After your incorporation, what is next: 3 Ways to grow your numbers after incorporation
"A big business starts small." - Richard Branson
3 ways to grow your numbers after incorporation
Now you have your company up and running, you can look forward to raising your financial capital of your business in different ways. Do not forget your shareholders! You can work your business towards early-stage investors and reinvesting your profits; to borrowing through banks or bonds and selling stocks. Always keep your finances in check, your business margins, debt and equity finances are crucial in measuring whether your business is working with its numbers. Understand your numbers and forecast as well, give you and your business an advantage on future trends and opportunities.
Here are the 3 ways
(1) ForecastFinance Estimates:
Entrepreneurs may be required to provide banks, lenders or investors with financial forecasts to their new small business ventures. Such information is essential for obtaining outside financing for business startup costs. To ensure accurate financial forecasting, you need to write a business plan. Your business plan should include an economic forecast, expected startup and monthly expenditures, and pro forma financial statements. This accounting information is heavily relied upon by lenders or investors to ensure that you have an accurate and reliable picture of financial expectations.
(2) Knowing your budgets and profitability:
The next crucial accounting method to grow your numbers after incorporation is the creation of a budget for your business. Budgets outline the various expenditures required for different aspects of your business. Entrepreneurs may budget capital for hiring employees, advertising methods, inventoried purchases and other adhoc types of business expenditures. By sticking to a budget, it will help you avoid wasting capital on non-essential business items. With proper budgeting, you can also create a historical record of how your business spends your capital for producing consumer goods or services. With that, you will also be able to engage in proper budget forecasting depending on the different milestones and timelines of your company’s progression.
Accounting is the predominant way a company determines its profitability, in both short and long runs. Although a small business may be able to generate high amounts of sales revenue, failing to generate sufficient profits may lead the business to failure. You have to understand whether you are maximising the usage of your assets to generate services and costs of inventory as compared to your company’s profit margin. Banks, lenders and investors might also require your business to release financial information to ensure that their payments are secured. This will help you build long-lasting relationships with your stakeholders.
(3) Getting expert nsights:
Being a business owner of your incorporated business, you may find yourself seeking advice from public accounting or an individual public accountant (CPA). Professional accounts usually offer generous amounts of education, experience and expertise when helping you set up your small business accounting operations. At times, outsourcing your business to experts in the fields will be beneficial in the long run. Expert insights from external companies and individuals will help you and your company in the filing of business tax returns and ensuring that all business issues are accounted for at any point of time and at year end.
Plan, plan and plan again! Before you embark on a project, plan, budget, and decide on a clear objective and vision first. Be as superstitious as you want (I know I am) but be conservative and realistic, do not rely on hope alone to pull you through.
Edward Fearn
After your incorporation, what is next: 3 Ways to grow your numbers after incorporation
"A big business starts small." - Richard Branson
3 ways to grow your numbers after incorporation
Now you have your company up and running, you can look forward to raising your financial capital of your business in different ways. Do not forget your shareholders! You can work your business towards early-stage investors and reinvesting your profits; to borrowing through banks or bonds and selling stocks. Always keep your finances in check, your business margins, debt and equity finances are crucial in measuring whether your business is working with its numbers. Understand your numbers and forecast as well, give you and your business an advantage on future trends and opportunities.
Here are the 3 ways
(1) ForecastFinance Estimates:
Entrepreneurs may be required to provide banks, lenders or investors with financial forecasts to their new small business ventures. Such information is essential for obtaining outside financing for business startup costs. To ensure accurate financial forecasting, you need to write a business plan. Your business plan should include an economic forecast, expected startup and monthly expenditures, and pro forma financial statements. This accounting information is heavily relied upon by lenders or investors to ensure that you have an accurate and reliable picture of financial expectations.
(2) Knowing your budgets and profitability:
The next crucial accounting method to grow your numbers after incorporation is the creation of a budget for your business. Budgets outline the various expenditures required for different aspects of your business. Entrepreneurs may budget capital for hiring employees, advertising methods, inventoried purchases and other adhoc types of business expenditures. By sticking to a budget, it will help you avoid wasting capital on non-essential business items. With proper budgeting, you can also create a historical record of how your business spends your capital for producing consumer goods or services. With that, you will also be able to engage in proper budget forecasting depending on the different milestones and timelines of your company’s progression.
Accounting is the predominant way a company determines its profitability, in both short and long runs. Although a small business may be able to generate high amounts of sales revenue, failing to generate sufficient profits may lead the business to failure. You have to understand whether you are maximising the usage of your assets to generate services and costs of inventory as compared to your company’s profit margin. Banks, lenders and investors might also require your business to release financial information to ensure that their payments are secured. This will help you build long-lasting relationships with your stakeholders.
(3) Getting expert nsights:
Being a business owner of your incorporated business, you may find yourself seeking advice from public accounting or an individual public accountant (CPA). Professional accounts usually offer generous amounts of education, experience and expertise when helping you set up your small business accounting operations. At times, outsourcing your business to experts in the fields will be beneficial in the long run. Expert insights from external companies and individuals will help you and your company in the filing of business tax returns and ensuring that all business issues are accounted for at any point of time and at year end.
A Corporate Secretary holds great responsibility
In Singapore, a corporate secretary is vested with the power to authenticate documents or formal proceedings of the company. He or she may be required to execute official documents with a company director under the common seal. In general, a company secretary can issue certified copies of company resolutions along with any one of directors, which is considered proof of passing of the resolution.
The corporate secretary of a company in Singapore has various core responsibilities as aforementioned and other adhoc duties ranging from ACRA compliance and regulatory, to corporate governance, acquisitions and disposals. In general, a corporate secretary will be able to take on such responsibilities in accordance to their level of professional qualifications and work experiences. Nevertheless, if you do not feel confident in managing such responsibilities, focus on your business and outsource such necessities.
The Retail Industry
New technology, changing consumer tastes and borderless competition from e-commerce are shaking up the retail industry. Many businesses begin to embrace the “new retail” era to cash in on newfound business opportunities. Singapore is home to many retail services that draw eager crowds ready to explore new products. There is also an abundance of retail space that is ideal for businesses that are start-ups, SMEs, events or even pop up stores.
Digitalisation has a drastic impact on how people shop today. Many businesses are taking up e-commerce routes to amplify their visibility in a short time frame. For example, start-ups can utilize eBooks and social media platforms to generate leads while showcasing their products online. Furthermore, Singapore is one of ASEAN’s top e-commerce hubs, with an innovation-first focus and strong infrastructural support. The Singapore government has also launched initiatives and grants to help entrepreneurs like you, looking into entering the e-commerce Retail industry, to set up and expand. Some Retail businesses include Specialty Retailing like florist and fashion and Lifestyle Retailing like entertainment and sport. Many of which have great potential in the e-commerce market.
There is a wide magnitude of competition and– Business owners have to understand that the competition is ever-intensive and trends come and go in a blink of an eye. It is a game-changer to fully understand your business and its business models, while having the ability to build strong foresight in pinpointing the changes in needs and trends of the industry.
Starting your business right
All in all, when planning to set up a business in Singapore, you should know that everything is regulated. You will require licenses and permits to fully operate your business. The government has made it easy for local and foreign entrepreneurs to set up businesses locally, with different grants and legislations in place to propel entrepreneurs and their businesses. Business consultants like us are here to advice your business from its incorporation, to helping your business on the side with anything accounting and finance.
Plan, plan and plan again! Before you embark on a project, plan, budget, and decide on a clear objective and vision first. Be as superstitious as you want (I know I am) but be conservative and realistic, do not rely on hope alone to pull you through.
Edward Fearn
How we helped
At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.
We are your growth partners at different business stages:
✅ If you are a Young StartUp, let us materialise your vision.
✅ If you are a Fast-Growing Small Business, let us support your business goals.
✅ If you are a Mature SME, let us give you that competitive edge.
How we helped
At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.
We are your growth partners at different business stages:
✅ If you are a Young StartUp, let us materialise your vision.
✅ If you are a Fast-Growing Small Business, let us support your business goals.
✅ If you are a Mature SME, let us give you that competitive edge.
Written by, Sai Prema | After Incorporation Whats Next | 13 June, 2022 | #TGInsights
