The start of the year is the best time to reflect on your business’ progress over the past 12 months and plan ahead; so here are five New Year’s resolutions designed to help you progress in the NEW year.
- Healthier cash flow
Cash flow is the lifeblood of any business, even those with healthy growth and strong profits run the risk of facing liquidity problems. Increasing costs coupled with late customer payments mean all business owners should be aware of their cash flow situation and plan ahead to ensure reserves remain healthy.
- Plan for auto-enrolment
All existing firms who are yet to auto-enrol should have done so by now. Many have found it more difficult to implement than expected, so to avoid any complications and penalties for non-compliance we recommend planning well in advance of your staging date.
- Keep better records
Admin can seem a burden when you’re busy running a business but good record keeping saves time and money. Detailed records including a business plan, forecast and cash flow projection, for example, are crucial when seeking bank funding. The rise in cloud accounting software like Quickbooks, Sage One and Xero can also help to keep track of your company finances at a glance.
- Consider alternative finance
More than half of SMEs are unfamiliar with alternative finance, despite it fast becoming a popular choice for those struggling to seek funding from traditional sources. We’ve helped clients obtain, asset finance, invoice discounting and factoring, and it’s about choosing the best options for their needs.
- Seek help from the experts
A good accountant and business advisor is vital to the financial wellbeing of any company, regardless of its size and internal expertise. We often see owners investing in expenditure without consulting a finance professional and not realising the tax implications or assuming the item will qualify for certain allowances when it doesn’t. To see how Abrams Ashton could help your business in the NEW year, call 01257 273313