Year one operations
After you have completed a business plan and you feel that the information provided is accurate you have to think of your operating model and to try to find answers to the following questions:
- Do you have an action plan in place?
- Are you meeting your social objectives?
- How are you going to organise the business activity?
- How are you going to deliver the services/ products?
- Are your premises in place?
- Do you have enough staff?
- Do you need a book-keeper, accountant or secretarial staff?
- Do you have the necessary equipment?
- Have you found your suppliers and the various credit terms they will offer?
- Do you have a business bank account?
- Do you have enough money to cover your costs?
- Do you have insurance in place?
- Do you have the needed licenses in place?
- Is your marketing plan the best one to engage with your customers? How can you improve it?
- Are you operating at a profit or a loss?
- To whom are you reporting to ( e.g. CIC Regulator, Companies House)?
- Are you using the most up to date forms?
If you have sound answers to all the above questions, you are probably ready to begin operations. If you’re unsure of anything ahead of beginning your journey, speak to us.