B P Collins Solicitors: talk to the experts
Gerrards Cross: +44(0) 1753 889995
Beaconsfield: +44(0) 1494 675363
Related stories
Interest rates altered on transactions
22 December 2008
New code 'to speed up business to business payments'
15 December 2008
New website launched to help inventors
17 November 2008
Bond movie party is just the ticket
31 October 2008
Businesses urged to "intelligently" manage start-up costs
22 August 2008
Given present economic conditions and banks' apparent reluctance to lend money to unproven companies, businesses have been urged to manage their start-up costs "intelligently".
Stuart Lynn, of business software firm Sage, told the Times newspaper that following such a strategy can "make a huge difference" to determining how much is required to get the venture off the ground.
"Work out what you have to spend now and what you can defer until you start seeing some return on your initial investment," he advised.
Developing a "good plan with sensible timelines and costings" can prove worthwhile, he stated, adding that many start-ups do not know what the costs involved will be after the first year.
By then "it is often too late", Mr Lynn claimed.
Last month, Abbey reported that 40 per cent of small business owners have seen the cost of supplies increase in recent months.
More than half of respondents felt the overall cost of running their own firm was continuing to rise.
Diane Gill, senior associate in the corporate and commercial team comments: “A good business plan should cover all aspects of the proposed business, concisely documenting the vision and objectives of those involved and how these are to be achieved. This will include information about the position of the business within the market, the strategy for pursuing the objectives of the business and how the business will be financed."
