will save you tax and allow you to devote the maximum resources to grow and win.
We look forward to discussing your needs…