Kinder Pocock - Managing Your Business Through Uncertain Times
Sharon Pocock of Chartered Certified Accountants Kinder Pocock provides some great pointers in financially worrying times......

Some handy tips to maintain your focus:

1) Stay Positive; Take Stock and Be Prepared - Where is your business now? Where is your business going?
Do you have up to date accounts? Cashflows will assist in making better informed decisions

2) Review your Borrowing Terms:
Do you have or need cash? Advantage West Midlands has funding available to help eligible businesses to access finance

3) Watch your Costs:
Are you getting value from your payments? Check those regular standing orders and direct debits

4) Review your Customers / Clients:
Don’t be too reliant on one customer; Don’t allow late payments; How can you maintain customer loyalty?

5) Make the most of your Capital Allowances:
If you are considering the purchase of assets, make sure you know how and when these purchases will affect your taxable profits

6) Watch your Competitors:
What are they doing right? How can you exploit their weaknesses?

7) Step up your Marketing:
Research has shown that businesses increasing their marketing through difficult times are more likely to succeed

8) Review your VAT Scheme:
There are a number of schemes which may benefit your cashflow, for instance:
Cash accounting; Flat Rate Scheme; Annual Accounting

9) Look after your Staff:
If you have staff, they too will be feeling the strain; ensure you keep them in the loop

10) Keep Talking - Don’t bury your head in the sand:
Talk to your Bank Manager; Customers; Suppliers; Staff; Accountant; Business Link and Tax Office
HMRC have just launched a Business Payment Support Service to assist tax payers to meet their tax payments. Support Line number 0845 302 1435.

Kinder Pocock
Chartered Certified Accountants
Suite 9 Mortimer Trading Centre Mortimer Road Hereford HR4 9SP
01432 273400 info@kinderpocock.co.uk www.kinderpocock.co.uk

<back to previous page