We love that business owners and professionals that are members of the INsiders actively support other Insiders. This helps ensure the quality of advice and support you and your business accesses because everyone knows each other and will look out for you and your team. here Deepan Shah shares some critical advice for any fast growing business or high growth start up business.
Entrepreneurs read on for 4 essential considerations for your business success…
Deepan Shah, Founder of ZDS Accountants, says,
“As an accountant, I have been dealing with a lot of high-growth start-ups in my practice and the following areas present some common financial challenges that we have helped our clients solve.”Deepan Shah
Avoiding cash flow problems
Competent cash flow management is one of the most crucial factors that can make or break a start-up. Many start-up businesses struggle with managing their cash flow, especially during the initial stages, when they are still trying to find their footing. Start-ups may need to invest a significant amount of money in product development, marketing, and hiring the right talent. However, they may not generate revenue immediately. This delay in revenue can cause cash flow problems that may lead to a shortage of funds for essential activities like paying rent, salaries, or purchasing inventory.
Raising finance for start-ups
Do start-ups need to raise funds initially?In many cases, raising funds is a significant challenge that many start-ups face. Getting the attention of investors and convincing them to invest in a new business idea is a tough task. In addition, many start-ups may not have the necessary collateral or assets to secure a loan from a bank. Lack of funds can impede growth and delay the launch of new products or services.
Managing initial operational expenses
Start-ups require capital to sustain day-to-day operations, such as renting office space, hiring employees, and paying for utilities. These costs can be overwhelming for start-ups with limited resources. Finding cost-effective ways to operate and manage expenses efficiently can be a daunting task, especially for start-ups with limited management experience. As experienced advisors, we can guide and advise you on any pitfalls.
There are many more areas where we as accountants and financial advisors can assist start-ups but the three challenges above have found to be common amongst our clients.
If you are considering setting up a business…
Bear in mind that there is a lot to consider before you actually start trading. If you would like a hassle-free set-up of your business, please contact us at ZDS Accountants and Business Advisors.
For more information on the team, or if you would like to receive our jargon-free, easy to read, tax tips and free resources, please visit our website www.zdsaccountants.com and sign up to our free monthly newsletter.
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This is essential advice that we appreciate accountant Deepan Shah taking the time to share. Many people jump into running a business without considering many vital aspects. As an Insider you have access to a wealth of experts, training, business planning and mentoring to ensure you avoid the pitfalls and obstacles.
If / when you work with Deepan Shah and his team at ZDS Accountants and Business Advisors please do let them know where you heard about them. We’ve seen first hand how supportive they are to business owners on the Insiders.
A big issue we often see is people come to us after they’ve set up their shopfront – products, services, pricing, website, marketing etc and it’s only when it doesn’t magically produce a wealth of business and profit that they turn to us. If you turn to us before you can take advantage of the wealth of knowledge and expertise to carry out timely market research and know you are creating the right products and services people actually want to buy!
You can sign up here. We can arrange discounts for large teams. Email us here to discuss. We can fit most budgets. Low cost actionable training in key areas of business and personal development at marginal prices.