At Collenette Jones we must have seen hundreds of new business start-ups, many successful but some not. Here are a few key points to consider at the outset:
1. Your customers and clients are your number one priority.
Keep them happy, and success will follow.
2. Price your services and products correctly.
Your product may be excellent and your customers happy, but you still struggle to make any money. The biggest disservice you could ever do to your customers would be to go out of business after failing to make enough profit.
3. Attention to detail.
How do you keep your customers and clients happy? Simple: detailed attention to what they want and to delivering it, accompanied by devoted attention to your own record keeping. Be a perfectionist and aim high.
4. Listen to advice.
Listen to your customers’ and advisers’ good and bad feedback. Be prepared to make mistakes. Be upset about your mistakes (anything other suggests that you don’t care), but accept that mistakes do happen. Finding solutions will only make your business stronger.
It is best to use a professionally qualified accountant when you start out in business as they will have the expertise and experience to tell you what makes successful and unsuccessful businesses. A good accountant should be painfully honest about your plans and performance: you do not just need to be told what you want to hear.
In order to get the most out of your business, let your accountant get to know you so that he or she can learn what makes you tick and discover your strengths and weaknesses. Then you will get the best possible advice and when you need it.
Gareth Nicolle CA, FCCA
21 June 2017
This article has been prepared as a general guide. It is not a substitute for professional advice. Neither Collenette Jones Limited nor its directors or employees accept any responsibility for loss or damage incurred as a result of acting or refraining to act upon anything contained in or omitted from this document.