Top five tips for Start-up Businesses

One of the first investments every start-up should consider is reliable online accounting software, like Xero. It’s user-friendly, efficient, and far superior to managing your finances with spreadsheets. With features that track invoices, costs, and cash flow in real time, accounting software allows you to make smarter decisions based on your business’s current financial position.

With the move towards digital by HMRC (such as Making Tax Digital for Income Tax), now is the time to get familiar with the tools you’ll need to stay compliant. And remember, you don’t need to manage the books yourself. A dedicated bookkeeper, like those in our team at Old Mill, can take care of the details for you.

Automation is a game-changer. By connecting your systems, whether it’s sales platforms, banking, or inventory, you eliminate double-entry and free up valuable time. Xero, for example, integrates with hundreds of platforms, enabling you to send invoices with built-in payment links to help speed up your cash collection.

But automation isn’t just about tech. It’s about simplifying and streamlining processes, whether through software or smarter workflows. Map out your business tasks, identify where you’re wasting time, and explore tools that can do the job for you.

Cash flow is the lifeblood of any business, especially in uncertain times. While profits may look good on paper, it’s the money in the bank that keeps the doors open. That’s why strong credit control, proactive debt collection, and clear visibility of your cash position are vital.

Accounting software can provide helpful dashboards and widgets for monitoring cash movements. Tools and add-ons can also assist with forecasting, so you’re never caught off guard. Consider setting up recurring payments and working with advisers who can help you plan ahead. At Old Mill, our Small Business team can guide you through the process.

You don’t have to go it alone. Surround yourself with a reliable team and connect with others in your industry. Whether it’s staff, mentors, or fellow business owners, having a support network is invaluable.

Networking (online or in-person) can open doors and provide insight, even if it doesn’t lead to immediate business. A strong support system can help you weather challenges and grow faster.

Your time is one of your most valuable resources. Focus on what you do best and delegate the rest. It may seem cost-effective to do everything yourself, but outsourcing the right tasks can give you back time to grow your business and increase revenue.

If you don’t have a team yet, outsourcing to experienced professionals is a smart way to get things done while staying focused on your goals. Take a look at our services here at Old Mill if there’s anything we can help with.

We’re here to ease the pressure in the financial areas you might need advice or help with.  Please feel free to contact us.