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Owners of small business must have financial acumen to succeed, according to one independent financial adviser.
Norwest Consultants has suggested that when looking at company formation, sole traders and SMBs should spend a significant amount of time considering their financial positions.
Principle Harry Katz said that the "romantic vision" some people have of running their own business is quite different from the day to day reality of tax planning and conforming to regulations.
"Some people have this absolutely crazy idea that if you run your own business, youve somehow got an easier time of it," he explained, suggesting that such notions are "absolute rubbish".
"However many hours you worked when you were employed, youre going to work at least 30-50 per cent more hours once youre self-employed," Mr Katz added.
He said that one of the main problems facing new business owners is managing finances and tax planning, while also employing the right staff can also prove difficult.
"The vital thing is - watch your costs like a hawk," the expert advised SMB owners.
"You have to have financial acumen. And if youre not the sort thats been able to manage your own money personally, how are you going to manage a businesses money?" Mr Katz concluded.
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