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New Founders Finance Considerations
Manage episode 421065727 series 3529387
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In this episode, I’m thrilled to be joined by Chris Lang, the Founder of Flash Partners Limited, a company that provides in-sourced finance functions for small and medium sized companies in the marketing communications industry.
In this conversation, Chris and I explore what new founders and startups need to consider from a finance perspective and provide some tips and tricks that startups and small businesses need to consider around finance.
🌟 Some of my favourite parts were:
✅ Chris’ mantra that cash is king and how it is the unexpected bill that can often be a company’s downfall;
✅ How running both a 12-week and an annual cash flow forecast will help to manage those short and longer term cash flow bumps in the road;
✅ The signalling that HMRC are making that Corporation Tax will be coming payable more frequently than the current annual payment dates;
✅ How it is the company stage in its life and growth cycle that determines the complexity of a business’s systems, processes and management reporting;
✅ The importance and need for timesheets as soon as you have people employed to work on client work, so you understand what is going into what you are selling
Business Book Bonus: https://mooreks.co.uk/annual-survey/
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