Your business structure can affect your tax position, your personal liability for the business, your ability to raise finance, the records and accounts you need to keep and how management decisions are made. No one knows exactly what the future holds, but we can help you make some sensible assumptions and guide you towards making the right decision.
Your business plan describes your business, its objectives, strategies, the market you are in and your financial forecasts. It is used for a number of reasons, from securing external funding to measuring internally how successful your business is. It’s your blueprint for the future.
Its content really depends upon how you will be using your business plan and your audience. For instance, if you are looking for external funding of your business the financial forecasts and the detailed assumptions behind those forecasts will be crucial.
Our specialist business advisers can help you develop your business plan and advise you on the financial and tax implications of starting and running your business. This advice can significantly affect the plan you eventually produce.
Ideally we’d sit down with you early in the process, or even mid-stream when you’re looking to change direction or strategy.
Your business plan isn’t a one-off exercise, something you do then forget about as it gathers dust in a drawer. It’s a working document and should be continually reviewed. KJG will work with you and help you understand what needs to change to achieve growth.
It’s rare for people to go into business thinking about how they’re going to exit; but it’s a fair question and one that’s worth asking early on. After all, you’re not going to want to run your business forever!
Ideally we would help you plan your exit at least 3 years in advance. This gives you time to get your tax affairs in order to reduce your tax liability on leaving the business. It also allows time to get the business into a saleable condition.
Our corporate finance team can help you with the valuing of the business and explore different exiting options pre-sale, management buy-out or family succession. We’ll consider the tax implications of each and, if applicable, help you with retirement planning.