The Numbers Studio: empowering entrepreneurs with financial mastery

Let’s face it, the conditions for running a business are tough at the moment, so mastering finances is not just the key to success…but a necessity for survival.

Did you know that 56% of small and medium-sized enterprises (SMEs) have sought external funding in the last three years? Additionally, 33% of UK small businesses now have debt over 10x their cash balances, more than double the rate before COVID-19. However, it doesn’t have to be this way…

Enter The Numbers Studio, your local financial wizards in Brighton, ready to transform your business with their unique blend of expertise, commercial savvy and a personal touch. If you’re a business owner who wants to learn how to master your business finances, avoid sleepless nights and reach new business heights?….then you’re in the right place…

Know your numbers!

Solid financial management (“managing your money”) is the backbone of any successful business. Without a firm grasp on your numbers, you’re navigating blind through a minefield of low-margins, slow paying customers, agitated suppliers and “Damn me, how is the VAT due again ALREADY!”. This can lead you to making emotional, uninformed decisions that risk the future of the business or, worse, you get stuck in a cycle where you’re earning less than an employee, but with all the heartache and hassle of running a business.

Financial management isn’t just boring-old bookkeeping admin, it’s about properly looking at what your numbers are telling you and making informed decisions to navigate through economic uncertainties and improve your chances of success. By having these elements in place, businesses can better manage their resources, plan for the future, and avoid common pitfalls that lead to financial distress.

We all know that cash is King and that poor cash flow management is a primary reason why businesses fail… The Numbers Studio gets it – they know the challenges and have a simple, age-old process:

Create an annual cash budget that is straightforward. Keep your bookkeeping up-to-date, and each month, compare your actual results with your budget. Investigate any significant discrepancies between your budgeted and actual results.

Implementing this simple system that works, is like using Google maps instead of using a paper map; a simple, yet effective way to tighten up your money game.

About The Numbers Studio

The Numbers Studio was born in Brighton almost 10 years ago, with a mission to empower entrepreneurs through exceptional financial management. The Numbers Studio is a boutique finance agency and the trusted finance partner for hundreds of businesses across Sussex and London, offering a unique approach that blends financial knowledge with emotional intelligence and commercial insight.

The Numbers Studio’s vision is to see every entrepreneur thrive, free from the stress of financial mismanagement and to help decode the numbers that tell the real story of a business.

Our people focused team of experienced professionals are dedicated to providing bespoke solutions that meet the specific needs of each client, ensuring that every business owner has the support they need to succeed.

Services offered by The Numbers Studio

Financial compliance: The necessary evils of the business world. We quietly and efficiently ensure your business remains compliant and optimised for tax. The Numbers Studio offers comprehensive financial compliance services, including bookkeeping, payroll, VAT returns, and annual accounts. Our expertise ensures that all financial activities adhere to the latest regulations, helping you focus on growth.

Outsourced finance manager services: For businesses needing more than just compliance, The Numbers Studio’s outsourced finance team service covers everything from day-to-day bookkeeping to detailed management accounts. This allows business owners to have a clear view of their financial health and make informed decisions.

Finance director services: Strategic financial planning is vital for long-term success. The Numbers Studio provides fractional Finance Director support, offering high-level financial planning, performance analysis, and strategic guidance to drive business growth and profitability.

Tax schemes: Navigating tax schemes can be complex. The Numbers Studio assists with various tax schemes, including EIS, SEIS, R&D, and EMI. Their expertise helps businesses maximise tax benefits and reinvest savings into growth initiatives.

Business planning: Their business planning workshops offer strategic clarity through a structured, two-day program. These workshops are backed by case studies demonstrating their effectiveness in helping businesses thrive.

Non-exec board member: Keeping business owners accountable is crucial. The Numbers Studio provides fractional board members who offer strategic oversight and ensure that business objectives are met.

Success stories and case studies

Case study: One client, a tech startup, struggled with cash flow management and strategic planning. By partnering with The Numbers Studio, they implemented robust financial controls and secured R&D tax credits, leading to increased operational efficiency. This transformation allowed the startup to attract further investment and scale rapidly.

Case study: Another client, a retail business, faced challenges with tax compliance and financial reporting. The Numbers Studio provided comprehensive financial compliance services and strategic advice, resulting in improved financial health and reduced tax liabilities. The business experienced a significant turnaround and increasing profitability.

Educational insight – tips for financial success

Practical tips:

Budgeting: Create a budget that covers all aspects of your business operations. Regularly review and adjust it to reflect actual life, this should be a living-breathing document, not something that’s used so rarely it collects dust!

Cash Flow Management: Guard your cash flow with your life. Build a ‘war chest’ to fend off unexpected expenses and slower periods.

Tax planning: Stay informed about tax regulations and deadlines. Ask your accountant for a heads up on anything new.

Financial Reporting: Regularly review your numbers (ideally monthly) to stay ahead of potential issues. Remember your financial reports are a ‘lag’ measure, they weigh how successful your other actions were in making money.

Build a scorecard: This should be 7-15 key measures on a page of A4.  If you were cut-off on a desert island, with only this page, you’d still know how the business was doing

Invest in Technology: Utilise software to streamline processes and improve accuracy. Xero + Dext are no-brainer winning combo.

Expert advice: Avoid common financial pitfalls such as overestimating revenue, underestimating expenses, and neglecting the cash impact of quarterly and annual tax obligations. Maintain a prudent, conservative approach to financial projections and always plan for the unexpected.

Resource Guide: There are tonnes of forecasting and cash flow tools available online, and books like “Profit First” by Mike Michalowicz, “Get a Grip” by Gino Wickman and “The Richest Man in Babylon” by Geirge S Clason are all solid choices for developing the framework for generating profit and retaining cash.

Summary

Effective financial management is crucial for business success. By partnering with The Numbers Studio, entrepreneurs can gain the financial clarity and strategic guidance needed to thrive. From compliance and tax optimisation to strategic financial planning, The Numbers Studio offers a comprehensive suite of services tailored to the unique needs of each client.

Don’t let financial challenges hold your business back. Reach out to The Numbers Studio today to discover how they can help you achieve your business goals.

Want to know more?

For more information about how The Numbers Studio can help your business, visit their website at www.numbers.studio

You can also contact them at 01273 973 741 or hello@numbersstudio.com

Follow them on social media for the latest updates and insights. Book a consultation today and take the first step towards financial mastery.