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Buying a business – Common Sense – An Accountants view
With more people looking for a new venture whether buying or selling a business, abiding by a well-structured business plan, common sense and professional advice are important resources when approaching such an important change. Starting in the right way can help minimise future pitfalls and unexpected costs. The term ‘business plan’ is used lightly and many people don’t know where to start with developing one. Without a well-structured business plan problems can occur creating a barrier to move forward. If you are looking to buy an existing company, analysing ‘the business’ is crucial - it is easy to adapt and change certain areas but the golden question is will it work? Developing a new strategy is vital – but without testing it there is no guarantee that it will work in the marketplace. A well-structured plan should be devised with your business and consumer needs in mind along with the ability to develop your product range, in order to increase your chances, minimise risk and help secure your well–earned rewards.
The Oxford English Dictionary defines common sense as ‘good sense and sound judgement in practical matters’. Common sense when buying a business includes ensuring facts and figures are accounted for, testing your business model, performing market research and analysing competition to name a few. It’s being rational, forward thinking and strategical.
To some, investing in a business can mean putting our livelihood on the line. The amount of paperwork, figures and taxes can be confusing. Seeking professional advice can minimise your risk of unanticipated financial and legal hurdles. We all have individual requirements when pursuing professional advice but a step in the right direction is to choose someone who is a trustworthy expert. Saying this, we can all find an accountant that can ‘do the job’ but what is special about AIMS is that our accountants assist you in classic accounting matters,, whilst combining common sense, expertise, knowledge of SME’s and accountancy, to help you make crucial business decisions.
Buying or selling a business is daunting and doing something wrong can prove irrecoverable. Together with the amount of taxes and financial hurdles you face will no doubt leave you somewhat confused. You can rely on AIMS to take charge of all your tax and finances accurately and professionally leaving you in control of your business.