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

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

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

Introduction Our experience primarily in the rail, automotive and biomedical fields The market is extremely crowded Finding our niche very important

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

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 – 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

Data mining

SWOT Analysis

Marketing

Introduction Future trends - renewable energy - fuel cell technology - biomechanics

Introduction

Future trends

Summary Really difficult – but fun! Best results came from contacts Need to take risks Be organised Plan your growth strategies

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

Hard things

101 things they don’t tell you Easy 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

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

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

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

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

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

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

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

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

As a limited company for example you must keep records of shareholder meetings

Keep your cheque stubs !

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 be aware of health and safety

101 things they don’t tell you Legally you must have the correct insurance

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

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