{"id":963,"date":"2018-05-30T16:17:15","date_gmt":"2018-05-30T15:17:15","guid":{"rendered":"http:\/\/www.withcreative.co.uk\/dev\/robust-business-planning-key-in-booming-tech-sector\/"},"modified":"2021-01-15T00:13:19","modified_gmt":"2021-01-15T00:13:19","slug":"robust-business-planning-key-in-booming-tech-sector","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/langricks\/robust-business-planning-key-in-booming-tech-sector\/","title":{"rendered":"ROBUST BUSINESS PLANNING KEY IN BOOMING TECH SECTOR"},"content":{"rendered":"
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For every quick growth success story in the tech sector there are numerous failures with cash flow and under-capitalisation cited as key challenges<\/em>. Chartered Accountant Chris Langrick talks about the importance of robust business planning, HMRC schemes and funding options to allow ideas to flourish<\/em><\/header>\n

There has never been a better time to be a tech entrepreneur with tech investment deals in the North quadrupling in the last 12 months. The North West has seen significant investments into its regional tech companies with the top three\u00a0 – The Hut Group, Push Doctor and Cubic Motion recently commanding \u00a3165m of cash \u2013 a massive vote of confidence in the market and these companies in particular.<\/p>\n

Add to that a recent survey, compiled by\u00a0Tech Nation<\/a>\u00a0from Pitchbook source data and supported by\u00a0Hiscox<\/a>, telling us that investment is growing faster in the North than anywhere else in Europe in the last five years and we get a unprecedented picture of economic opportunity for the region.<\/p>\n

Deeper analysis of the new data reveals that Manchester is the key performer within the region, with tech investment growing at an incredible 668% over the 2012-17 period.<\/p>\n

Of course behind the headlines and the success stories there are many tech businesses that do not make it and one of the key challenges is almost always cash flow and being under-capitalised.<\/p>\n

In a fast-moving, complex and competitive sector like tech it is essential to have a robust business plan in place. And this can go against the grain for heads of tech enterprises who see it as boring and restrictive.<\/p>\n

But it is fundamental to understand cash requirements at the outset and you can bet your bottom dollar that these big investment deals that have stolen headlines in recent months have been based on sound financial management to date and a clear vision for the future.<\/p>\n

There are many sources of cash funding available so look around and find the best options. These include;<\/p>\n