Running your own business can be immensely satisfying but there can also be times when problems keep you awake at night.
Some of the more common concerns include:
- Employee issues
- Regulations and red tape
- The economy
Now we can’t solve what’s happening in the economy, but there are a multitude of websites out there that can offer guidance and support for business owners, including advice on the areas mentioned above and we’ve listed several for reference:
- http://www.hmrc.gov.uk — for self assessment, VAT, Income Tax and National insurance
- www.businesslink.gov.uk — self-help portal of action-focused information for small and medium businesses, linking to all relevant ministries and departments
- www.companieshouse.gov.uk — the official UK government register of UK companies
- www.ipo.gov.uk — the Intellectual Property Office can help you get the right type of protection for your creation or inventiony
- www.acas.org.uk — (Advisory, Conciliation and Arbitration Service) aims to improve organisations and working life through better employment relations
- www.fsb.org.uk — protecting, promoting, and furthering the interests of the self-employed and small business sector
We know these websites are useful as we’ve used them ourselves, but sometimes even armed with all the information you need, the biggest hurdle is actually finding the time, or having the resources to follow the advice provided.
For example, if cash-flow management is your biggest headache, (not surprisingly as it’s purported to be the primary reason for the majority of business failures), you’ll probably find suggestions for improving your position, such as invoicing up front wherever possible or negotiating longer payment terms with your suppliers. However, when cash is really tight, and you’re watching your bank balance on a daily basis, having somebody to produce accurate cash-flow forecasts can be a lifesaver. Equally, as most businesses experience problems in getting paid on time, an effective credit controller is vital.
If you would like more information on how to manage your cash-flow effectively or for any other