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Business Start-up & Expansion
Our BAS department specialises in supporting new business owners. As a result of our continuing commitment to new business, we have developed a practical new business guide entitled 'Start your own Business', which highlights many of the practical points that require consideration in the early phases of a new business venture.
We provide new business with assistance in obtaining finance, cash flow forecasting, management information systems and strategic planning.
If you are interested in receiving a complimentary copy of this guide (or know someone who is) or any of the other services we offer, contact William Kingston of our Business Advisory Services department on 01-4786600.
The ‘Strategic Planning Toolkit for new businesses...to help prospective owners to manage and plan for what they really want view fact sheet
Choosing and registering a legal structure for your business
There are four legal structures that you can adopt for your business:
- Sole trader
- Partnership
- Limited liability company
- Co-Operative
If you are uncertain whether to operate as a limited company or a sole trader please contact William Kingston on 01-478 6600.
Now move on to consider the other aspects of formalities:
- Choosing and registering a name for your business
- Registering for taxation
- Setting up accounting systems
- Ensuring that your business meets all applicable legislation and regulations
- Ensuring that your business meets all appropriate quality standards
- Opening a bank account
- Arranging for appropriate insurance
- Protecting your business' intellectual property.
Finance is almost always a problem for start-ups. Few entrepreneurs have sufficient resources to get their new business up and running from their own funds. So borrowing, or finding investors, becomes an early priority.
There are two main questions to be answered in relation to finance:
- How much do you need?
- Where do you get it from?
Cash flow and Projections
Cash flow management can be a tricky business, particularly for owner-managers of small or medium sized companies. The ability to balance the receipt of cash in a business with the payment of bills as and when they fall due is a critical function in any business. Many owner/managers either fail to understand, overlook or simply ignore the importance of cash flow management and they do so at their peril. In fact, poor management of cash flow is often cited as the primary reason for business failure.
Businesses can implement a number of steps to help manage their cash flow. At Anne Brady McQuillans DFK, we help clients use a systematic approach to take control of their cash flow in order to protect the business's short-term reputation and position it for long-term success. The following list of measures illustrates some of the key areas that any cash management strategy should address:
- Use a structured, well defined approach to credit control
- Be careful of substantial financial commitments
- Prepare a forecast
- Manage your creditors
- Look for warning signs
- Develop a good relationship with your bank
If you would like to know more about our services in this area, please contact William Kingston on 01-478 6600.
Anne Brady McQuillans DFK, Iveagh Court, Harcourt Road, Dublin 2 Tel:+3531 4786600 Fax:+3531 4750170 mail: info@annebrady.ie |
