POST SPRING BUDGET 2009 – HOW TO SURVIVE THE STORM
So, the Budget has passed and the future is looking bleak – But does it have to be? The Government are short of money and trying to make ends meet and this will almost certainly mean increases in taxes in the future, no matter who is in control.
The truth is now coming out about the unbelievable expenses the MP’s have been claiming and although the details and scale of it are still uncertain, one thing is for sure, the Government needs to take a good look at what is going on and how it can turn things around. A spring clean is needed... For all of us!
So, the question is, how does this relate to the small businesses out there. What can we do as Individuals to ensure our businesses survive these hard times and where can we turn to when things are looking grim? The answer is the same as for the Government; we need take a good look at ourselves and our businesses as a whole, both financially and practically.
Here is a list of some of the simple things we suggest you do to improve your business and save money:
• Take the time to actually manage the business. We advise our clients to look at the bigger picture and focus on the key areas of the business. Businesses that are managed effectively will come out of this recession on top and will be in a stronger position going forward.
• Manage your staff effectively. Be a leader and lead them through their work. A highly motivated, managed, team of staff can be more effective, efficient and productive.
• Look at your previous years accounts. Even if you don’t fully understand them you should still be able to identify costs where you feel you may be able to save money. We advise you to sit with your accountant and identify areas where you can focus on and save money. By doing this, budgeting and preparing simple management accounts you can control your costs and see the picture as it is stands.
• Build a rapport with your customers and suppliers. The fact is that most businesses at present will be feeling the nip because of the way the economy is. By keeping in touch with your customers and suppliers and listening to what they have to say, you will quickly build up a good reputation. This is very important!
• Look after your finances. Sounds simple but in fact most businesses do not control costs effectively and waste money on unnecessary expenses.
There are many more things that can be done to improve your business. If you think that you need help then we suggest you contact your accountant. We want our clients to contact us so that we can help in any way we can without costing a fortune. You should expect that from your accountant.
It is your business and our future that we need to protect. So, start looking at it now, before it is too late. The old saying is true, by looking after the pennies; the pounds should look after themselves!
For help and advice or to discuss any of the topics in this article, contact Carl Gibson on 01228 546772 or 07725 055 400.