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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Eight simple steps for business survival during hard times

The indicators are pointing to troubled times ahead, especially for some sectors: rising costs, falling confidence, and lots of uncertainty. If you are in one of the sectors affected, take these eight steps to maximise your chance of survival.

1. Cash flow: Do two cash flow forecasts covering the best case and worst case scenarios. Use the worst case for your planning, but also focus on any revenue opportunities in the best case scenario.

2. Payments: Stop any payments that are not absolutely business critical, including even the smallest direct debits and standing orders. This cost control checklist may help.

3. Taxes: If you are struggling to pay any kind of tax, including VAT and PAYE, call the HMRC helpline. HMRC are extremely helpful and a 'Time To Pay' deferment may well be possible.

4. Finance: If you can demonstrate that your business is viable in the long run, you may well be able to open (or increase) a bank overdraft. But a lack of sales mean that many businesses will struggle to demonstrate viability. And in any case, many business owners want to avoid increasing their future liabilities.

5. Rates: There are various business rates relief schemes for businesses in particular sectors (eg retail, hospitality, leisure) and those already eligible for small business rate relief and rural rate relief.

6. Negotiate: Some suppliers will be prepared to agree delayed payment terms. Conversely, you may be asked to extend credit to your own customers. Work hard on collecting any payments owed to you.

7. Team: Parting company with a poor performer not only saves a salary, it can sometimes transform the morale and productivity rest of the team. Now is the time to take a long, hard look at whether you can shrink the team. Making a position redundant in times of financial difficulty is relatively straightforward compared to dismissing an established employee when a business is going well.

8. Optimise: Get all your staff, including homeworkers, set up properly so that they can work together effectively. Use any collaboration tools you already have and any suitable new apps.

Having taken these eight steps, you may decide that the business is going to collapse regardless. In this situation, you will need to plan for insolvency, choosing the best way to deal with your particular circumstances.

Copyright 2022. Article written by Rory MccGwire, Atom Content Marketing.

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