Growth

Business growth opportunities in the UK

UK has a lot to offer when Business opportunities are available in main industries starting from Manufacturing, creative industries, Film, Steel, Automotive, Finance, banking and business services, Transport equipment, Oil and gas.

Economy

The United Kingdom is the sixth largest national economy in the world and third largest in Europe measured by nominal GDP.

The UK has a partially regulated market economy. London, the capital city is one of the three “command centres” of the global economy (alongside New York City and Tokyo).It is the world’s largest financial centre alongside New York and has the largest city GDP in Europe.

The service sector dominates the UK economy, contributing around 78% of GDP. After the financial services industry, the pharmaceutical industry plays an important role in the economy as the UK has the third-highest share of global pharmaceutical R&D.

Financial controls

Paradoxically, rapid increases in turnover can sometimes weaken or even destroy a business because its systems break down or because it cannot finance the increased levels of stock, work in progress and debtors which are required. Adequate working capital and good controls over stock, invoicing, credit to customers and cash collection are among the most important aspects of good financial management in a growing business.

Accounting needs

Expansion of business activity increases the volume of transactions which have to be recorded. Tasks such as payroll preparation may be better handled outside the business by a specialist bureau. Such a firm could also help with additional bookkeeping and accounts preparation, besides advising on general financial matters and taxation. Eventually, you may wish to employ a chartered accountant full-time, although there will still be an occasional need for specialist help from an independent firm. If an audit is required, it cannot be carried out by a chartered accountant in your own employ.

Risk Management

As a business owner with expansion plans, you might think that improving your risk management systems and procedures is the last thing you need to be concerned about. After all you have insurance. But do you? The cost of insurance and the increasing restrictions imposed by insurance companies means that many smaller businesses are by no means fully covered against all probable risks. Directors of small businesses can be personally liable or, in some cases, criminally liable for breaches of health & safety, fire or environmental regulations. And it's not just keeping the regulators off your back. Poor risk management can cost.

Do you have adequate systems of credit management to prevent bad debts or human resource procedures to prevent liability from employment tribunals? We are trained in risk assessment and will help devise a risk management strategy appropriate for the size and circumstances of the business.

Consultinghouse UK

Klaus Schottler, CPA

Managing Director
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*Copyright Consultinghouse 2017. All services offered on this website are provided by Consultinghouse UK Limited. Consultinghouse UK is a boutique management consulting firm and professional services provider. Consultinghouse UK provides tax and management consulting as well as services with regard to accounting of current business activities, the generation of payslips, as well as the registration for payroll tax. For legal services please contact our cooperation partner http://www.counselhouse.eu.