Navigating Economic Uncertainty: Essential Business Insights and Strategies for Success in 2023
Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!
Table of Contents
The important stuff
In the midst of economic turbulence, uncertain interest rates, and soaring inflation, it’s crucial to refocus on what truly matters – the well-being of you and your loved ones.
The challenges we face arise from a complex mix of inflation, economic downturn, mounting debts, and at its core, the impact of global conflict. This crisis is not primarily driven by market forces, but by geopolitics, diplomacy, and international tensions. Recognising that these events are beyond our individual control is the first step in navigating this period of uncertainty.
As Celine Dion wisely said, ” Life imposes things on you that you can’t control, but you still have the choice of how you’re going to live through this”.
Start by setting long-term goals that give you a sense of purpose and direction. Identify the things that bring you joy and security. Focusing on these positive aspects helps shift your perspective.
For business owners, consider the following steps:
- Reassess your personal objectives. Remember, the business exists to serve your life goals, not the other way around.
- Evaluate the current state of your business, including strengths, weaknesses, opportunities, and threats. Gain a clear understanding of its market position, competition, operational systems, and areas for improvement.
- Envision what your business will look like when it’s thriving and profitable. This vision will guide your priorities and decisions.
- Additionally, it’s wise to prepare for various scenarios, both positive and challenging. This flexibility will be invaluable in determining the best path forward.
Remember, we’re here to support you. If you need assistance, don’t hesitate to book a free consultation
Mastering Cash Flow: Essential Tactics for Business Resilience
In an era of mounting supplier costs and economic unpredictability, adept cash flow management stands as a linchpin in fortifying your business. Understanding and manipulating cash flow is now a critical skill, enabling you to pivot strategies swiftly for sustained success.
Cash flow is the lifeblood coursing through your business – the balance of funds entering and exiting. By scrutinising its movement, you gain insights into product performance, service viability, and broader market trends.
While some businesses display inherent resilience, others may grapple with cash flow intricacies. Regardless of your business model complexity, cash flow challenges can arise. Here’s our advice on orchestrating the cash flow rhythm in your enterprise:
- Gauge Your Financial Health
Initiate by conducting a thorough accounts check. Examine your latest profit and loss statement to ensure revenue covers expenses. If profits lag and cash flow drops, action is warranted. Draft a cash flow statement to pinpoint fund allocation. Entrust the seasoned professionals at Naseems Accountants to help you reach this objective. Reach out to us at 0121 771 4161 for comprehensive details.
- Devise an Annual Budget
Chart a yearly budget, identifying potential tight spots. Delve into lean months, devising strategies like flexible scheduling, new offerings, or other initiatives to bridge gaps. Our experts at Naseems Accountants are fully trained at helping you devise a budget that meets your requirements. You can reach out to us at 0121 771 4161
- Expedite Aged Receivables Account
Promptly collect dues owed to you. Foster client loyalty with early payment discounts. Set clear credit limits and payment terms. Implement credit checks for new clients. Enforce penalties for tardy payments and consider upfront deposits.
Ready to take charge of your cash flow? Connect with Naseems Accountants by booking free consultation. Together, let’s sculpt a potent cash strategy for your business’s triumph!
Business Finance Week 2023
Mark your calendars for November 6th to 10th, 2023, as the British Business Bank, in partnership with various UK organisations, presents Business Finance Week 2023.
This event will offer a range of complimentary nationwide and regional in-person events and webinars, all aimed at providing smaller businesses with invaluable insights into the diverse finance options available to meet their unique needs
Scheduled events within the week include:
Making sense of start-up funding: Where do I start?
Monday 6 November 2023, 12:30pm to 1:30pm, online event
Tuesday 7 November 2023, 10am to 11:30am, online event
Growing your business: An interview with a founder
Tuesday 7 November 2023, 12:30pm to 1pm, online event
Maintaining healthy levels of working capital
Wednesday 8 November 2023, 10am to 11:30am, online event
Prepare your business for external finance
Wednesday 8 November 2023, 12:30pm to 1:20pm, online event
Exploring working capital in Northern Ireland
Wednesday 8 November 2023, 2pm to 3:30pm, online event
Investment for innovation
Thursday 9 November 2023, 9:30am to 11am, online event
Growing your business: An interview with a founder – 9 November
Thursday 9 November 2023, 12:30pm to 1pm, online event
What next? Finance as a journey
Friday 10 November 2023, 12:30pm to 1:30pm, online event
Inspiring inclusive entrepreneurship
Friday 10 November 2023, 10am to 12:30pm, The Duncairn, Belfast
See: Business Finance Week 2023 – British Business Bank (british-business-bank.co.uk)
First time tax return?
For the tax year 2022-23, Self-Assessment may apply to you if:
- You’ve recently become self-employed and your earnings surpassed £1,000.
- You’ve become a new partner in a business partnership.
- Your total taxable income exceeded £100,000.
- You received any untaxed income such as tips, commission, rental income, savings income, investments, and dividends.
- You’re claiming Child Benefit, but either you or your partner has an income exceeding £50,000.
Furthermore, self-employed taxpayers must register for Class 2 National Insurance contributions.
Make sure to register with HMRC by October 5, 2023. Our team of expert self assessment accountants are here to not only register you as self employed, but also prepare & submit both paper tax returns and online submissions.
Paper tax return deadline
For the tax year 2023, paper tax returns can be submitted by
October 31, 2023.
Online tax return deadline
For online tax return for tax year 2023, the due date is 31 January 2024, for both submission of the tax return, and any income tax due.
See: Self Assessment tax returns: Who must send a tax return – GOV.UK (www.gov.uk)
Innovation Loans Future Economy competition: round 11
Innovate UK has earmarked £25 million in loans for micro, small, and medium-sized enterprises (SMEs) embarking on cutting-edge late-stage research and development (R&D) initiatives. These projects must demonstrate the highest potential for future success, with a well-defined pathway towards commercialisation and economic influence. The objective is to yield novel products, processes, or services that outpace existing offerings, or to introduce innovative applications of current products, processes, or services. Additionally, this initiative may encompass the introduction of a fresh and inventive business model.
Made in the UK, Sold to the World Awards 2024
The annual Made in the UK, Sold to the World awards acknowledges and celebrates the international trading achievements of SMEs from various regions in the UK.
The 2024 Made in the UK, Sold to the World awards, hosted by the Department for Business and Trade, will officially commence accepting entries on Friday, 10th November 2023, coinciding with this year’s International Trade Week (6th to 13th November 2023).
There will be ten award categories, including:
• Agriculture, Food & Drink
• Consultancy & Professional Services
• Creative Industries
• Education & EdTech
• Financial Services & FinTech
• Healthcare
• Infrastructure & Engineering
• Low Carbon Energy
• Manufacturing, Advanced Manufacturing & Construction
• Retail & Consumer Goods.
See: 2024 Awards Information – great.gov.uk
Christmas and new year holidays
The festive season carries substantial implications for the majority of businesses and their employees in the UK. For some, there will be an upswing in demand for products, services, and sales, while others may encounter a lull or choose to close in observance of the Christmas holidays. In 2023, Christmas Day, falling on the 25th of December, occurs on a Monday, followed by Boxing Day on the 26th, a Tuesday. Additionally, New Year’s Day aligns with a Monday. ACAS, the Advisory, Conciliation, and Arbitration Service, offers valuable guidance on holiday entitlement for both employers and employees through their website.
See: Holiday, sickness and leave | Acas
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