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Top 10 things to remember if you are a Director of a Startup or a Fast Growth Company and you don't want it to end in tears!

5 June 2018

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  1. You are not the company but you are responsible for its well being and reporting to Companies House and HMRC.
  2. CASH is not easy to find! Funders, investors, venture capital companies are not waiting to throw cash at a business idea without structure, compliance and a properly formed company. Even with these, they are still not just waiting for your idea.
  3. The company needs a business plan.
  4. Directors must keep track of decisions usually by having board meeting and noting what happened at that meeting.
  5. You should keep records of the transactions of the company - it is called accounting - even when it hasn’t traded yet. When the company hopefully has trading cashflow and money in the bank -it is not YOURS!
  6. One sale or order does not mean you have a business.
  7. No one person can do it all - support is easy to find and relatively inexpensive. Contact the contributors of our worried directors guide or look online for expert consultants.
  8. 90% of all new start companies fail or close within 3 years. If this company does fail, make sure you are personally not liable for the company’s debts. AND if it does fail - learn from it and start again.
  9. Initial advice is free from the contributors to this guide. ACT quickly if problems arise.
  10. You need a business plan.

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