The Six Stages of Your Business Journey
At OnPoint Accounting we believe there’s six key stages to a business’s journey that each require tailored support.
Not every business will progress through every stage in this journey but that’s okay, we understand that everyone has different reasons for running a business and different goals.
What’s important is that however far into the business journey you want to go we will be there to support you offering you at each stage a balanced approach between a financial investment and an investment of your time to maximise the value you receive and your insight into your businesses finances.
Planning & Organising
Every stage of the business journey is exciting but this one is even more so!
You need to analyse your plans and make sure they are financially viable. You will need to make key choices such as LTD Vs Sole trader, VAT registering or not, which accounting software’s to use, consider routes to market, extra revenue generating services or products and to create cash flows that give you the confidence in the new business.
OnPoint Accounting is available to chat through all these decisions with you and we are also delivering Business Launch Workshops where we will work together to help you feel more confident in taking the step into stage two of you journey.
£0-£85k Annual Turnover
That’s it, you have started! Congratulations that’s the biggest and scariest step, how do we know? Because over 50% of our team have run or still run their own business so we really can relate to your highs and lows.
Understanding and controlling costs at this stage is vital and a good cash flow model that you update frequently is really helpful for keeping on top of your costs. Frequent bookkeeping also helps you to understand your finances. We encourage all businesses in this stage of their business do their own bookkeeping, so they see and understand the business finances.
We have developed our support service packages to help provide a supportive and cost effect approach to helping you complete your Bookkeeping, Payroll, Cash Flow and Credit Control. Letting you learn and understand your finances whilst installing confidence in you that the figures are accurate and reliable.
£85K-£500K Annual Turnover
Boom! VAT threshold crossed and the books are getting more complex and time consuming while the business needs your time on the front line.
At this stage it’s important to get the balance right if you let the books fall behind then you won’t have accurate and reliable figures to base decisions on but spending time on the books means you’re not out selling and leading mean your business performance suffers. Is it time to get a more managed bookkeeping service?
We can step in and convert some or all the support services to Managed services where the OnPoint Accounting team will undertake the work for you saving you time to focus on leading and growing the business whilst giving you confidence the figures are accurate and HMRC deadlines aren’t being missed.
£500K-£1M Annual Turnover
Your team, like your business, is growing. As it grows the time it takes to lead your team and manage your business increases. You aren’t needed on the front line selling as much now the team do it but now the team needs you to lead them and show them the way forward.
It also means more transactions in the books and it starts getting difficult to have an overview of the business’s performance. Now’s the time to introduce regular reporting functions into the business. Getting clear insights and cutting through the noise is vital to healthy finances so tools like Syft becomes a key tool in your toolbox.
£1M-£5M Annual Turnover
Like the business the team keeps growing and maybe your taking on Admins or Office Managers etc. Maybe they are able to take on some of the bookkeeping? That’s great, it keeps the work in the office and can be done more proactively by your team each day.
Other challenges start occurring such as understanding the fast-moving financial data. The Syft reporting tool and the Float cashflow tool are helping but you need expert advice to start focusing on the results and delivering insights to the data being produced. At this point many businesses consider taking on a Finance Director, often on a part time basis.
Most firms would leave you to it with the bookkeeping at this point but we will put you on the Support Package but unlike in the earlier stages we will be training your team members and due to increased volumes of transactions we will be checking the books more frequently and holding more regular support meetings.
We have developed a range of Finance Director service that start monthly and become more frequent to a weekly role ensuring the support grows with you business.
£5M+ Annual Turnover
You face the same challenges as in stage five, but the decisions carry bigger financial risks and more people are dependent on you getting the decisions right. Remember the bigger they are the harder the fall!
It’s easy to start losing your brand, your story and your ethos as you grow so it really important that you see as a leader even to those that are several levels of management removed from you in the company structure. As a strong leader your team will strive to help you to maintain your brand, story and ethos.
At this level its important to have a finance director that plays an active part in the businesses key decisions on a weekly basis and for the business owner to be a strong leader which is something Johann Goree a Chartered Manager & Leader working towards his PHD in Leadership and strategic management can help your leaders to be seen as such.
Which stage are you in with your business? Are you facing the challenges we highlight? Why not get in touch and allow us to help you over come the challenges you face.