Client Newsletter

5 Top Tips for Business Resilience

These are our five top tips for building resilience in your business.

  • Get your finance in peak fitness
  • Cash flow is crucial
  • Forecasts are key
  • Tech saves time (and money)
  • People are your biggest asset

Get your finance in peak fitness

Whether you are well in the black or you’re eating into an overdraft, having a precise idea of your financial position gives you the information, to make the decisions that need making.

That is why businesses need to invest in services, such as management accounting, to get a more accurate and up-to-date picture of their financial health.

If you’re well in the black, then could you be putting your money somewhere it could be working harder for you.

If you think you are going to need finance to get you through a tough spot, then you can see your position and what actions need to be taken to put it right.

Cash flow is key

Cashflow is the lifeblood of any business and making sure it’s coming in on time and that your clients are paying promptly is one key area you can control.

Likewise making sure you are keeping a tight rein on outgoings and having an eye on where cost savings could be made. All these are essential to keep things running smoothly.

Look ahead

Forecasts help you to see the short, medium, and long term, when it comes to your business finances. It also helps you make key decisions on what you can do and when. Is it time to invest or expand?  Or is it time to batten down the hatches and ride out the storm? Either way having the information at your fingertips can help you make the right decisions at the right time, which will secure your business’s future.

Tech can save you time (and money)

Are you still doing things the old-fashioned way? You need to factor in that your time is money.

A small investment in say cloud accounting or e-invoicing your customers might free up time that can be spent more productively, as well as give you more accurate management of your financial functions in real-time.

Whether it’s chasing new business or delivering extra services, technology can pay dividends in the long term.

People are your greatest asset

Your staff are your greatest asset. Look after them well and you will reap the rewards of a highly motivated and responsive workforce.

They’re also the best people to let you know what’s going on at the micro-level of your company and might see opportunities and threats you were unaware of while you’re dealing with the macro-level.

Sometimes taking a granular look at things can give rise to new business, and also make cost savings in previously unnoticed or neglected areas.

Want to improve financial resilience?

If you are struggling to implement the system and actions needed to make your business more resilient, then it might be time to seek professional advice.

We can not only help you to review your current finances, but also give you new tools to provide you with better oversight in future.

To find out how we can help, please contact us.