Scaling Your Business – Growing Pains

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According to Fundsquire, the last year has seen a 4.2% growth in new companies throughout the UK. That’s 1,843 businesses started every day, or 77 every hour. But creating a company is just the beginning. Once your workplace is up and on its feet, it’s time to let it grow. How can you ensure that your business grows in the way it deserves?

 

Technology

The importance of having the right devices at your fingertips cannot be understated. But how can technology help your company grow?

Productivity

Boosting productivity means having the right solutions so employees can work to their full potential. If staff can get everything done on one device, it can boost efficiency within your organisation, meaning you can get more done in a shorter amount of time – time being an invaluable resource for companies just getting on their feet.

Compatibility

Building a company from the ground up can feel daunting. The process requires research, analysis, funding and more, so it’s essential that you have the right tools at your disposal to prevent getting overwhelmed. Businesses are built on collaboration as employees bounce ideas off one another and improve as a result of the team effort. Having a versatile technology ecosystem within your organisation that works alongside devices, your staff are already familiar with works in a similar fashion. When employees are comfortable with the tools they are provided with, there’s no telling how far they’ll go.

Affordability

A recent survey found that 29% of new businesses in the UK failed due to financing issues. For new businesses, affordable options are a must. Technology is essential for most startups, but finding the proper devices for your team on a budget can be difficult. And what do companies do when their current tech isn’t what they need to continue their growth? It’s essential to consider these elements when first forming your business to avoid finding yourself with capital stored in ageing assets and no way to change this in the future. Make the right investment for your business now and watch it grow.

 

Scaling your Workforce

As your business grows, you’ll likely need to employ people to carry out specific tasks. It’s a big responsibility hiring someone and there 4 things you need to do:

  • Register as an employer with HMRC and set up PAYE
  • Set up payroll to operate the PAYE system
  • Get employer’s liability insurance
  • Get contracts and a workplace pension in place

Once you’ve got these 4 key tasks done, you are ready to employ people. The next task when employing people is making sure your workforce is productive.

Obtaining Investment

You might find yourself in a situation where you need to make a significant investment for your business to grow. This could be for bigger premises, equipment, or even more staff. Limited companies have a great advantage over most other types of legal business structures, such as sole traders, because they can sell the shares in the company. By doing this, not only can a company easily and quickly raise some much-needed funds without having to borrow, but it can also be an opportunity to fill some skill gaps within the company!

It’s easier than ever to bring Apple products into your workplace with innovative financing options from Apple Financial Services. Get the products and services you need when you need them. Apple Financial Services keeps your costs low by accounting for the high residual value of Apple devices up front. Flexible upgrades give you complete control of your refresh cycle. And with clear and straightforward terms, the experience is simple and friendly.

Tax Becomes Taxing

To keep more capital within the company to invest in areas such as marketing, equipment, R&D and stock, as well as paying yourself in the most tax-efficient way (if you’re the business owner). To do this, you will need a business legal structure that allows you to become tax efficient in every way. Depending on the business type, income, and other factors, a limited company can make your business run efficiently in terms of how much tax the business pays and how much tax the owner pays when paying themselves. It’s worth considering how much you could save by picking the right legal structure for your business.

Scaling your Business with Apple

Apple hardware, software, and services work seamlessly together, alongside your other business critical services, like apps from Microsoft and Google. Whether you’re working in the office, from home, or working remotely, Apple devices help keep your business in sync.

Pair this with a business legal structure that will give you the best chance of scaling your business, such as a limited company, it’s a sure recipe for success!

If you chose The Formations Company to start your limited company today and chose the Pro bundle, you’ll get exclusive discounts on essential apple tech! This includes a Registered office address, Legal and cashflow management and up to £100 cashback.

Take the first step and check to make sure your company name is available to register as a limited company, chose the Pro formation bundle then enjoy these exclusive Apple discounts!

 

Check your company name

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