Here, Michael Ogilvie, Business Advisor and Accountant at OBC The Accountants provides you with the answers you need…

Should I be doing anything to protect my business in 2017?

We are all faced with a major period of uncertainty in 2017, where all manner of issues could explode and affect our businesses.

It only needs a spark from one of the following – the Brexit negotiations to start badly, a “Trumpism” to backfire, or Angela Merkel not to be re-elected in Germany, and we could be witnessing the worst world financial crash since the 1930s.

So here are 10 steps to help you protect your business in 2017:

  1. Reduce your exposure to borrowing, if at all possible
  2. Convert overdraft borrowing into more manageable repayment loans
  3. Sell any assets you do not need to create as much additional liquidity as you can
  4. Take as much “non-productive” cost out of your system as possible
  5. Check your insurance policy – does it cover political unrest?
  6. Get even closer to your customers/clients – you will need them more than ever
  7. Plan, plan, plan for the various “what if” scenarios that might affect your business
  8. Prepare your team for tough times – it is hard to imagine this scenario at a time like now with relatively full employment, but it could happen
  9. Let’s pray that my concerns are over the top, and I am just a “worry guts”
  10. Take action and keep smiling – worrying never improves anything – only taking action can!

Good luck everyone and a Happy New Year

 

Contact Michael on 01323 720555 or mo@obcaccountants.com for further information and advice.

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