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A director in any SME can often be overwhelmed by the sheer amount of tasks that eat into their day. Meetings with existing or potential clients, keeping on top of paperwork and keeping an eye on payments (both in and out of the business) can often leave very few hours in a director’s day.

As the age of technology has developed at such a rapid pace over the last decade, the number of new online companies starting out has been staggering.

There have been a number of mixed reviews available on the relative success of the Funding for Lending Scheme. George Osborne and incoming BoE governor Mark Carney have both suggested that the scheme has attracted international acclaim recently.

A winding up petition (WUP) is a significant form of action taken against companies that have failed to make payments or who are unable to repay debts. Typically considered as a last resort, the use of a winding up petition suggests that a company’s creditors have lost all confidence in its ability to pay and have had to resort to the petition as a means of recovering their money, putting a company out of business, or both. Certain methods, such as a Company Voluntary Arrangement, may have been discussed without all parties feeling this was possible. The use of such a petition can easily spell the end for a business and action needs to be taken as quickly as possible to try and remedy the situation.

Becoming a successful entrepreneur is always going to entail risk. While every company and industry will have individual challenges which may prove daunting, there are three key pitfalls which first-timers can fall into: