Practical Steps to Business Planning
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Practical Steps to Business Planning

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Practical Steps to Business Planning

Practical Steps to Business Planning

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Practical Steps to Business Planning Practical Steps to Business Planning Presentation Transcript

  • Practical Steps to Business Planning Dr A Yoxall
    • Introduction
      • About our company
    • Our strategy
      • What did we put in place?
    • Running a business
      • 101 things they don’t tell you
    • Introduction
    • Set up Ansolve Ltd approximately five years ago with some colleagues and ex-colleagues from industry
    • Specialist engineering consultancy firm
    • Set up since we were fed-up of working for somebody else
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    • Introduction
    • Our experience primarily in the rail, automotive and biomedical fields
    • The market is extremely crowded
    • Finding our niche very important
    • Introduction
    • No contacts in fields outside of our expertise
    • Reliance on a single market
    • Needed to spot future trends
    • Introduction – Development of a business plan
    • Where are we?
    • Where did we want to be?
    • How were we going to get there?
    • What resources would we need?
    • What obstacles do we anticipate?
    • Introduction
    • Data mining
    • SWOT Analysis
    • Marketing
    • Introduction
    • Future trends
    - renewable energy - fuel cell technology - biomechanics
    • Summary
    • Really difficult – but fun!
    • Best results came from contacts
    • Need to take risks
    • Be organised
    • Plan your growth strategies
    • 101 things they don’t tell you
    • Easy things
    • Hard things
    • 101 things they don’t tell you
    • Easy things
    • 101 things they don’t tell you
    • Setting up your business
    • UK one of the easiest places in the World to start a business
    • You can do it on-line for a few hundred pounds
    • Choosing a name is probably the hardest part
    • 101 things they don’t tell you
    • Different types of business
        • Sole trader
        • Partnership
        • Ltd company
    • Ansolve is a Ltd company
    • Requires shareholders
    • 101 things they don’t tell you
    • Strangely, the tax office and VAT people are incredibly friendly and helpful
    • 101 things they don’t tell you
    • Get a good accountant
    • Be organised
    • Get advice from wherever you can
    • - Business Link
    • - your bank
    • - local chamber of commerce
    • 101 things they don’t tell you
    • Hard things
    • 101 things they don’t tell you
    • The forms
        • Companies house
    • Taxes
        • Corporation tax
        • Income tax, National Insurance
        • VAT
    • 101 things they don’t tell you
    • VAT
        • You charge VAT on your invoices
        • You claim VAT on your purchases
    • Fortunately all tax issues can be dealt with online
    • Not payable until business generates approximately £45k of turnover
    • 101 things they don’t tell you
    • Legally you must keep everything to do with your business
    • 101 things they don’t tell you
    • As a limited company for example you must keep records of shareholder meetings
    • Keep your cheque stubs !
    - and fill them in
    • 101 things they don’t tell you
    • Legally you must be aware of health and safety
    • 101 things they don’t tell you
    • Legally you must have the correct insurance
    • Summary
    • Don’t let the hard things put you off
    • It can be great fun and financially rewarding
    • It’s a challenge but that’s why you do it