Post-Lockdown Business Restart
As coronavirus restrictions continue to ease across the UK, many business owners who were forced to shut in previous lockdowns have now been able to reopen for trade.
Not only has this provided a great opportunity to retarget new customers and potentially diversify business, it is also a good time to optimise internal processes and ensure you’re starting on the right foot with business administration.
In this article, we will suggest our best 4 tips for giving your business the refresh it deserves.
1. Review your budget
Your business plan should reflect your goals for the coming months as life begins to return to normal, therefore it is likely your budget may need to be altered as a result. Doing this will not only allow you to stay on track with business expenditure, it will also help to pinpoint future tax planning opportunities that could ultimately lead to tax savings.
2. Get to know your numbers
Knowing where your revenue is coming from is equally as important as deciding on a budget for your business. How many sales did you make in the last 12 months? What are your biggest costs? Understanding these key figures will allow you to make decisions more efficiently as you will have a better knowledge of the financial position your business is in.
3. Update your technology
In order to stay ahead of the competition, it is vital that you implement technology that enables your business to operate efficiently and keep customers satisfaction high. For example, investing in the latest bookkeeping tools like Xero accounting software will enable you to easily manage your businesses’ finances and allow remote access to your most important data.
4. Stay organised with your taxes
Ensure your business is prepared for your upcoming tax bill by implementing an efficient cashflow management system. At Hugh Davies & Co., we specialise in supporting businesses with their annual tax returns and can provide a range of organisational services from tax planning to accounts preparation as well as ongoing management with a dedicated member of our team.