Despite the surge, a big proportion are sole proprietorships and entrepreneurs claim to be in need of more support. This has led to many of the businesses not creating jobs and failing to contribute significantly to the nation’s productivity levels.

With years of experience delivering our Leeds-based services to start-up businesses, today the team here at Lima Accountancy are sharing three common problems that organisations in their infancy will typically encounter:

Lack of funding

To put it bluntly, it is hard to make money from nothing. Realistically you are going to need sufficient funding for your company from the beginning, as well as ensuring that you maintain a healthy cashflow thereafter.

Doing it alone

It may be tempting to try to do everything on your own, but certain aspects are best being left to professionals that specialise in that specific area. You need to possess financial knowledge to tackle the likes of bookkeeping and accounts preparation successfully, for instance. The same goes for payroll and CIS.

Money issues

Whilst start-up business owners benefit from being optimistic, it can be a downfall too. When borrowing, for example, some advise to do so for a worst-case scenario rather than overestimating future sales and predicting an upturn in your particular market.

If you are based in Leeds or the surrounding Yorkshire area and would like more information on what our accountants can provide after reading the above, please click here.

Alternatively, feel free to get in touch with us directly by either calling 0113 844 0402 or emailing enquiries@limaaccountancy.co.uk today.