Micro businesses

So, you’ve survived the start-up phase. Your business is on a sound financial footing you’ve started to invest and are building a team around you.

Typically, the micro businesses I work with have up to 20 employees are located in Cambridgeshire, Huntingdonshire and Bedfordshire.

The day to day worries of the start-up phase have been replaced by a different set of worries and concerns. In my experience these often include the management of people; 20 employees are a lot of responsibility.

What financial problems do you have?

Without exception, my clients who run micro business have the tell-tale battle scars only those who made it through the start-up phase have. The worries about cashflow and the unexpected are now replaced by another set of potential problems:

  • The legislation employers need to comply with is constantly changing, with workplace pensions often a particular concern. How do you comply with Auto Enrolment legislation? Equally importantly, how do you stay compliant? Do you know the rules and the penalties for non-compliance?
  • You may have taken on a business partner or fellow director. That brings another set of issues to think about. What happens if one of you is ill, or worse, dies? How would the finances of the business be affected? How would you replace them?
  • Your business may rely on certain key individuals. How would your business be affected if they left? Fell ill? Died?
  • When you start making money your thoughts will naturally turn to how your business and personal finances fit together. How do you withdraw money from your business as tax-efficiently as possible? Is it possible to use your pension to help your business?
  • There is one common factor behind all financial successful businesses; a great team. What can you do to make sure you retain the key members of your team? How can you reward those members so they feel valued and happy in their work?
  • At some point, you will need to think about succession planning. What happens to your business when you want to retire? How much is it worth? How can you sell it tax-efficiently?

How can I help?

I have over 20 years advising the owners of micro businesses, that puts me in a great position to solve your financial worries and concerns:

  • If you’ve not yet set up a workplace pension I can help you ‘tick that box’, keeping you compliant, whilst recognising and rewarding the efforts of your team
  • If you have set up a pension for your employees I will keep you compliant. The Auto Enrolment legislation is complex and it’s easy to make a mistake
  • If you have taken on a business partner or fellow director I will make sure you have the necessary agreements in place, as well as appropriate levels of protection, should something go wrong
  • You may have key individuals in your team on whom you disproportionately rely, I can show you how to ensure you are covered should they become ill or die
  • Recognising and rewarding your team is crucial, I can work with you to ensure a package of benefits is put in place that is not only affordable but is recognised as valuable by your staff
  • Most of the business owners I work with are keen to reduce their tax burden and maximise their rewards. I work with all my clients to ensure they withdraw money from their business as tax-efficiently as possible
  • Pensions are not a dirty word, for many business owners they are the solution to withdrawing funds from their business tax-efficiently. I work with all my clients to ensure any pensions they have are set up correctly, invested wisely and planned carefully

“I don’t have the time to see an adviser and even if I did, how do I know I’ll get more value for the time I take out of my business.”

There are times when delegating a task to an expert makes complete sense. Take your annual accounts. Sure, you, or someone in your business, may prepare some of the numbers. But I’d bet that it is an accountant who produces and files your statutory accounts along with your tax return. You pay for this service despite the fact you could technically do it yourself.

Financial planning is no different, you could do it yourself, but I know that my clients value the fact I take them out of their business for some time solely focused on their finances.

No distractions, just me, them and some careful planning.

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