Every business needs a plan, so you know where you are going. We’ll help you set the targets for your business – then keep you on track, month after month. And if your business is growing, chances are you’ll need more finance to support the growth at some stage. And that’s when you’ll need a meaningful and robust business plan to show the bank or other financial institutions. We’ll work with you to create a business plan, cash-flow and financial forecasts to support your presentation.
80% of new businesses go bust within 5 years. 80% of the remainder go bust within the next 5 years. That’s why it’s essential for anyone starting a new business to take on an accountant at the earliest possible opportunity. You may have a good business proposition and the enterprise and commitment to see it through, but your chances of survival will be dramatically improved if you have a savvy accountant looking over your shoulder.
And that’s what we do best! Think of us as a safe pair of hands. Bring us your business ideas and we will help you to make them a reality.
We will help you to:
- decide on the most suitable structure for your business – sole trader, partnership, limited liability partnership or limited company. We will help you decide whether or not your business should be based in the UK or offshore
- prepare a business plan, cashflow projections, budgets, and trading forecasts
- assess the finance requirements; advise on the best sources of finance and draw up the necessary proposals
- establish a good working relationship with your bank
- complete any registration procedures with Companies House and HM Revenue & Customs
- deal with all the company secretarial issues
- set up a recording system for your internal use and for complying with statutory requirements
- decide on what accountancy software and help with the installation
- keep on top of bookkeeping, VAT, payroll, auto enrolment and other accounting requirements
- cover all aspects of business compliance and administration
We can independently assess your performance in the market on the basis of sector and/or area, size and turnover. This shows you how you are doing in comparison to other businesses in your market, enabling you to identify areas for improvement. Perhaps the most important ingredient in achieving your growth objectives.
Our PMI system brings together all the above business growth services into a single action plan. Using our skills with numbers, this system helps you develop a “Sat Nav” for your business. Initially we help you decide where you want to go, we will help you decide your route, we help you identify how you are going to get there (the key success drivers of your business), help you monitor your progress (management information) and take corrective action to get back on course. We can then help you measure your actual performance against how well you could or should be doing (benchmarking).
We would then work with you to help determine your improvement potential: how you can improve your profit; how you can save more tax, how you can put more cash in your business and personal bank accounts, and how you can make your business more valuable.
It is possible to shelter expansion profits from tax using low risk, methods that integrate financial and tax strategies for planned growth. Typically up to 5 years profits can be sheltered from tax. If you run a successful business and are looking to grow, then this system may help you both minimise the risk and save a significant amount of tax.
Every successful business feeds off regular management information. It’s a vital component that helps you manage and control the business. We work closely with you to get to know your business so we can make suggestions to help improve profits and to help it develop and grow. We can prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information on which to base your business decisions.
Every single one of the UK’s most successful and profitable businesses hold regular board meetings to discuss strategy.
As your Virtual FD, we will…
Gladly come to any of your key business meetings as a resource to help you make the very best use of your time.
And you can use us in any way you want – from silent observer to adjudicator, technical adviser to independent sounding board, chairman to minute taker, or even as the facilitator for brainstorming sessions. We can even prepare the agenda if you’d find that helpful. The choice of what you want us to do is entirely yours. And whatever role you want us to play, our input will be covered by an agreed fixed fee and an unconditional money back guarantee just in case you aren’t completely delighted.
In our experience, when smaller businesses – even one man band businesses – start holding board meetings they immediately start thinking like, acting like and achieving like their bigger and more successful counterparts. So if you’re not already in the habit of holding regular board meetings, it could just be what you need to really give your results a boost.
Some of the benefits you will get from using us as your Virtual FD include:
Meetings that rise above office politics to focus on the really important issues, such as how to drive the business on to ever-greater success.
- Meetings that are disciplined and kept on track – so that everyone attending is able to get the very most from them
- An outsider’s perspective – which, by challenging preconceived ideas about how things are done in the industry or business, helps to identify breakthrough ideas and strategies that have never been tried before
- External accountability – so that all the good ideas generated in the meetings are turned into agreed action plans, effective action and impressive results
So, if you would like your business to be even more successful, please give us a call to explore how Virtual FD would work for you.
Our management consultancy service can review your credit control, stock control, budgeting and financial reporting systems and allow you to take full control of these key areas of your business. We can also help you address specific problem areas in your business such as gross profit, cost control and stock valuation. Effective management information will allow you to seize opportunities when they arise or identify problems quickly so you can take effective corrective action.