The accountancy firm which has offices across Scotland specialises in supporting businesses through every stage of growth and has collated top tips and expert advice in one guide which can be downloaded from their website.

The firm has highlighted that a global pandemic may seem an unlikely catalyst for business growth, but for some, changing circumstances and time to spare have played a part in fostering innovation and entrepreneurialism.

Regardless of whether the ambition is to turn a hobby into a lifestyle business, or build a high-growth enterprise, starting a business for the first time can be a daunting prospect.

Owner-managed business specialist Jaslin Bhagrath, partner at Henderson Loggie, said: “Whatever goals people are pursuing in starting a business, it pays to take advice from experts to avoid common pitfalls and ensure the business is structured correctly to meet those goals.

“There’s lots of self-help guides for start-ups available, but it can save time and money, in the long run, to take professional advice at the get-go, no matter the size of ambition for the future. Never think, my business is too small. A small successful business is preferable to one that has failed through lack of financial foresight.”

She added: “Advances in technology have taken the pain out of financial administration for all sizes of business, from sole traders to enterprise-scale operations, and it pays to understand what cloud accounting and automated processes can deliver when used in tandem with expert planning advice. As the economy recovers from the impact of Covid restrictions, we expect to see a rise in the number of new businesses getting off the ground to fill the gaps created by businesses lost or new opportunities arising as people re-shape their lives.”

According to the most recent Scottish Government statistics, sole proprietors and partnerships accounted for up 62.7% of private sector businesses in Scotland last year, and the number of non-employing registered businesses increased by over 500 since 2020, and this figure is expected to increase as the economy recovers.

A Start-up Business webinar hosted by Henderson Loggie together with accounting software company Xero, will be held on 8th March at 11am with a focus on the benefits of cloud accounting and the key things you need to consider when starting a business, such as legal structure, funding, bookkeeping and more.

You can sign up for the event here.