Don’t let your business stagnate or fail
Posted on 1st July 2022 at 09:52
The current economic pressures are making doing business difficult for many of us. Bodies like the Federation of Small Businesses have reported that up to half a million small firms are at risk of going out of business and have appealed for support for them.
With so much doom and gloom in the media and predictions of worse to come, it can be very easy to take the decision to put the breaks on investment and growth plans in favour of a lower risk strategy or going into preservation mode. But could this be more damaging to your business if you start to stagnate and fail to take the opportunities available to you?
What should you be doing?
You should be taking stock of where your business is and where it stands financially. Understanding your figures is important as this will help you to make informed decisions backed by your financials.
Now is not the time to stick your head in the sand or be proud, ask for help – this is what we are here for! We can assist you in understanding your figures better, helping you to forecast and examine your cash flow. We can help you in finding ways to make savings and assess investment decisions. With backgrounds of working in businesses, we know where you are coming from and how to help, so let us be that shoulder to lean on or a second pair of eyes.
We can also guide you through a range of lending options so you can assess which may be the best for your circumstances. We can also help you to prepare cash flow forecasts and approach lenders to put you in a better position of being accepted.
You could also consider putting extra credit checks in place to protect your business from potential risks from clients paying late or going insolvent, or suppliers failing to provide goods due to economic pressures. You should also put in place a good invoice tracking system to ensure you are paid on time.
Get in touch
Tagged as: Business Growth, business review, business support, cost reduction, Financial Advice, financial planning
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