The Brexit issue continues to drag its heels and it now looks as if we will have a general election until matters are resolved.
Another crucial matter that will be delayed is the presentation of a Budget that will determine any changes to the tax code next year.
However, while the politicians attempt to resolve these issues, what can we do?
This is not a time to sit back and wait to see what happens. At the very least we recommend that you create a plan of action for your business. This planning should include all aspects of your business: sales, costs, investment in new plant and equipment and most importantly, the management of your working capital including cash flow.
If undertaken with care, this planning exercise will reveal trouble spots before they arise. In particular, it will flag up any cash flow low-spots and give you time to agree funding with your bank.
There are no downsides to this planning process, only wins.
Once you have your plan it is a simple matter to upload the data into your account’s software. This will enable you to compare actual monthly results with your plan and remedy any variations as they happen.
This build and creation of management accounts for thriving businesses is something we advocate. If this is a process you would like to take on for your business, please call. We can help you create your plan and advise you which accounts software to use.
Whatever the outcome of the Brexit situation, using your management accounts to increase your business fitness will place you in the front line when matters are resolved. You can hit the ground running.