How to keep your small business successfulBack 22 January 2020
Are you a business owner who has been operating for a couple of years? It’s an accomplishment when any new business hits the two-year mark, however, your hard work isn’t over yet!
The first few years are the most crucial for any new business, with 57% of businesses failing before they hit the five year milestone. In order to prevent your business from falling into any avoidable financial pitfalls, and maintain profitability, it’s important to consult with a reputable accountant.
Two years in, it’s likely that your business is stable as you’ve navigated through the first couple of tricky start-up years. However, you may come across a few new challenges which you’ll need to tackle to ensure your business continues to flourish, enabling you to gain the most from your business.
Maybe you’re seeing a steady increase in profits (lovely problem to have) and you’re concerned about how this will impact your income tax? In this case, it may be time to incorporate your company or create a director’s capital account. If you’re not sure of the best route, this is where we come in. Now your business is off the ground, our Maintain Orbit package is designed to support you through your next stage of business growth, or help you maintain the lifestyle your business currently provides.
What is the Maintain Orbit package?
Businesses on this programme have usually been operating for a couple of years and typically consist of around seven to eight employees, with a turnover between £150,000 and £500,000. Companies are varied and include everything from digital marketing agencies to construction subcontractors. What they all have in common is our unlimited support, which means that you can call, email or meet with us as often as you like to ask questions, get help with your accounts or just check you’re doing things correctly, without the worry of racking up additional costs.
It all begins with a consultation with you to establish your business goals and assess your individual needs. Following a comprehensive review of your accounts, we’ll identify ways we can help you to achieve your goals and, together, make any necessary changes. This process includes us helping you learn more about how you can achieve your business goals by inviting you to free workshops and seminars, providing practical ideas and access to online tip sheets.
At your year-end meeting we will examine your accounts, discussing the numbers and what they mean for your business going forward. Your performance will be compared to other similar businesses operating in your market so that you can get a feel for opportunities that may be out there and what you need to do to keep your business where you want it to be.
What benefits have business owners experienced from our Maintain Orbit package?
- A reduction in their annual tax bills - some of our clients have reduced their tax bill by over £5500
- One off tax savings of over £15,000
- They increased their cash by £9000
- Peace of mind knowing that their business is set up for growth
Case Study: Morton Waters Communications Ltd – B2B content marketing and PR agency
Blue Rocket first began working with Morton Waters in 2016, at this point the company was a Limited Liability Partnership and there were two partners.
Having been let down by their previous accountant, the partners were looking for a new firm to handle their accounts, tax and VAT returns and get things underway quickly. Being totally new to running a business, working with an accountant prepared to do a decent amount of hand holding, at least initially, was important to ensure the company was compliant from the outset and helped to build trust.
There was an initial increase in turnover of over 200% in year 2, with sustained growth thereafter. As the business grew, so did the Morton Waters team and the support from Blue Rocket. Blue Rocket helped to manage the transition from an LLP to a Ltd company, and now also manages the director’s personal accounts, the company accounts, bookkeeping, payroll and pension auto enrolment.
“I’m a firm believer in letting people do what they do best, and accountancy is definitely not one of my core skills, so I wasn’t sad to relinquish these tasks. But, having been let down by a previous accountant it was going to take a special team to rebuild that trust. We liked the fact that all of Blue Rocket’s Client Managers are fully trained accountants, so we knew they would have the knowledge and experience required to support us through our early days in business. Having Blue Rocket handle our range of accounting needs has taken a lot of pressure off me and freed up a lot of time, allowing me to focus on providing excellent customer service and grow our agency. Knowing that the team at Blue Rocket is ensuring we remain compliant also helps me sleep at night. But it’s also reassuring to know that we can call them at any time to ask for advice, without adding to our monthly fee.” - Michelle Morton, Director Morton Waters
If you would like to learn more about what Blue Rocket could do to improve your businesses finances and receive the kind of support Morton Waters enjoy, call 01322 555442 or email us to arrange a free no obligation meeting.