Feature
Accountancy Services From start-up
to scale-up By Stephen Drew (pictured), partner at Smith & Williamson
the UK. The city and wider region are a
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great place to start a business and boast a thriving start-up and incubator ecosystem. However, as any start-up entrepreneur will testify, guiding a business through those crucial early months and years can be a lonely and challenging experience. This puts a premium on
appropriate and expert advice from your accountant, lawyer, bank, HR consultant or health and safety expert. According to Companies House,
an estimated eight out of 10 businesses fail within a year so finding and retaining access to the right advice – including whether or not to incorporate or to register for VAT at the outset, reviewing contracts, commercial support and ongoing employment issues – is critical. Starting a business, thereby
becoming responsible for a corporate entity, also involves
50 CHAMBERLINK June 2019
taking on what can be a daunting set of duties around governance, filing and compliance, fiduciary matters, and other increasingly critical considerations, such as cyber security. The good news is that our region
is particularly well blessed with a range of locations where young businesses can grow in a professional way, such as Future Space and Desk Lodge. In addition, these locations also serve as business hubs where advisers often congregate. Business is above all about
people and membership of a body
irmingham and the West Midlands are among the most enterprising places in
‘The good news is that our region is particularly well blessed with a range of locations where young businesses can grow’
like the Greater Birmingham Chambers of Commerce, the Institute of Directors or the Federation of Small Businesses can bring untold benefits to a young company. One of the key personal
relationships to nurture is the one with your bank. Business owners need to actively manage this relationship in order to avoid any unwanted financial surprises. There are myriad alternatives to
traditional banks in the current business environment. Start-ups seeking finance can choose from a range of options:
Business loans – as well as “traditional” funders such as banks and building societies there is the government’s Start-Up Loans Company, as well as peer-to-peer lending platforms. Small business grants – sources include the government, local authorities, European Commission, universities and charities. Invoice financing and invoice factoring – the former involves borrowing money against unpaid invoices, the latter selling unpaid invoices to a finance company. Crowdfunding – posting a business pitch online and encouraging members of the public to pledge money. Angel investors – high net worth individuals, typically with extensive business experience, who can provide capital in exchange for equity. “Bootstrapping” – self-funding your start-up with no external help. The real challenge we face, not
just here in the West Midlands but across the entire UK, is to become a fertile breeding ground for growing – or scale-up – businesses, as well as start-ups.
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