Founder's guide for start-ups and entrepreneurs: the role of accountancy and finance

Whether you are an entrepreneur, planning to become one, or an accountancy and finance professional supporting entrepreneurs, this guide focuses on three core areas for building a successful start-up: financing the business, business improvement, and corporate governance and controls. Together, these are translated into six practical actions:

1. Secure a good valuation: focus on your idea, have a viable product and strong ‘proof of concept’. 
2. Manage day-to-day finances: managing and allocating resources effectively is crucial to your success. Have a finance professional on your team who understands the different skills needed to earn and manage money. 
3. Ensure growth: define the key performance indicators your business needs to survive and set up systems to record and monitor your progress against them.
4. Deploy good corporate governance from the start: having a compliant business gives a competitive edge when seeking funds from investors, helps in building the company’s reputation, and prevents fraud and errors. Use experts and get it right first time.
5. Only take calculated risks: Prudent risk-taking is the key to success. Take calculated risks and avoid anything that could put a question mark on your business model. Embed risk management in your culture.
6. Manage regulatory and tax issues: stay informed and prioritize compliance with regulations to ensure the viability and sustainability of the business.