We are able to deal with all aspects of company secretarial services, including: formation of new companies; submission of Annual Accounts and forms to the Registrar of Companies; dealing with official Registrar correspondence; drafting resolutions and completing all forms in connection with increases in share capital, share allotments and transfers, name changes and more.
* Maintaining company statutory books;
* Attending Board and General Meetings, if required;
* Drafting Memoranda and Articles of Association or amendments thereto;
* Assisting and advising on all aspects of Company Law.
Entrepreneurial businesses need reliable, accurate and timely financial information in order to manage their company. At Akins & Co we support businesses to help them achieve just that. As well as supporting our clients' accountancy needs, we often act as business and strategic advisers, helping clients to grow and develop at the pace they want. Our accountancy services include:
1. Day to day bookkeeping
2. Preparation of management accounts, monthly or quarterly
3. Preparation of year-end accounts
4. Tax compliance
5. Payroll administration
6. Budgeting and forecasting
7. Useful publications.
Here are six key steps that can lead to an effective plan for your business:
Step 1: Establish your mission
In essence, your mission statement explains why your business exists. When you encounter a problem or a key decision, the answer will be informed by your mission. Think about why you started the business, and imagine where you want it to be in the future. These two elements will provide your mission statement.
Step 2: Analyse your SWOT
With your mission statement in mind, analyse your business's strengths, weaknesses, opportunities and threats. List each category in full and be honest. Done correctly, this 'SWOT' analysis will help you to take an objective, critical, unemotional look at your business in its entirety.
Step 3: Develop a plan
Try this exercise: from each SWOT category, choose three to five important items. Then set goals to maximise your strengths, correct your weaknesses, make the most of your opportunities and nullify your threats. For example, you could decide to focus more strongly on a particularly successful product or service (a strength), and abandon a side-project which is costing time and money for little return (a weakness). Remember that you can't do everything yourself. Think about how you will delegate tasks and involve all the staff. Avoid dwelling on the negatives - set yourself realistic strategies for improving the business.
Step 4: Create a budget
All missions and strategies need money to succeed. A smart budget will help you to regularly review your expenses and make financially beneficial decisions. You may need to take a wide variety of factors into account when setting your budget. This is where we can help you - why not give us a call?
Step 5: Put it in writing
Make sure you write down your finished plan. Include the mission statement, SWOT analysis, goals and plans, budget and forecasts, and make it clear who is responsible for doing what. Share it with your key staff and shareholders, and encourage their input.
Step 6: Make it a living document
This is vital! Make your business plan a living document that you and your staff can frequently update and improve. Consider reviewing it monthly to track your progress and readjust your strategy as necessary. Hold yourself and your staff accountable for meeting the plan's goals, and think about introducing an incentive programme to keep everyone motivated.
...And six reasons why business plans fail
You may well have prepared a business plan some years ago to present to your bank manager. If you revisit that plan now, you will probably be surprised by how little relationship the position of your business now bears to that predicted in the plan. The reality is that most business plans fail. Here are some of the traps to avoid:
1: A dead document
A business plan that is created for a purpose and then discarded will always become obsolete fast. Making your business plan a living document (see step 6) is essential if you don't want the whole process to be a failure. Only a regularly reviewed and updated plan can be the spur to look critically at your business on a recurring basis.
Most business plans are over-optimistic, especially as regards predicted sales, often massively overestimating the size of the market. Research your market thoroughly. Too many business plans include a SWOT analysis, but concentrate on the strengths and opportunities and ignore the threats and weaknesses.
3: Ignoring the competition
Business plans commonly assume that the competition will make no competitive response or indeed, will have no new initiatives of their own. Study your competitors and try to second-guess their plans. A living document will take into account their actions.
4: New or old?
Too many business plans depend on doing something new, when what is needed is to find a better way of doing what is being done now.
5: Ignoring risk
What are the risks attached to the plan? Think through these and the costs of failure as well as the rewards of success.
6: Profit or turnover?
If expansion is planned, it should result in increased profits, not just sales. Expansion requires finance, people and other resources. Can you get them?
Remember, a good business plan is as much about the process as the final document. Creating your plan will open your eyes to the realities of your business. Keeping it updated will help you stay on the right track. For help with developing your plan.