Successful businesses start from people. Telling people about your business is the best way of marketing your business and to keep your business going. The people can be your staff, customers, suppliers, bankers and so on. Even online business requires people to process and fulfill customers’ orders.
Building good rapport with the people you deal with in business is important.
Customers buy your products or services. If they are satisfied with your services they will come back to buy more from your business and may refer your business to theirs contacts. Total customers satisfaction can generate more cash and profit for your business.
Staff provide services to the business. They help you to run your business efficiently and effectively. You must treat them fairly and pay good salary package. Good employees will take your business interests at heart and provide good customer services to all your customers.
Suppliers, Vendors and Creditors
Suppliers sell a wide range of products and services to the business. If you are a good account payer to your creditors, they will be happy to process your order quickly and may give you more discounts.
Bank provides loan facility to the business and of course you must pay interest on loans. Your business must make the loan repayment on time so that the bank would not demand repayment and blacklist your business. This would not be good for future borrowings references.
Equity Sources of Capital
The individuals and financial institutions including private equity firms who invest money in the business and expect the business to earn profit on the capital they invested.
HM Revenue and Customs – UK Tax Authority
Your business must pay income taxes, VAT, corporation taxes and excise duties to HMRC on timely manner to avoid penalties and fraud investigation.
If your business is a limited company, you must ensure you file company accounts with the Registrar of Companies on time and also other statutory information as required by law.
Concise Accountancy - Business is about people working together to generate wealth