Get your business off to a flying start in 2014

Feb 8, 2014

Croombs Chartered Accountants in Hampshire

It is essential to make sure that you get things kick started for the twelve months ahead.  Here are my three C’s to getting and keeping things moving:

CASH

Finance will continue to be one of the main areas of concern for businesses during 2014.  If your business is going to grow or you are looking to expand into new markets then you must make sure the business has enough cash to do it.

It is worth taking some time out of your business to review how the business is financed.  Historically the business may have used loans or overdrafts but it may be worth thinking about new sources of financing such as factoring to help support the growth of the business.

If your business growth is occurring in new markets, new products or even online then please be very careful that cash isn’t being used in these areas that will leave you short in other areas.  If you can’t generate the money you need from the bank then think of other options such as bringing in new investors using the incentives that are available such as the Seed Enterprise Investment Scheme or Enterprise Investment Scheme.  Another option could be for you to look at Crowdfunding as an option.

COSTS

Just because the economic climate appears to be improving you must NOT take your eye off controlling the costs of the business.  You should still negotiate all costs from the direct costs of the business to the overheads.  There are still deals to be done.  Make sure your fixed costs, which are the ones you have to pay just to open the doors of your business, are as flexible and low as possible.

CONTROL

The main thing is that you must ensure that you are controlling your business and it is not controlling you.

Before you launch into anything over the coming twelve months, take time to think about what would come up and put together a forecast for the year including a profit and loss, balance sheet and cash-flow.  Be prepared!



Back to Latest News >>