That is why the Halifax firm was keen to be involved in the Evening Courier New Business Award.

Vicky Atkinson and Simon Walton, partners at the firm, are keen that potential new businesses get the correct help and advice before they embark on what could be an exciting adventure and avoid many of the pitfalls that can hit new businesses.

"When someone approaches us we tell them that planning is crucial and they must have a clear path to follow," said Mrs Atkinson.

"We work very closely with Business Link who advise new start-ups and it is clear that many potential new businesses require professional advice to identify all of the areas for consideration. Cash flow is critical and is the biggest contributory factor in business failures.

"Coupled with this, many people who want to start their own business do so because they have a skill rather than a management qualification.

"This is where we can help them appreciate what is involved in running their own business from a financial and legislative perspective," she said.

Simon Walton is concerned about tax implications for start-up businesses and ensuring that new ventures are set up using the most appropriate vehicle from the start, whether that be a limited company or self employment.

Other things for new businesses to consider are the importance of using professionally regulated accountants and ensuring they make the appropriate registrations to the proper authorities from the outset.

"Good advice is priceless. Riley & Co encourages regular meetings to consider not only the previous year's results but also to look forward to future trading periods.

"We look at what options lie ahead with regards to share structure, remuneration strategy and other tax planning opportunities," said Mrs Atkinson.

Both agree one of the most satisfying aspects of their role is dealing with clients that came to them as new ventures and have grown into strong and successful businesses through professional advice and help.

"Many of our clients have been with us for 20 years and it is great to see them doing well and know we were involved at the start," she said.