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:
- Reduce your exposure to borrowing, if at all possible
- Convert overdraft borrowing into more manageable repayment loans
- Sell any assets you do not need to create as much additional liquidity as you can
- Take as much “non-productive” cost out of your system as possible
- Check your insurance policy – does it cover political unrest?
- Get even closer to your customers/clients – you will need them more than ever
- Plan, plan, plan for the various “what if” scenarios that might affect your business
- 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
- Let’s pray that my concerns are over the top, and I am just a “worry guts”
- 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 firstname.lastname@example.org for further information and advice.