Fresh from my time away over the summer holidays this year, with my two sons. I took two weeks off this year. I found that with such a busy job and life, which has so many deadlines and stresses that I needed a bit of r&r.

I found the time off rewarding as it gave me not only special time with my sons, but a way of decompressing from what is a very busy life.

I’ve come back to work full of energy, making a list of both personal and business plans to see us not only to the end of this year, but a wish list for next year too.

My garden on return had greeted me with lovely ripe produce, vegetables and fruit, getting me in the mood for harvesting and extending the life of the goods with preserving.    It reminded me of what I need to do with my business and life too.   

Feed it to preserve it for the future.

We’re currently invested in marketing and have a consultant helping us get those jobs off the desk that we have been putting off. Introducing us to new ideas and revisiting ones we haven’t tried in a while. The market has moved so much with the huge amount of legislation we all have to follow, the banks not being as helpful as they could be, and governments generally coming across as clueless of how to move our country forward.

Basically, it’s all in our own hands, if we are going to make it, it will be down to our working through ideas and plans and making it happen for ourselves.  Nobody is going to hand it to us on a plate.   Although that would be very nice.

I talk to business owners all the time and quite a few as its so up and down with getting work in, that they maybe not be taking the breaks they need, to maintain motivation and energy levels that they might have had when they started.

I find that having that break away, apart from giving me that time away to give me the revitalised energy levels back.   It allows me to focus on what is important and get work done that gives value not just to the clients but to me also.

I always find creating a wish list both personal and business really helps me focus on getting things done that provide me with reward and motivation.  It’s so easy to get lost in the noise of the day-to-day activities, we often forget why we're in business at all.

If you can take anything from this, always take your breaks.    Your sleep patterns should return, you will have more energy and definitely be more focused.    We all need this to keep our health in good order.

Not taking time off is one of the biggest reasons company owners give up self-employment, they suffer burn out.   Don’t let that be you.

I also find that having a hobby for when you’re not in work helps too.  Something to allow you to decompress after a long day.  Whether that be art, gardening, going for a two-mile walk.  Whatever you like, it can be anything.    Enjoy the life you have,  its all in your own hands.

There are approximately 5.6 million businesses in the UK, of which 98% are considered small to medium sized businesses. So, we small businesses are crucial to the UK economy, there is no denying this.

Whether you are a start-up and excited for the times ahead, or an establishment renewing your challenges, we all want to be successful with our business. In our latest blog, we talk about tips we think are vital to any business.

We all have a vision in mind, of where we’d like to see our business in the future. This vision needs to be translated on paper as your business plan. A business plan is a must for all business owners. This can help outside investors get an insight of your business, for if ever you need funding to grow your business.

Business Plan

A business plan should consist of;

·    Summary – What is your purpose, what is your vision?

·    Target market – Who are you likely to sell to

·    Competitors – What is your rivals weakness? Why are you different?

·    Staff – Do you need people to help run your business. What level of skill and pay is required?

·    Suppliers – Who will be your main supplier?

·    Marketing Plan – How will you advertise yourself to the world

·    Operations – Which is the best way to run your business.

·    Finance – How much money do you need? Determine the profitability of the business.

Business Structure

As well as a business plan, you will need to have a business structure. Sole trader, partnerships and limited companies all have their own pros and cons. Deciding which structure to choose is not always straightforward. If an asset is owned outright, then you would need to consider retaining personal ownership on incorporation. If you’re not sure which structure model you should go for, then here at Cross Accounting we can give tailored advice to you.

Year End

We cannot stress enough the importance of doing your year end as early as possible. Once completed, this will give you peace of mind as you will not have to worry, until next year. It will also give you more time to budget for your tax bill. You will not be in a rush to find the money for the tax bill and not kill your cashflow. Keep all receipts for your expenses, these will all help lower the tax bill. If you buy equipment or tools, mobile phone bills, petrol, these are all deductible. HMRC can conduct random spot checks, so it’s important to keep paperwork, recommended for 6 years.

Budgeting

Having budgets in place for your business can help you predict the near future. This allows you to have a spending plan, so you can make sure you have money for the things you need and the things that are important to you. You can see what is eating up your cash and avoid spending on unnecessary fees. Below is an example of a very simple budget.

These tips will keep you motivated and more importantly give you an idea of where your finances lay, helping you to quickly identify if there are rainy days ahead.

If you need expert tailored advice, please do get in touch as we are always happy to help.