Call today 01474 853856
Call today 01474 853856
With energy, food and living costs continuing to rise, the economy likely to be in a recession and the increase in taxes, as a business owner, you’re likely to be feeling the pinch. Here you will find advice and tools to help you navigate this challenging time for your business.
The business is there to provide you what you want from life. What do you need to change about yourself before making changes to the business?
Consider its strengths, weaknesses, opportunities and threats
If it isn’t there yet, write down what you need to do to achieve this.
What if you reduce expenses, increase sales or change your prices?
Even for your own benefit – refer back to your personal objectives
A spin-off series dedicated to helping you as a business owner through the staffing / recruitment crisis and skills shortage in the UK. In each piece we will delve into the various solutions and strategies to help your business.
Negotiate payment terms that involve regular cash flow into you
Offer existing debtors extended payment terms and/or discounts
Do you spend more time looking for new customers than offering your existing ones added value?
Do your customers know who you are and what you do?
Coming soon – We will be writing more guidance and producing free tools soon.
If they don’t, add them and be stricter!
Eliminate those that are unprofitable or not core products/services
When was the last time you increased them?
Consider having a ‘review of your pricing strategy’ discovery sessions with one of our advisors
Set measurable targets and expectations for invoicing and collection periods
Do you know how to work this out quickly and easily?
Top tip: if you have Xero, there is one already prepared for you!
30-90 days ahead for a crisis management, annual to plan
Consider how you intend to manage these and any currently held.
Pass this onto your staff so they can work out theirs
Review your latest profit and loss statement and ensure your income covers your expenses.
Not got this far? Then at least make sure your book-keeping is up to date.
This is the point at which your revenue equals your costs
Measure them on a daily basis
Encourage team members to get involved in these discussions
Claiming losses, R&D claims, EIS and SEIS are just some of the things you can consider
What do you and how much? When can you pay?
Where can you save money in the busy months to tide you over in the quiet months
Don’t forget to input this information into your accounting software for actual comparisons
Can the business continue to sustain your drawing levels and is this necessary?
Consider alternatives such as outsourcing certain activities locally or overseas
Are you over or understaffed? Do you offer flexible work scheduling? Consider reducing your employees hours
Employee retention may be key to the future of your business
You don’t have to keep up with this, but could you be forced to in order to keep your staff?
A salary increase will only get you so far. It won’t help you to create greater teamwork or boost staff morale
It is a tough pill to swallow but economical changes may be forcing your hand in order to survive
Controlling absences and keeping a positive mindset is key
Go further and invest in our expertise with our Breakthrough Recovery Programme. In this programme, we can help your business through this challenging times and emerge with increased profitability and growth.
Call us on (01474) 853856 and we will put you in contact with one of our advisers, or send us an enquiry by clicking below.
Fill in your details below and we’ll come back to as soon as we can! If your enquiry is urgent, please do give us a call.