MADE Festival Fringe Event – Starting a business: What to avoid

Hart Shaw is holding a fringe event as part of the MADE seminar on Friday 21st September in the Sheffield City Hall.

Business start-up and growth MADE easy:

Practical tips to succeed in business

A MADE fringe event with business experts Hart Shaw

Putting a viable business idea into practice requires a lot of careful thought and consideration. Once you are ready to introduce your business to the world, in many instances you have only one chance to get it right.

We are all aware of the tough economic conditions at present in the UK. What you need to know is how to successfully set-up and manage your business through these difficult times in order to grow and be a success.

Chartered Accountants & Business Advisers, Hart Shaw are presenting a seminar on the practical Do’s and Don’ts when it comes to successfully setting up and managing a business. Topics for discussion during the hour long seminar will include:-

• Cash flow management
• Understanding your business
• Access to finance
• Managing your customers and suppliers
• Getting your terms and conditions right
• Risk management
• Legal structure
• Tax hints & tips

Join Steve Vickers, Tax Partner, Christopher Brown, Business Recovery Partner and Steve Bell, Head of Corporate Finance from Hart Shaw for a crucial insight into how a thorough review of your business operations can deliver long term success.

The details are:

• Friday 21^st September 2012
• Sheffield City Hall
• 2pm to 3pm

The seminar is FREE to attend, however you will need a MADE festival ticket to gain access to the main City Hall event.

To confirm your attendance please contact the Enterprise Gateway on 0800 043 5522.

We look forward to seeing you there.

MADE fringe events

In association with the Entrepreneurs Exchange

Hart Shaw events

Managing your business in difficult times

In recent weeks there has been a lot of discussion in the media about the increasingly bleak prospects for the economy, the lack of growth and fears that the Governments austerity plans are not working. The Eurozone crisis continues, indirectly affecting the UK through the banking system and general lack of confidence. One consequence of this has been the Bank of England’s recent announcement of a second phase of quantitative easing, with £75bn to be created and released into the economy over the next three months.

The latest insolvency statistics just released show that during the third quarter of 2011 there was an increase in corporate insolvencies of 9% compared with the same three months of 2010. During this period 3,600 companies became insolvent with construction, retail, hospitality & leisure and property being the sectors that suffered the most.

With spending cuts beginning to take effect and consumer confidence falling as families seek to tighten their already firm belts, there is the real prospect that the economy faces a tougher time ahead than it did three years ago when the credit crunch started.

So what can businesses do to manage themselves through these difficult times?

To survive periods of economic stress, good management is essential and managers must plan for the future and keep on top of how their business is performing. They should ensure that they have up to date financial and management information and ideally should produce monthly management accounts and produce & review cash flow forecasts on an ongoing basis.

As the saying goes, “cash is king”. Businesses should ensure that they invoice promptly and regularly and should not be afraid to chase customers for payment once agreed terms have been exceeded.

Know your customer, establish credit limits and adhere to them. There can often be a conflict between the interests of the sales team and the interests of the credit control team when dealing with customers. However, it should be remembered that there is little profit to be made from a customer who doesn’t pay.

Review your supply chain to ensure that you are getting the best prices and payment terms available and review your own terms and conditions to ensure that you secure yourself in case your customers fail to pay you. For example, what is the quality of your retention of title clause?

Finally take professional advice where appropriate and be proactive in managing your business.

For confidential and expert advice please contact Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw on T: 0114 251 8850 or email: chris.brown@hartshaw.co.uk.

Hart Shaw Business Recovery & Insolvency

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