Here is a checklist to run through to assess how the Brexit vote could impact your business.
|1||Switch to real-time accounting
Look to use one of the Cloud Accounting systems – we have partnered with Xero because we believe it’s the best on the mark for small businesses.
|2||Keep a close eye on credit control
Review your credit terms and if you are going to give credit take advantage of clever apps that chase people for you..
|3||Create a budget
Set up a budget for the next 12 months and review your progress by comparing actual results to your targets. When setting financial targets identify the key drivers and focus on these ever
|4||Review your strategy regularly
Set in place a regular, monthly or quarterly review of your strategy – think about who your target market is, the problems you solve and how you solve them.
|5||Create a dashboard
Create a dashboard of the key numbers in your business and monitor them daily looking for any trends.
Look at your pricing strategy – are they value pricing opportunities? Can you use smart pricing strategies to boost your bottom line?
Look at all your marketing tactics and ensure you are using low and no cost strategies as well as ensuring you get the best return from your paid promotion.
Is it time to review your sales process and invest in some skills training?
|9||Review all expenditure
Until the effects of our exit from the EU are known entrepreneurs would be advised to think twice about all expenditure – business and personal.
|10||Take professional advice
This booklet is a clear statement of intent – we want our business clients to ride-out the period of uncertainty that we may be facing. Whatever our political beliefs, or the assertions of those who portend to lead us, it is our endeavors, the steps that we take in the coming weeks, that will make a difference. Actions will always speak louder than words. Take advice. We are ready to help and committed to your long term success.
Image from Flickr by Mct Jack