As many successful business owners will tell you they wouldn’t have it any other way, however, most if not all would have doubted themselves and wondered if all of the blood, sweat and tears was going to be worth it at various stages of their business development. As an estimated 25% of small businesses fail in the first year and 20% of those that survive the first year fail by year 3 it is absolutely crucial that the decision to take the leap and start your own business or purchase an existing business or franchise are not taken lightly.
At Simplex Accounting we know why those statistics have come to be as they are. We know the key reasons why these businesses fail, and, whilst there are many varying reasons, the most obvious and underlying factor is the lack of engagement with an accountant that is tuned in to what makes a small business successful.
We have some great stories to tell of our clients businesses that were started from the ground up and we can assist in almost every aspect of the pre-planning, launch and ongoing development of any sized new business.
We work hand in hand with new business owners to:
- Assess start-up and ongoing capital requirements,
- Determine and establish the right business structure,
- Setup and train staff in accounting and payroll software,
- Determine and provide suitable finance,
- Prepare and track budgets and cashflow management strategies,
- Provide domain registration, IT services and website guidance,
- Assist with marketing solutions,
- Logo and branding design,
- Providing a HR compliance solution.
We also carry-out thorough due diligence on business purchases to ensure our clients know exactly what the target business will mean to them from a financial perspective and how it will impact their lifestyle. As with startup businesses we cover all of the key points above but also prepare a mini audit of sorts to ensure our clients are receiving what they are paying for, that they are not paying over the odds and to eliminate any potential pitfalls in the purchase process.