Your business journey with JMB Accounting

At JMB Accounting we understand the pros and cons of being a business owner.  It takes courage to decide to set up your own company.  Running a business can be hugely satisfying and rewarding but it can also be stressful, hard work and impact on your personal life. Achieving  a work life balance is so important.  For a business to thrive it is essential to have excellent accounting systems in place.  Every business goes on a journey and each stage in that journey will require different accountancy skills and services.  At JMB Accounting we like to think of ourselves as an extension to your team.  We love spending time getting to know our clients and enjoy advising and supporting them along each step of their journey. Come with us now as we explore what that journey looks like.

Where it all begins:  Gaining clarity and support at the outset

There are some critical first steps you must take when setting up a new business. Having a clear and compelling business idea is only the beginning, you must then follow up on this with thorough market research to validate the concept and identify the target audience. The next essential step is to develop a robust business plan, detailing the business model, revenue streams, marketing strategy, and financial projections.

Next you need to decide whether you will be a sole trader, partnership, or limited company—and register the business with Companies House if required. Securing financing is another pivotal step, which may involve seeking investors, applying for business loans, or utilising personal savings.

Finally, setting up a business bank account, organising accounting systems, and creating a digital presence through a professional website and social media are vital for establishing credibility and attracting customers.

At JMB Accounting we have years of experience when it comes to helping businesses at this early phase. An in-depth discussion with us will help you gain clarity and focus resulting in a comprehensive business plan. This gives you direction and can also be used to obtain investment. You should think of the business plan as a living document that evolves with the business.

The pros and cons of each business status are explained so you can decide whether to set up as a sole trader, as a partnership or a limited company. Making the right decision at the outset can save money, headaches and much soul searching.

Growing and expanding your business:  Get help when needed

As your business grows you will need to consider recruitment, allowing you to spend more time on your business rather than in it, focusing on strategic decisions and developing the business plan. This brings its own challenges. The hiring process itself can be resource-intensive, requiring significant time and effort that small business owners might prefer to spend on other critical aspects of their business. Also, without dedicated HR departments, you may struggle with the complexities of employment law and best practices. These challenges require strategic planning and creative solutions to build a capable and motivated team.

JMB Accounting can be there for you every step of the way from providing assistance with the interview process to setting up a workplace pension. Managing the payroll for you helps avoid the stress of getting it right every time and on time. Our Tax Investigation Insurance includes an HR portal and provides peace of mind should HMRC target your business for an investigation. Due to the very competitive fees, 85% of our clients utilise this service.

At this stage you should also be thinking about what you want from your business further down the line and start giving exit planning strategies some consideration. This is an area JMB Accounting can guide you on.

As time goes by:  Outsource to release valuable time

In order to grow your business you will need to invest in certain equipment and software and hopefully your team will continue to expand too. You may find you are wearing lots of hats – trying to keep on top of (amongst others) health and safety regulations and compliance matters. Outsourcing could be the answer, leaving you to do the job you do best. Bookkeeping, VAT and credit control need constant attention – hand them over to the experts and receive insights, cost savings and no stress!

For many growing businesses cash flow can be a real challenge. There is no truer saying in business than ‘Cash is King’. Without it, the business will fail. Cashflow forecasting and budget monitoring are paramount to know potential shortfalls. Taking action early saves many a business. Throughout this time, as your business develops and grows, you should regularly review and update your business plan, implement strategies and always look for ways to improve.

Management accounts ensure you remain in control of your business. Pertinent figures can be extracted, trends identified and decisions made. Knowing your upcoming tax payments, VAT, income or corporation tax, allows you to plan and make sure there are no last minute surprises.

Planning Your Exit Strategy:  Ancillary Benefits

At some stage down the line you may decide you would like the business to branch out into other areas, pivot and continue with growth or you may want to exit the business and do something completely different.

For most business owners, having an exit plan is important for several reasons. First, it ensures that the business can be smoothly transitioned or sold, maximising the financial return for the owner. An exit plan helps to identify potential buyers or successors, which is essential for maintaining the continuity of the business. It also allows owners to address tax implications and financial planning well in advance, optimising their personal financial outcomes. Additionally, having a clear exit strategy can increase a business’s value by demonstrating stability to potential investors or buyers. Most importantly, having this plan in place gives peace of mind to business owners.

It is crucial not to leave it too late to consider exit planning. JMB will help you to create a non-intrusive action plan that gives you security in early implementation and has an indirect benefit of making improvements within your business, so a win-win process.

Your Journey with JMB Accounting:

Each stage of your business journey requires different accounting skills and services. At JMB Accounting, we love getting to know our clients and supporting them every step of the way. Many of our clients have been with us since they were first established which we feel is testament to our professional but down to earth approach. Whether you are just starting up, expanding, or planning your exit strategy, we are here to provide expert advice and support. Join us as we navigate your business journey together. Contact us today for more information on how we can support you.