Starting a business is a bold step, and with it comes a mix of excitement and uncertainty. The first year is often the most challenging, with many businesses struggling to navigate the demands of a competitive market. But with the right preparation and support, your business can not only survive but also thrive.
At Kingston Burrowes, we’ve worked with countless startups, helping them tackle financial challenges and build a solid foundation for growth. Here’s our guide to surviving your first year in business.
1. Take Control of Your Cash Flow
Cash flow is one of the most critical elements of running a business. Mismanaging it can leave you struggling to cover expenses, even if your business is profitable on paper.
Key tips:
Forecast your cash flow: Plan ahead by tracking income and expenses to avoid surprises.
Prioritise payments: Focus on paying essential suppliers and managing credit effectively.
Chase overdue invoices: Late payments can have a significant impact—don’t be afraid to follow up promptly.
With Kingston Burrowes, we can help you implement the tools and processes needed to keep your cash flow under control.
2. Understand Your Tax Obligations
Navigating the tax landscape can be daunting for new business owners, especially with constant updates to regulations. Getting it right from the start will save you time, stress, and money.
Key tips:
Register correctly: Ensure your business is set up for VAT, PAYE, and Corporation Tax if required.
Know your allowances: Take advantage of small business tax reliefs and deductions to maximise your savings.
Stay compliant: Missing deadlines or filing incorrect returns can lead to costly penalties, so make sure you’re organised.
Our team of experienced accountants can guide you through the complexities of tax, ensuring you meet all obligations without the hassle.
3. Budget with Growth in Mind
The first year is a balancing act between covering your current needs and planning for the future. A clear budget is essential to staying on track.
Key tips:
Plan for the unexpected: Set aside a contingency fund to cover unforeseen expenses.
Monitor key metrics: Keep an eye on profit margins, costs, and return on investment to stay informed.
Invest strategically: Focus on areas that will generate long-term value, such as marketing, staff, or technology.
At Kingston Burrowes, we help businesses develop budgets that align with their goals, ensuring you’re set up for sustainable growth.
4. Embrace Technology
Technology can save time, reduce errors, and improve efficiency—key advantages for any startup.
Key tips:
Adopt accounting software: Platforms like Xero or QuickBooks make it easy to manage your finances and stay on top of your accounts.
Streamline operations: Use tools like CRMs or project management systems to improve productivity.
Automate where possible: Automation can simplify invoicing, payroll, and other repetitive tasks, freeing you to focus on strategy.
We can recommend and set up the right tools for your business, helping you work smarter, not harder.
5. Get the Right Support
Starting a business can feel overwhelming, but you don’t have to do it alone. Having the right support network in place can make all the difference.
Key tips:
Work with an accountant: We can manage your financials, freeing up your time to focus on running your business.
Seek advice from mentors: Learning from others who’ve been in your shoes can provide valuable insights.
Build connections: Networking with other business owners can open doors to new opportunities and partnerships.
Your Partner in Startup Success
Starting a business is a journey, and the first year is often the toughest. At Kingston Burrowes, we’re here to make that journey smoother, offering practical advice and expert support tailored to your needs.
From managing cash flow to navigating tax complexities, we’ll help you overcome challenges and focus on what matters most—growing your business.
Ready to set your business up for success? Contact us today to find out how we can support you in your first year and beyond.
