2021 – Our three steps to success
Our experienced accounting team at Seymour Taylor have put together some tips to help businesses survive and thrive during the year ahead, after months of uncertainty and restrictions.
Now is an excellent time to review your current operations by conducting a detailed assessment of your finances and figures.
Management accounts are an excellent way of monitoring your company’s current performance on a daily, weekly or monthly basis – acting as a health check for the year ahead.
As well as looking at past and present financial performance, it is well worth spending time preparing cash flow forecasts and financial modelling to see what the months ahead may hold.
Try to base plans around a variety of scenarios that take into consideration different circumstances – but make sure to include a worst-case scenario so that you are prepared for additional lockdowns and the various issues caused by Brexit.
Once owners have an idea of their current situation and have a rough approximation of what the future holds for them, they should be able to assess the strengths and weaknesses in their operations so that they can rebuild and recover.
This may mean cutting loss-making services or investing in others to maximise profitability.
Companies must use the time and resources available to them to implement their plan successfully, while continuing to review their ongoing progress so that they can adapt and remain agile.
As we all as dealing with immediate issues within their business, owners also need to look at ways to build greater resilience.
This may mean building cash reserves for future emergencies, seeking out specialist insurance or just investing in areas of the businesses that are in-demand.
Many businesses may also be able to take advantage of new opportunities that emerge in the coming year, including new overseas markets through the country’s ongoing trade negotiations post-Brexit.
By working with our team at Seymour Taylor you can learn more about your business thanks to our intelligence-led services.
We can help you find trends and warning signs so that you are better prepared for the months ahead.
If you require assistance, please speak to your Seymour Taylor representative or contact us or call 01494 552100.
This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at time of publishing 28th January 2021.