How to grow your Digital Business

The Government’s report on Digital Britain offered nothing real for owner managed businesses.

Getting money out of a bank is as equally frustrating. Banks want loans secured on assets with an established business track record to show how loans and interest charges can be afforded. Which is difficult for a new start up business or a C&D company with no tangible assets.

And don’t get me started on the Enterprise Finance Guarantee Scheme!

There are also communication and language problems. One of our studio clients has complained that “What I have found is that very often the corporate world finds it difficult to grasp what we do because it's not tangible in the same way as eg. selling computers is though what we are doing is creating, in effect, a digital asset and the real value comes from the publishing rights”. Last week I took a call from a digital entrepreneur who complained to me that she had asked an accountant to prepare some projections last March and because he does not understand the business they are still not finalised. But the good news is that we do understand you and your business.

But it isn’t all doom and gloom! Look around and seize the opportunities that are available. With the Luddite postmen on strike this is forcing more businesses to look to the Internet for alternative business solutions, i.e. digital solutions.

With the continuing advances in games consoles and mobile phones, the multinational companies need instant applications to add to their offering. And it is still cheaper and quicker to buy someone out than start the whole process from scratch. Which is great when you have that knock on the door and see a very large chequebook outside!

However in the meantime you still need to consider practical down to earth matters when establishing and growing your business. Who is going to look after the bookkeeping and tax issues? Being disorganised will cost you. Companies who file accounts up to one month late at Companies House are fined £150 and late tax returns are initially fined £100. Whilst you are winning and doing the work who is going to mange these for you?

Come with your queries and listen to your Digital sector colleagues, as we at Montpelier Chartered Accountants, along with our business partners, host a multi-disciplinary workshop that will consider the issues of growing your business.

Simon Young is a Director with Montpelier Chartered Accountants. Montpelier will be offering their time in the form of consultation, to the highest bidder, on 9 November, 6-8pm at Revolution Leeds. For more information about the FREE Knowledge Auction visit www.digital-week.co.uk