financial news for businesses from Lovewell Blake;
Be in the driving seat of your business with advice from the team at Lovewell Blake
Living in such a beautiful county the attraction of settling here is clear. However, not only is Norfolk a beautiful place to live but it is a place experiencing a new business revolution. The number of new business start-ups is increasing and lifestyle type businesses particularly, are becoming more and more popular, especially in the leisure and tourism sector. However, over 40pc of new businesses fail within the first three years - so why is this?
Surprisingly, common preconceptions such as a lack of market understanding, incorrect pricing and aggressive extraction of profit, account for a small proportion of these failures. Put simply, most new businesses fail because they have not taken appropriate advice - book-keeping, HMRC contact, payroll administration and VAT compliance are all basic functions which can be cost effectively outsourced. Not to mention the benefits which can be gained from more diverse investment such as financial forecasting, tax planning, structural advice and leadership coaching.
Successful entrepreneurs know when to utilise the services of a specialist, freeing themselves up to develop their customer base, marketing strategy or just enjoy life. After all, most business owners start a business because of the passion and drive they have for their idea. Very rarely do we meet an entrepreneur who enjoys the admin and recordkeeping above all else. So is it really surprising that these areas are commonly neglected?
Many of us enjoy driving around our beautiful county but very few of us undertake the motoring upkeep and maintenance ourselves. To keep our vehicle running effectively we utilise the services of a specialist in their field and enjoy years of enjoyable and trouble free motoring. Perhaps more new business owners should leave the admin at home and put their foot down towards a brighter future!
Enjoy the passion for your business rather than being swamped by the admin Disclaimer: Please note that this article is provided for your information only. While every effort has been made to ensure its accuracy, information contained herein may not...