With all the mixed messages in the press surrounding business confidence, economic volatility and the route the Brexit negotiations will take, what is certain is that, in order to lessen the impact of Brexit on your business, SME owners and managers must have robust business strategy in place and ensure they are fully aware of income and expenditure by keeping accurate and timely records and monitoring trends and patterns.
Planning ahead requires change, commitment, innovation, leadership and numerous other things to align your business in a way that facilitates the execution of your adjusted plan as you prepare for the months and years ahead.
Clarify your vision – develop a summary of that vision and communicate it consistently to all stakeholders.
Set specific and measurable short and long-term goals – these will direct actions, give you and your team members direction, and they will act as an important yardstick against which to measure your business' success.
Align systems and people – this is essential in attaining your vision. Let people understand what they need to do and how their role affects successful execution of the strategy and help them prioritise. And ensure you have the right systems in place to achieve the required outcomes.
Review – keep revisiting your goals. Are you on track? Has your focus changed? If so, don't be afraid to adjust your goals. Flexibility is key, but so is commitment and determination.
Keep on top of your finances – profit and loss accounts will help you understand how your business is progressing, as well as alert you to any potential issues which might arise. This will give you ample warning to rectify any problems and make the necessary adjustments to keep your business on track and successful.
Partner with expert SME business advisers – in this rapidly changing economic landscape, it is essential that SMEs partner with business advisers who understand the challenges faced by SMEs and the environment you operate in, helping you navigate any pitfalls and implement the appropriate structures and strategies required to remain successful and increase your net worth.
At Beavis Morgan, our specialists to SMEs are available to provide comprehensive business advice and to structure your business for tax. We can also assist with business plans and strategy execution, long and short-term forecasts, budgets, sensitivity analysis, and calculating and checking compliance with covenants.
Through our partner businesses, BM Structured Finance and BM Advisory, we are also able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals in distress.
If you would like to discuss ways of improving the free cashflow in your business, please contact Steve Govey or your usual Beavis Morgan Partner.