Tips for setting up a small business

Setting up a small business is a big challenge. There’s a whole host of things that need to be considered when you want to get it right. Not least making sure you have all the information you need to be able to make well informed decisions. All that information needs to be up to date and available whenever you need it. It’s key to the success of the business. Having all that information available is one of the ways that you’ll be able to build a great working relationship with your accountant too.

A couple of weeks ago I went to the heart of London’s new tech centre, the Old Street roundabout to meet with small business owner David Abrahamovitch. He founded Shoreditch Grind, an independent coffee and cocktail house that opened two and a half years ago, with the aim of bringing better coffee to Londoners.

Shoreditch Grind London recommends Xero accounting software from Xero on Vimeo.

Since the business started, it has served up over 500 cups of great coffee a day to discerning customers, not to mention the delicious food and the seriously special cocktails mixed up every evening when the coffee house becomes a bar.

All that action needs some serious organising and underpinning, and hinges on a combination of great business tools and even better people. It took 18 months of pure planning to get Shoreditch Grind up and running and unless the business is making money, as David puts it, it’s just a hobby.

He knows that a close eye on the figures, the ability to know how the business is doing every day, and measuring everything, is fundamental to it’s success. That’s where Xero comes in. David runs the business using a cloud based point of sale system and Xero. This gives him the insight and information he and his accountant Kelly Rowland from the Wow Company need to get the job done.

David is one of those people who inspires you to think that anything is possible and slightly effortless, in business. Shoreditch Grind is just one of a number of small business that he has founded, and he recognises that setting up a business is indeed anything but effortless! It’s about getting the right balance and combination of everything from the coffee and staff to the accounts and the point of sale system. In addition, in David’s own word’s “every business now is a technology business” and running any business on locally installed software is archaic. In fact, he now writes in to every new business contract that the accounts have to run on Xero.

For more tips, tricks and accounting advice for your small business, visit the Xero website.

 

6 Comments

Nick Hazel
January 1, 2014 at 4:45 pm

Excellent video. Well done David…!

Rex Fredericks
January 1, 2014 at 9:33 pm

Well done on the small business, we also operate a small service business. When will Zero have the ability to create an estimate and then convert that estimate into an invoice. Lets go Zero, please, and help us get rid of QBI

Malcolm Sackman | North London Accountant
January 1, 2014 at 1:02 am

Excellent…I wish all clients where as switched on as David.

Jonathan Nicholls
February 2, 2014 at 9:39 pm

Great video and well done in setting up such a happening location.
Just a quick question – does any one know which add ons are being used here?
Thanks

Bluebird
June 6, 2014 at 3:25 am

Great to share Shoreditch Grind and David as a mutual client with Xero!

Requirements Inc
January 1, 2015 at 8:23 pm

Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business.

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