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Business Partnership Advantages

However, having a partner also means two minds that may want different things in the future, and unless there are strict boundaries and agreement in place, things may get ugly.

A partnership agreement might sound formal, but setting clear rules of what jobs each of you will do and how much you get paid for it will save you from falling out with your partners and having no say in your business. You want to protect yourself against all eventualities, and a well-written partnership or shareholders agreement will protect you against it.

Three things to consider when choosing your partners:

Do you trust your partner, and how will they benefit your business?

Being able to trust your partner is incredibly important. It would be best if you felt that you could depend on them in every situation. You need to know that when your business partner says she will do something, she will do it, and it will be ready for when she thinks it will. Without trust, there is no business.

Do your share the same vision for your business with your partners. You should share the same vision for how it will run and work now and in the future.

For example, if one of you wants to grow the business, and the other wants a flexible job to run around their family, it may be an idea to draw an agreement where one of you has a higher percentage of profit, or the other is just an employee. Either way, if your vision doesn't align with each other, it would not be easy to have a successful partnership without any agreement.

Do you share the same values? If you don't have the same values, you might each lead the business in a different direction in the future.

Imagine you are going into a beauty business with one of your friends. You both love beauty products and are equally good at it. It might look like a match made in heaven, but what if you believe in using natural products and she doesn't? You couldn't run a company together; it wouldn't work. Your business wouldn't work because you would be pulling it in different directions.

Choosing the wrong partner could cost you losing a friend and potentially your business.

Always have a well-drafted agreement in place if you are going into business with somebody else because it happens.

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Testimonials

Rea Moores Creates

Starting up my own business I had no idea how much would be involved in preparing the tax at the end of the tax year and how much time bookkeeping would take. Fortunately Jana was at hand to help me. She guided me through all the steps needed for her to submit the documents to the tax office, answered all the questions I asked, and put me at ease. I would recommend brush up accounting to anyone that needed this service.

QualClean Ltd

I have engaged Jana as the permanent accountant for QualClean Ltd as my accountant of 7 years advised me, he was retiring.
In the last 12-18 months I have become a little disorganised due to workload, illness and several other external factors. This has resulted in me not staying on top of my accounting, bookkeeping and invoice payment chasing.

In less than 2 months, Jana has very efficiently organised me and has set me up with a whole new system to aid my efficiency. Moreover she has been really proactive in pointing out issues in my bookkeeping and most importantly, my invoice chasing. This has resulted in recovering monies that I had no idea I was missing!

I thank Jana for her highly fastidious approach and care and I have no hesitation in recommending her to colleagues and friends.

Nikki Ayton

Brush Up Accounting was recommended to me by a mutual friend and Jana has been like a breath of fresh air. I needed someone approachable, professional and experienced and I got all three.

Jana was excellent at communicating with me and she has always got back to me within 24 hours (if not sooner). She has made an onerous task a lot simpler by explaining the process step by step.

I highly recommend working with Brush Up Accounting.

How we work

⭐ We'll set up up on Xero, Brightpay and other essential software.

⭐ We offer fixed monthly fees, reviewed quarterly, with options for video meetings and screen sharing. If you’re

local to Telford, we are happy to meet you in person too.

⭐ We will handle your bookkeeping, prepare detailed reports, and have an in person or a Zoom meeting to go

over your profits together.

⭐ We will discuss how much money you need to save for your tax, how much VAT you need to pay, ensure you

fully understand all of your finances, and answer any questions you may have.

⭐ With your account accounts done monthly, you'll have a clear and transparent view of your finances. This

will help you to take more money home, be in a safe financial position, and plan for a more profitable future.

⭐ We're well connected and can introduce you to other professionals to help you achieve your goals.

How we work

⭐ We'll set up up on Xero, Brightpay and other essential software.

⭐ We offer fixed monthly fees, reviewed quarterly, with options for video meetings and screen sharing. If you’re local to Telford, we are happy to meet you in person too.

⭐ We will handle your bookkeeping, prepare detailed reports, and have an in person or a Zoom to go over your profits together.

⭐ We will discuss how much money you need to save for your tax, how much VAT you need to pay, ensure you fully understand all of your finances, and answer any questions you may have.

⭐ With your accounts done monthly, you'll have a clear and transparent view of your finances. This will help you to take more money home, be in a safe financial position, and plan for a more profitable future.

⭐ We're well connected and can introduce you to other professionals to help you achieve your goals.