Surviving the financial storms
When you run a small business, the cost of living crisis hits you twice: both as an individual, with a family and social life, and as a business owner.
Most business owners recognise that their number one asset is staff, and want to reward people well for their contribution to the success of the business. But at a time when employees most need a pay rise, the costs of running a business are also going up and there is a decline in demand for goods and services as customers reign in spending to manage their own household budgets.
It’s like a perfect storm and many business owners will be battening down the hatches to focus on survival rather than growth.
Our family of accountants recognise this scenario: after all, they are also small business owners themselves. With their financial acumen and professional toolkits, they’re also well placed to help you find ways to get through the current challenges and retain your staff.
They can take a deep dive into all your financial data, to identify areas within your control where change might just make the difference between thriving, surviving and going under. There are lots of things they might suggest from re-plotting your financial forecast for the current year to reducing your inventory or re-negotiating payment schedules with suppliers or identifying funding streams for a one-off cost of living payment for staff.
If you’re experiencing challenges in the current climate, don’t delay: the earlier you work with your accountant, the more options they may be able to suggest. If you don’t have an accountant, then now is the perfect time to find a financial partner to support your business.
We have a network of experts all over the country, so why not take a look … it’s the first step to business wellbeing. You can explore our network of accountants here.