Business Finance Consultancy
Are you expanding, transforming business processes, refinancing
Starting a Business – Are you ready to be your own boss?
We have over 10 years’ experience in getting small businesses set up, It's accurate to claim that we've cultivated substantial entrepreneurial knowledge, and we're eager to offer it to you! Whether you're looking for business plan templates, marketing advice, or other information, we have a comprehensive resource hub with everything you require.
Studies shows that many small businesses fail under two years of operation. As a result, business planning is required to carefully assess factors to mitigate the risk.
Below are some useful tips you might consider when starting up a business.
What business to start – The biggest reason many have not started a business this year is simply because they have not figured out this question. Many are searching for the best ideas or jumping on the next big thing. As a business consultant, our tip to you is to find what you can work hard in, enjoy and be passionate about.
Have a plan A, B & C – For example, if you fail to secure a business loan to start, be prepared to start small. Try something new.
Risk – Understand the risk associated with your business and provide the appropriate mitigation. This could be getting the correct professional indemnity and employer liability insurance, training and certifications, understanding the regulatory requirement of the industry etc.
Think positively – There will be times where things will be slow, you might even doubt yourself. Remember to think positively, review your plans and take action.
Be realistic – Be realistic with your dreams and outcomes
Don’t rush, be yourself – your business is your personality. Don’t copy someone else who’s successful as you may not have the same resource input.
Business Plan
When starting a new business, It is important to get your business plan right. A business plan provides a comprehensive overview of your business, its intended market, and the strategies for generating revenue. Its primary purpose is to address the pivotal question: what sets your business apart and ensures its success in an environment where many others falter?
A business plan serves as a blueprint for your business, detailing its structure, the market it will serve, and the strategies it will employ to generate revenue. Crucially, it should address the fundamental question: what factors will enable your business to thrive in an environment where numerous others face failure?
Faxon Consulting can guide you during this journey and craft a well laid out business plan using specialist tools.
You can rely on Faxon Consulting’s business plan to be specific to your business, focus on your industry and take into consideration the business financial requirement needed for it to be achievable.
Guidance on Finances
At Faxon, We can guide you with the financing requirements needed for the successful operation of your business.
Start-up Costs
Best place to start is the understanding of your own personal living expenses, then think about how much the new business need to make to keep the lights on at home. Finally, consider the start-up costs required to get your new idea off the ground.
The biggest reasons small businesses fail is access to funding. We can offer you mentoring support and point you to the right director to secure a low-interest loan for businesses purposes
Faxon is not a credit broker or lender. We can only research on finance providers who may be able to offer you finance facilities.
Insurance
It is important to note all businesses need insurance as soon as they are operational. Certain forms of insurance are obligatory, mandated by law, and should be established prior to commencing your operations. For instance, if you have employees, you are legally required to maintain employers’ liability insurance.
Conversely, there are optional insurance types that merit careful consideration, as forgoing coverage in these areas could potentially jeopardize your business, leading to financial losses or debt.
Tax
You must register your business with HM Revenue and Custom (HMRC). Speak to your Finance Business Partners for more information.
Business Branding – branding is vital to business success. Think about big brands like Tesla, Apple and Marks & Spencer . They’ve all successfully identified their target audience and tailored their marketing to suit them, creating a clear identity.
Growing a Business - Transformation
When you initially set up a business, must of us start up small probably from a garage or home office. Then comes the incremental growth and advancement that may force the need for change in our operations and processes. As you grow bigger and better, certain processes may need automation and streamlining or you might need a bigger credit limit or maybe as simple as changing a bank account to accommodate multi-payment or bulk payments to speed up paying your staff.
What happening is a term called business transformation. Business transformation is purposefully changing how a business or organisation runs. This includes personnel, processes and technology. Faxon Consultants can review, propose and implement business transformation in your organisation to allow you to compete more effectively, become more efficient and make good strategic decisions.
Business transformation is bold and shifts the business to accelerate and grow beyond the typical incremental advancements. Our consultants will help you unlock the potential of employees, create intellectual property and become more efficient in maximising the company’s potential.
Types of business transformation your business may need.
Business transformation are often fundamental change to the way the business operates and are large and multi-year initiatives. Given the size, scope and timeframe, it requires support and must be driven from the very top of the organization. A business can choose to implement transformation in one of these categories.
Business Process
This transformation primarily centers on the “how” of accomplishing tasks and may encompass agile transformation. It typically revolves around optimising and automating repetitive processes to prioritise more valuable projects. This is an ongoing endeavour, commencing with the most prevalent methods and gradually extending to those with diminishing returns. The ultimate objective is to free the company from the constraints of these tasks, enabling innovation and the delivery of higher-value services and products to the market.
Management
In the pursuit of growth within highly competitive markets, traditional top-down bureaucratic hierarchies may not be the most effective in facilitating swift decision-making and responding to emerging developments. Restructuring the management framework, which may involve eliminating intermediaries, could be one aspect of the solution. However, the empowerment of individuals to autonomously make decisions or swiftly reach a consensus is of paramount importance. This necessitates creating a culture of openness, ensuring access to information, establishing transparent communication channels, and promoting transparency throughout the organization’s functions.
Organisation
Adjusting resource allocation is a pivotal aspect of many transformation efforts. Even a company’s most valuable resource, its workforce, is no exception. Initiating organisational transformation entails evaluating how different departments are staffed and the very structure of these departments. This involves a comprehensive examination of in-house skills, experience, staff deployment, and various reporting structures. Such an analysis helps companies identify opportunities that may lead to either streamlining or expanding in order to enhance growth and success. Additional goals may encompass breaking down internal silos, simplifying the organisational hierarchy, and optimising the workforce’s size.
Cultural
Cultural transformation can be one of the most challenging aspects of business transformation. Corporate cultures typically develop organically, influenced by leadership styles and how individuals are incentivized and acknowledged. Altering the culture often requires a significantly longer time frame compared to other forms of transformation, primarily because it’s complex to translate abstract concepts and intentions into concrete actions and behaviors. Moreover, cultural transformation seldom occurs in isolation and is more likely to succeed when it follows changes in leadership. Success in this endeavor hinges on having a clear vision, unwavering commitment to that vision, and consistent practice to reinforce it.
How do you Implement Business Transformation?
Every business transformation initiative commences with a well-defined strategy. Without clear, overarching objectives and a roadmap for achieving them, any transformation is at risk of failure. It’s essential that this strategy is transparent and easily understandable for all involved parties downstream. This transparency is crucial to prevent misunderstandings or misinterpretations, as the steps and processes of a business transformation should not be left open to subjective interpretation.
The subsequent step involves identifying the specific capabilities that are required to accomplish the strategic objectives. These capabilities encompass areas where the company currently lacks proficiency or doesn’t engage in, as well as those that necessitate substantial enhancement or redirection.
Teamwork – To ensure the success of a particular capability, it’s crucial to determine the necessary skills and experience. This involves assessing the existing staff to identify any gaps that need to be filled through training or reassignment. Additionally, it may require recruiting new team members with the specific expertise and experience needed to excel in that capability.
Information Technology – In order for a capability to thrive, it’s essential to outline the requirements related to hardware, software, tools, and services. This includes specifying the necessary equipment, technology, software applications, and external services that are needed to support and enable the capability’s effective operation.
Integration – Guidelines, positions, and accountability for decision-making.
Insights – Compiling data, conveying information, and leveraging data for informed decision-making.
Business Strategy – To ensure the success of a particular capability, it’s crucial to determine the necessary skills and experience. This involves assessing the existing staff to identify any gaps that need to be filled through training or reassignment. Additionally, it may require recruiting new team members with the specific expertise and experience needed to excel in that capability.
Performance Improvement– This involves providing support for small businesses in the areas of change and behavior’s management, financing, cash and performance improvement.
Time – Increase your organization’s effectiveness and save time and resources getting things done.
Business Processes – Precisely defined and optimally structured to attain the intended results.
Our services are tailored to small and medium-sized enterprises, contractors, consultants, and umbrella employees.
Unlock the complete potential of your finances with our Finance Business Partners, who will serve as your Personal Financial Advisor. Whether you’re establishing a budget, pursuing your financial objectives, making a car purchase, or buying your first home, we are here to provide guidance at every stage of your journey.
Reviews
Sensible Money Practices from regular people we work with
The company’s specialists work at three of our facilities. We get quality services, timely tax reporting, and swift resolution for issues at the highest level.
Can’t thank them enough for updating our internal reporting mechanisms and simplifying the job of an accounting department. The best investment ever!
We could not have wished for a better partner! Your team is responsible for a, frankly, astonishing improvement in our finances over the years. Kudos!
Huge thanks to you! Thanks to your efforts in writing a business plan, our construction company has reached a new level. We have received a major order!
On behalf of the company, I express my gratitude for the long-term and fruitful cooperation, which consists in providing accounting services.
Love their approach. Company director personally supervised all of the reports for the last year. Our accounting has never been this good.
Let our Finance Business Partner become your Personal Money Mentor
Help you take back control of your money you worked hard for by setting up a budget.
manage your financial goals such as buy a car, your first home or savings for your kids future
Advice will be completely confidential, unbiased and impartial