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We provide accounting, tax and business advice to individuals, family, and owner-managed businesses from across our offices in Leeds, Manchester, Newcastle and York.

I think I have survived the recession... now what?

Richard Green, Director

There are conflicting views as to whether we have seen the end of the ‘credit crunch’. What is apparent is that every business has been affected in different ways and those that survive have very different challenges ahead of them in the medium term.  We have all learned things about ourselves, the people we work with on a daily basis and others who interact with our business at varying times throughout the year.  But what are the issues we should be looking at for now and the future to ensure we have a business that continues to survive, prosper and provide everyone within the business with their reward. Here are a few thoughts:

Employees – you may have asked employees to bear some of the pain through redundancies, pay freezes or even pay cuts.  As your particular business and industry sector improves so does the market for good employees and the concerns may then turn to retaining the key people in your organisation.  Now is the time to start looking at more innovative remuneration strategies that offer tax benefits for both employer and employee or a reward system focused more on the performance of individuals and the company.

Business planning – did you have a business plan and if so how effective was it in helping you manage your business?  Those who operate without a plan will be relying on good fortune to see them through difficult times.  The timing of strategic decisions requires a good plan to maximise benefits as well as focusing attention on achieving the business goals.

Borrowing – we have all seen a tightening of lending by the banks and other financial institutions.  Your business may have been declined funding that would have helped the business to grow or develop new products for the market.  As the dust settles on the problems of the financial institutions you will need to know who is out there supporting growing businesses and how to best access the funds that are available.  There are also opportunities to look at alternative sources such as the Carbon Trust.

Competitors – do you know how your competitors are performing and what they are doing to improve their business?  There may be companies who have only just kept themselves afloat but are vulnerable and opportunities will exist for acquisitions.

What if there is still more bad news? – there has been a reluctance to plan too far ahead, the lack of confidence in the economy has brought ‘short term’ planning to the fore. Batten down the hatches and let’s get through this has been a policy of many.  Cash has been king and will continue to reign, so have you done enough to manage your business?

We want to help you survive, prosper and achieve your goals.  If you would like to discuss how we can help you plan for the future, please contact us.