NEWS

Every day we are bombarded with negative news stories regarding inflation, rising interest rates and labour shortages. You may find this quite unsettling.

As a business owner, there are steps you can take to navigate through this period successfully. Firstly, you must have a firm grip on your finances. If you don’t understand your numbers, reach out to your REAL Client Manager as they can help.

 

Cashflow Forecast

A forecast is very important so you know what’s coming. If it looks like there is going to be a cash shortfall, the earlier you identify that the more time you have to look for a solution.

Look at all your outgoings – can you negotiate better deals? Do you know what parts of your business are the most lucrative? Do you have unprofitable products you can cut? What can you do to improve efficiency in your business?

 

Take Action

It’s important not to be complacent. If, historically you have never had to find business/work, you may find you need to start hustling. Be prepared to pivot and do things differently.

If you find you can’t pay your rent, your tax bills, PAYE, or if you are struggling to get together the funds to pay your staff, please talk to us. You are better off dealing with these issues now before they spiral out of hand.

It is better to keep in touch with creditors and keep them informed about when they can expect payment as opposed to ignoring them. A good working relationship with your bank is useful.

 

We are here to help, if you would like to talk through some challenges your business is facing, please give us a call.

 

This information is intended to provide general advice only.  We recommend you discuss your specific situation with your Accountant.