Helping entrepreneurs to open companies in over 30 countries worldwide has given me a unique insight into what makes an SME work. While I've seen many of those SMEs prosper and go on to achieve success in multiple countries, others have fallen by the wayside because they have failed to understand a few simple rules of business.
To help you avoid making those same mistakes, here are my top five tips to make sure your SME becomes one of the ones that grows and succeeds, and not one that has to put up a permanent ‘Closed for Business’ sign.
1. Money makes the SME
Get a well-respected chartered accountant. I always tell clients to avoid hiring a cheap accountant. People think that by hiring someone cheap (or even using a family friend or doing it themselves) they are saving money because they don’t want to shell out a huge amount at the beginning of their business for a chartered accountant when they’d rather be using the funds for more creative aspects. But every time a client has ignored that advice they’ve run into trouble.
A chartered accountant has to stay up to date with all the latest tax laws so they’ll be able to provide solid advice as to what type of structure you should choose for your SME, and if you’re thinking about a business loan, they’ll be able to steer you in the right direction. To help your accountant, make sure you keep all your files and receipts well organised. It’s important to be prepared, without being paranoid, and be ready for when the taxman comes.
To help you avoid making those same mistakes, here are my top five tips to make sure your SME becomes one of the ones that grows and succeeds, and not one that has to put up a permanent ‘Closed for Business’ sign.
1. Money makes the SME
Get a well-respected chartered accountant. I always tell clients to avoid hiring a cheap accountant. People think that by hiring someone cheap (or even using a family friend or doing it themselves) they are saving money because they don’t want to shell out a huge amount at the beginning of their business for a chartered accountant when they’d rather be using the funds for more creative aspects. But every time a client has ignored that advice they’ve run into trouble.
A chartered accountant has to stay up to date with all the latest tax laws so they’ll be able to provide solid advice as to what type of structure you should choose for your SME, and if you’re thinking about a business loan, they’ll be able to steer you in the right direction. To help your accountant, make sure you keep all your files and receipts well organised. It’s important to be prepared, without being paranoid, and be ready for when the taxman comes.
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