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Future-proof your SME – Follow our handy tips for 2024
The start of a new year means businesses will be looking ahead to see how they can grow their business throughout 2024 and beyond.
The Autumn Statement of 2023, due to its constant changes regarding business’ finances, has shown how important it is for SMEs to build a strong financial foundation to keep your business’ growth on track.
Some tax incentives have remained, but economic uncertainty grows and threatens to damage any growth SMEs made in 2023 and continue to make in 2024.
As small business owners, you must make sure you have a set of strong guidelines to follow that will allow you to adapt and prepare your business to achieve maximum financial growth for the coming year, and for the future.
Here are our key tips to future-proofing your SME for 2024 and beyond:
Dedicate time to your credit score
Although you might not realise it, it is important to check and understand your business credit score.
Potential suppliers and partners run credit checks on your SME, which can highlight areas of issue for investors and cause them to become unsure about your business, whilst also increasing financial costs.
Impacting the overall financial health of your business can create financial woes that you and your business do not need; the advice of an expert accountant can help to stop these worries.
What you should do:
- Check your business credit score and report any incorrect or out-of-date information
- Sort out any inconsistencies if they need repairing
- Stay on top of filing, and remain on time
On-time filing is the most important step to a good credit score; if you do not file on time with Companies House, you not only incur a penalty, but you could also create a significant impact on your credit score, which further harms your business.
Good cash flow management is key
Understanding your cash flow is a primary step to securing a stable SME.
As a small business, you need to always understand how your business tracks its performance, whilst also understanding both income and expenditure which, in turn, will maximise any working capital your business might have.
Always ensure you review your cash flow regularly as you will be able to think about long-term success and what your overall business growth will be.
A late payment of a large invoice or a supplier going out of business might prove detrimental to your business finances, if your cashflow management and credit control is not good.
Good cash flow management and a high credit score go hand in hand; if your SME has a high credit score then you will acquire a higher credit limit which stops you paying upfront for goods.
Stay up to date on legislation changes
Keeping on top of industry legislation changes can positively impact your SME because you know exactly what’s changing and when, leading you to pay tax on time.
Ensure you comply with all applicable laws and regulations and stay up to date with any changes so that you are prepared for when they come into effect.
Financial legislation can often be tricky to navigate, especially when the rules constantly change and cloud the topic.
Seeking advice regarding your taxes and finances will also help you to understand legislation changes and make the right decisions for your business without incurring financial charges.
It is vital to future-proof your company due to the UK’s business landscape which is forever changing.
The expert advice of an accountant can steer you in the direction to preparing your SME to being as stable as possible for 2024 and beyond.
If you would like advice on how to financially prepare your SME, contact us today.
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