New Business Guide

...what doesn’t get measured doesn’t get done!

To learn more about using your systems to drive performance and profit enhancements click here

Make your SYSTEMS work for you

...your customers can be your best salespeople, if you treat them right! 

To find out how to engage customers, and how they can help you increase sales click here

Make your NUMBERS     work for you

Make your CUSTOMERS work for you

...more than just a set of  figures; vector means numbers and direction!

To use financial data more effectively to improve performance and manage your business click here


  .... more than just numberstm

<Home> <Start Ups> <New Business Guide>

Start-ups and New Ventures

 Someone who has experienced the ups and downs and “has been there, done that, and got the T-shirt”.  At Vector Accountants we have access to the people  who have exactly that experience. 

The first place to start is to speak with someone who has run their own business! Or even several!

That means someone who has experience of the type of business you are considering.  Someone with experience of manufacturing, distribution, service, business to business, business to consumer, internet based, exporting, importing, whatever.

Click on the picture below for more information about that particular subject.

Pick up the phone and call now for free advice, and even an obligation free consultation worth up to 1000.

Business start up - get advice and support from experts

Companies House

The name you choose for your business should be well thought through, not just what you need for today.  It should reflect your Unique Value Proposition and your personal values.  It should be linked to how customers can communicate with you, for instance a web site and domain name.  Decide on the most suitable structure for your business - will you operate as a sole trader, partnership, limited liability company or limited liability partnership.  You have a statutory obligation to file certain documents with Companies House if you are a limited company so ensure that you know the deadlines and the information that is required.

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Unique Value Proposition

Your unique value proposition consists of the sum total of the benefits which you promise to your customer; what they will get in return for entering into a contract with you.  Put simply, the value proposition is what your customer gets for his money/time.

A customer can evaluate your value-proposition on two broad dimensions:

  • relative performance: what the customer gets from you compared to a competitor's offering;
  • price: the total cost, which consists of the payment the customer makes to acquire the product or service; plus the access cost

Business Planning and Cash Flow

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Perhaps the most important document that you have in the initial stages of your business.  A good business plan will help you manage your organisation and processes, make good strategic decisions, and significantly improve your access to bank borrowing or funding.  A good cash flow plan will tell you how much you need to survive - a cash flow problem is nothing more than an unforeseen cash need.  A good plan, from an experienced business planning professional, is vital to success, to ensure that you don’t end up as a statistic - more than half of new business fail due to unforeseen cash needs! When you put your trust in someone to help you with the cash flow planning always check their credentials; what is their “real-life” experience of cash flow planning for your type of business; what do they know about acquiring the customers you will need to meet your plans; what assumptions and what tests have they made  for ensuring that your plan is realistic?

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Value Pricing

This means making sure that you secure the best price for your product or service based on your costs of production and your customers willingness to pay.  Underpricing is one of the biggest causes of business failure.  Establishing your price point is vital to the customers perception of your product or service - think iPod versus MP3 player, Mercedes versus Ford.


Trade Marks and Intellectual Property

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To secure the long term value of your business you must ensure that you protect your ideas, designs and products.  Registering trademarks is not half as complicated as one might imagine.  Applying for a patent is vital if you have a unique idea - it’s expensive and time consuming but could be the difference between your business being valued in millions or only thousands

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Making sure that you record and monitor your expenditure is vital to ensure that you claim all your entitlements, but also making sure that you don’t fall foul of HM Revenue & Customs.  Keep receipts for everything - even if you don’t register for VAT you can claim retrospectively for money spent in the early days of your venture;  in some cases this can mean a tax rebate of many thousands of pounds.

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VAT Registration

Should you register at the outset?  Which scheme is right for you?  Flat rate, cash accounting, annual accounting, retailers scheme?  The answer depends on your business and what works best for you in terms of the effort involved.

Business Administration Skills

Most entrepreneurs will admit that they went into business with lots of ideas about their product or service but little in the way of experience of dealing with the other aspects of running a business.  Administration - the bureaucracy and red-tape required to meet Government legislation like Health and safety.  Operations - the production processes and operational systems, like how to ensure good credit control, or inventory management.  Marketing - how to acquire and retain customers in the most cost effective way.  Finance - what to measure and how to control the flows of cash around the business.  Human Resources - what the statutory requirements are when interviewing and recruiting, what to do about sick leave and disciplinary actions - it’s very easy to fall foul of the law here and end up with a lawsuit and paying compensation.

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Web Site

Will you benefit from having a web site? A good quality web site can be an excellent way to get customers to come to you, offering you a way of presenting your business to prospective customers 24 hours a day, seven days a week. The costs of setting up are really much smaller than you might imagine.  Get your own domain name – www.yourcompany.co.uk -  if nothing else it will provide a shop window for your prospective customers, and you’ll be able to use a professional e-mail address rather than a yahoo, MSN or hotmail account. Click on this link to get your own site or call us to discuss in more detail.  If you only want an email account with your company name then click here.

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Copyright 2008. All rights reserved
Vector Accountants LLP

Vector Accountants in St Ives, Huntingdon are professionally trained business advisers and management accountants specialised in helping SME companies be successful; as well as bookkeeping and VAT returns we offer executive coaching and mentoring for new business, start ups and established companies looking to improve performance, increase profits and pay less tax. 

Located between Huntingdon, Cambridge and Peterborough we typically serve clients in the East of England (Cambridgeshire, Suffolk, Norfolk, Essex, Lincs) and the East Midlands (Bucks, Beds, Herts, Leics), but with a global network of  professionally accredited  advisers and accountants in 28 countries across the globe location is not a limitation.

Fixed price means ....
unlimited access to ad hoc advice at any time and no surprise invoices. We take the risk, you get the benefit.
Survival of the fittest ....
contact us for a FREE copy of Anti-Recession Actions for Business. What are you doing differently to ensure success?
Tax Planning for Business Owners ....
are you making the most of the latest government changes to tax legislation? Did you know you could carry back trading losses to get a cash-back tax rebate?
Tax Planning for Individuals ....
have you topped up your ISA, made tax free gifts, checked your pension contributions to ensure you haven't overpaid into your fund, or used your Capital Gains Tax allowances?
Money Back Guarantee ....
if for any reason you are unhappy with our service we will respect your right, without quibble, to pay whatever you feel is an appropriate fee!
Do You Own a Job or a Business?
too many SME owner managers work FOR their business rather than IT working for them. Want to enjoy your business again? Then ask about our unique VECTOR System for business improvement.
Recession - Threat or Opportunity?
it's your choice! The smarter business owner seizes the opportunity that this threat presents and uses it to grab market share. What are you doing to protect and grow your profits?
Find Hidden Cash in Your Business ....
most companies could improve their cashflow by '000s by applying some simple systems and better understanding their processes. Interested?




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