Ok you will likely have heard the phrase Cash is King…. But I am here to tell you whilst it is extremely important it is not the only thing you need to know when it comes to the financials within your business.
From a financial perspective is your business neither alive nor dead? Are you only just about able to service the interest payments on your loans and balance your overheads, without ever getting on top of the debt and make any headway? After the last 18 months many business owners have seen a roller coaster of ups, downs and everything in between, and so much continued uncertainty has meant that many have not been able to get back to improving and growing their business.
So what does yesterday's budget announcement mean for you and for your business? I spoke to 3 business owners yesterday who didn't know it was happening nor did they have any idea what it affect it might have on them or on their business... Some of the announcements made in Mr Sunak's Budget could have an impact on your business and it's important that you know and understand what they are. There were many positives that you could benefit from but there were also some things that may require you to take action within your business. So I would urge you, if you haven't already, please sit up and take notice. Be strategic and speak to your accountant, your mentor/coach or consultant and start asking the question.... What does it mean for my business?