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Tips for young entrepreneurs


Jane Gregory of Haines Watts writes: One young entrepreneur I was talking to recently about our HWYE competition (more below on this), said that he wasn’t sure he needed to worry about ‘knowing his numbers’ for the business, as long as he was making plenty of money


I could see where this young businessman was coming from but, as an accountant, I advocated caution. Experience teaches most of us at some point that passion and being good at what you do isn’t enough – you have to be in control.


As an entrepreneur, you have to know the financial side of your business and have a clear business plan – or at least have help from someone who does.


A client made me laugh recently by jokingly telling me that “he loved it when I talked technical”. It’s true there is nothing worse than speaking to an adviser who reverts to using jargon and meaningless technical terms (I had uttered those immortal words UK GAAP (Generally Accepted Accounting Practice).


The point here is that you can only be 'on top of' the numbers of your business, if they aren’t shrouded in mystery and jargon (as they often have been in Europe).


A business owner needs clear and up-to-date information to hand. Use your adviser, if you do not have the resource internally, to help you with key areas like tax planning and structuring, budgets and cashflows.


Here are our tips …


1 Work with your accountant or your finance department to produce accurate and


Details: www.hwye.co.uk


HWYE is also on Facebook, Twitter and LinkedIn


Lorica Insurance Brokers’ 7th branch


Fast growing Lorica Insurance Brokers opened its seventh branch earlier this year in Reading.


The initial team of three consists of Jim Cadle, branch director, Theo Pastuch, account executive, and Mark Cox, account executive. All three are experienced individuals and bring a


wealth of talent to the new office, said Lorica. The branch also has ambitious plans to expand the team in the near future.


Details: Jim Cadle 03334-002202 jcadle@loricainsurance.com www.loricainsurance.com


THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2013


meaningful budgets and cashflows.


2 Ensure that you have regular, correct and timely management information covering all aspects of the business, to compare with your budgets and cashflows.


3 Understand the numbers and what’s behind them. Ask questions and don’t be afraid to challenge results which don’t make clear sense to you.


4 Armed with knowledge of the financial position of your business and your strategy for the year ahead, ensure that you know your funding requirements for the next 12 months.


(This is essential if you’re liaising with your bank).


5 Satisfy yourself that you have done sufficient contingency planning in case the unexpected happens.


Take a look at our website for further details and remember that we’ve launched the free 2013 Young Entrepreneur of the Year competition.


Visitors to the HWYE website will find online support on offer and competition entrants also have the chance to win free mentoring and cash prizes.


BRAIN TUMOURS KILL MORE CHILDREN AND MORE ADULTS UNDER 40 THAN ANY OTHER CANCER


Every tile on the ‘Wall of Hope’ represents a day of brain tumour research that needs funding.


Sponsor a day.


Save lives.


www.braintumourresearch.org Tel: 01296 733011 | info@braintumourresearch.org


The Business Centre, Padbury Hill Farm, Padbury, Buckingham, Bucks MK18 2BN www.businessmag.co.uk


Jane Gregory with Haines Watts’ partners and finalists at the 2012 Young Entrepreneur of the Year competition


Haines Watts is a sponsor of The Business Magazine’s ‘SME 100’, an annual listing of the top SMEs in the Thames Valley. Haines Watts is also ‘Auditor of the Year’ in the SME category at the FDs’ Excellence Awards 2012.


For further information about Haines Watts visit: www.hwca.com


Registered charity:1093411


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