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Knowing what’s around the corner is hugely valuable as a business leader - but, we are trading in a world where uncertainty waits around every corner, making it difficult to predict the future business landscape and what your next move should be.
You can’t change the evolving economic, political and business threats in the world - however, your accountant can assist with unlocking key ways to thrive and reduce the uncertainty.
Uncertainty affects your ability to trade. Not knowing if your costs will rise or fall, or if there’s a talent shortage or surplus, makes it difficult to make rock-solid decisions and plans.
Your goal in the current environment is not to remove these external threats. It’s to reduce some of the uncertainty through clear planning and inventive strategic thinking.
Let’s look at the five key areas your account can assist with, and how they dial down the uncertainty:
1 - Financial forecasting and planning:
Carrying out regular cash flow forecasting and budgeting helps you anticipate any potential financial challenges. Good cash flow forecasting, coupled with scenario planning, helps you make informed decisions about your spending and where you may need additional funding.
2 - Performance monitoring and analysis:
Tracking important metrics and having a key performance indicator (KPI) dashboard helps you review your performance against targets and look for the areas of improvement. Monitoring those KPIs keeps you in control, even if external factors and threats are proving to be difficult.
3 - Strategic business reviews:
When was the last time you revisited your business plan? Updating your strategy and business plan helps you stay aligned with your goals, even if external factors and changing market conditions are making trading difficult. Remember, no business plan is written in stone!
4 - Getting proactive with tax updates:
As the business landscape changes, the government is likely to look for ways to inspire enterprise and boost the economy. Being aware of legislative changes, tax reliefs and allowances, and available government grants, helps you navigate the uncertainty. You can keep compliant, maximise any benefits and see the positive impact on your capital position.
5 - Business Diversification & Growth Strategies:
Being able to flex and change your strategic direction gives you a huge competitive edge. Brainstorm ideas for ways you could diversify your offering and explore new opportunities. This could mean new products, new revenue streams and even partnering with other small businesses – both inside and outside your existing sector.
There’s no denying that we’re trading in difficult times, but getting proactive with your planning, forecasting and strategic thinking makes the road ahead clearer.
Talk to LHP Partners about the key areas of uncertainty in your business.
We can guide you through these uncertain times and out the other side.
At LHP Partners, we offer tailored advisory support to help you grow your business with confidence. Whether you're aiming to scale up or streamline operations, we bring the tools, insights and guidance to keep you on track and driving forward.
