If you have business finance questions, send them in and we’ll try and cover them on the blog in future!
Q. What are the top three finance issues people looking to start a business face?
A. No.1: Getting financial systems organised, e.g. bookkeeping, invoicing and preparing a cashflow
No.2: Waiting to be paid – make sure you have terms and conditions
No.3: Dealing with VAT – remember it’s not your money so don’t spend it! Open a separate bank account and transfer it
Q. If you have one limited company and two different businesses trading within it, should you have a different account for each, or just one?
A. Assuming the businesses are divisions, keep it simple with one bank account but prepare separate Profit & Losses and budgets.
Q. I am a new start-up but need serious investment/cash for my business to start so how do I get investment which is not loans?
A. 80% of early stage investment comes from friends and family – so get networking and boost value with a prototype.
Also, check out:
Q. What’s the best way to get started with networking offline?
A. Post-it notes! List everyone you know and who you want to know. Get calling – 200 calls = 10 meetings and two offers.
Q. Is the use of an accounting programme essential? Or is Excel alone OK?
A. If you plan to grow, sell on account or register for VAT then yes, it’s essential. It will save you so much time and it’s easier to use than you think.FreeDigitalPhotos.net]