financial news for busi­nesses from Lovewell Blake;

Be in the driv­ing seat of your busi­ness with ad­vice from the team at Lovewell Blake

EDP Norfolk - - Contents -

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...

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