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Bouncing Back After A Weak Holiday Period

News outlets everywhere are reporting that high street stores witnessed underwhelming sales over the holiday period as the online market dominated and the larger retailers maximised on its potential. For the small businesses and start up businesses; the December boom may not have been quite as big as expected and as a result, many business owners may not be starting the New Year on the high that they had hoped for.

If you are feeling the pinch try not to worry as it needn't be as disastrous as you may think. With a little careful planning; your small business and start up can have a fighting chance in the New Year.

At Calculated Accountants we have helped businesses get out of difficulty, grow and stay firmly on the path to success and can do the same for you, especially if the holiday season of 2013 wasn't as you expected.

Below are a few top tips that can help you thrive, particularly if the start of the New Year has been a tough one...

  • Outsource Work- Although in the long run it can be cheaper to take on full time employees, outsourcing can be the ideal, pressure free option during a period of difficulty. There are many companies that allow you to outsource their services, at a low charge and without the need for permanent contracts; for the struggling business this is an ideal way to minimise risks and ease any strain you may be suffering.
  • Maintain Cash Flow- Steady cash flow is essential but maintaining it is no easy task. If you are often left waiting for and having to chase up payments then consider offering an incentive. Discounts and special offers are often deemed the best way to encourage early payments.
  • Profit and Loss Monitoring- We understand that there are a million and one things to do when running a business which is why it can be easy to lose track of what is working and what isn't. By regularly monitoring your profit and loss you can maintain a solid record of your business’ financial position and avoid any nasty surprises.
  • Prioritise Payments- There are several charges that you as a business owner will need to keep on top off. In order to keep your business running, ensure that your budget is being used wisely. Wages, office rent and even business rates; ensure that you are always able to pay off your most important charges before anything else.
  • Budget- Again, we know how hectic it can be to regularly manage a business and things can always get on top of us but a carefully thought through budget can help you better manage your financial position. Speak to a financial advisor on the best way to structure your finances for the year. 

Whether 2013 was a dismal year or the holiday season proved far less eventful then expected; starting off the New Year can be a strain but picking yourself up is never as difficult as you might think.

Manage your finances effectively and give your business a much needed lift by taking control. 

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