Oaktree can assist new businesses to get off to the best possible start by helping you to:
- Decide whether to be a sole trader or form a limited company, or operate under a different structure.
- Prepare a robust business plan with a cash flow and profit budget.
- Obtain sources of finance from banks and other third parties.
- Register with tax and legal authorities.
- Decide how to record the financial transactions of your business.
- Set up your financial systems and run them efficiently.
- Set up simple systems to control your business week to week and improve its profits and cash flow.
The sooner you do these things, the better:
- You’ll probably save tax.
- You’ll make life easier for your accountant at year-end which will save time and should lead to lower fees.
- You’ll feel more in charge of your business and should make better decisions as a result.
It’s tempting to try to save money by delaying this sort of thing, but often this leads to higher costs if you’ve initially headed down the wrong track.
For more, see the Start-up Link under Resources.