This week is Talk Money Week, which aims to get people talking more openly about money and how to manage it. Research shows that people who talk about money: make better and less risky financial decisions and feel less stressed or anxious and more in control. That doesn’t just apply to personal finances. Being more rigorous about your business finances will not just relieve stress, but also improve your profits and productivity.
As accountants we talk about money and numbers all the time, so there’s no emotion attached to it for us. For many, however, talking or even thinking about money can inflame intense fears and anxiety, even panic. The first step is to understand that talking and understanding your finances better allows you to plan for every scenario, even the worst case. That sense of control alone, pops the panic bubble.
So, let’s talk money…
There are many ways that we can help you improve your financial situation, from the here and now to planning for the future. Here are a few ideas to start talking about…
Cost of living
It’s on top of everyone’s list right now. Energy prices are rising and though the government has placed a 6 month cap on what some businesses will have to pay, every penny still counts. Not just for your wallet, but for the planet too. Even without a cost of energy crisis, businesses should be reducing their carbon footprint in any way they can. Our World Earth Day post offered some tips to reduce waste and energy consumption. Or could it be cost effective to buy a company electric car?
Raising financing
If you need a cash injection into your business, we can look at ways to raise financing from tax incentives to loans. We are partnered with experts in loans and we have a 100% success rate with our R&D applications. So come and talk to us about the many options that may be available to you. Whatever kind of financing you are looking for – your cash flow forecast will be the first thing you will be asked for, and we can help with that too.
Maintaining a healthy cashflow
Really, it all starts and ends here and cashflow forecasting is the key to making this work well. Understanding your cashflow empowers you to make the right decisions and create a viable plan for dealing with the lean times. You can find out more about how we can help you with cashflow here.
Pensions
Nobody really likes to think about getting older, but we all do and a secure and robust pension will be your best friend when you are ready to spend your days kicking your heels up. As a business owner, you also have a responsibility to offer auto-enrolment pensions to your employees. We’re always happy to talk about this and help you find the best option for your needs. According to the Money and Pensions Service (MAPP) – 51% of adults don’t feel confident making decisions about financial products and services. Talking about money and seeking advice helps to build confidence and you’ll be thankful in the long run. Speak to a trusted advisor for advice on all those key life stages (such as inheritance tax, retirement or succession planning) to make sure you are making the best decisions for yourself, your business and your family.
We’re always here to talk if you need any advice, so just get in touch…
