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Getting the basics right
A Start-up checklist to help you during the early stages of your new business
It is also important to bear in mind that your Business Plan is a living document that requires updating as your business develops and grows. A good starting point to help you prepare your own plan is our Business Plan Template.
The money - getting the finance mix right.
The general rule of thumb for start-up business finance is, one third equity, one third grant funding and one third bank finance. Find out more about the various forms of business finance. Remember, banks will look more favourably on business owners who have already secured equity or grant aid.
The applications - applying for bank finance.To access bank finance, your business must be able to service interest and loan repayments, while continuing to provide an adequate return to you and/or your business partners. You will also need to show that your business can survive in the medium-to-long term. The four stages of applying for bank finance are;
The lifeblood - controlling your cashflow.
Managing cashflow is critical to your survival and success. Cashflow projection enables you to assess;
It is a powerful financial planning tool and should form part of your business budgetary process. Use our cashflow planner to get you started.
The tipping point – breakeven analysis.
The debtors – collecting payments.
Making the sale is one thing, but collecting payment is ultimately what matters. You should establish a clear credit policy, incorporating the normal terms of trade, which are documented, circulated internally and strictly adhered to. Good working practices like this can be key to the success of your business. For tips on managing customers who buy on credit please read our guide.
Cashflow is the life blood of your business. Use our cashflow planner to keep abreast of your cashflow position.