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[04.12.2019]

Elections, Brexit and Your Business

With the upcoming election and continuing debate concerning Brexit there is a lot of uncertainty at the moment. What will happen? When? How will it affect me and my business?

As a small business owner it is understandable to feel uneasy and concerned about how any changes resulting from Brexit or a change of government will affect your business. Business owners continually have to change and adapt to new competition, legislation and changing markets. This is often part of the way a business survives and grows. Whatever comes of the election and Brexit it will put these skills to the test for many small business owners up and down the country. So what do you need to do to help protect your business?

Preparing your business for uncertainty

It may seem impossible to “prepare your business for uncertainty” however there are steps you can take to ensure your business is in the best position. With uncertainty around what will happen next it can be easy to make snap decisions in an effort to cut costs. However we would not recommend making any major decisions just yet if you don’t need to. Instead take this time to health-check your business.

Ensure the financial records of your business are accurate and up to date. If you find you do have to make those difficult decisions having quality records will enable you to make an informed decision. Consider your supplier and customer base and how changes to the UK-EU trade relationship could affect them. Do you employ staff from the EU and if so do your staff know what steps (if any) they may need to take to register as an EU citizen working in the UK? Will you need to change or update your procedures?

Government Guidance on Brexit

The Government have set up a Brexit page on the gov.uk website which provides information about the process along with announcements about policy changes and guidance for businesses. The Government guidance for businesses can be found via the following link: https://www.gov.uk/government/brexit. This site is constantly being updated with new guidance and policies as and when details of Brexit are announced.

How can Cloud Accounting help?

Using Cloud Accounting software provides your business with many benefits. One of the most important is that when effectively maintained it can provide you with valuable up-to-date financial information on your business. Other benefits include saving you time, allowing you to view and manage your records from anywhere with an internet connection and being able to raise invoices on the go.

Better financial information helps you to make better business decisions. But it’s more important than that. We’ve seen many businesses fail through lack of financial information. Very often businesses run out of cash. They thought they had a profitable business, but suddenly they can’t meet the payroll payments at the end of the month. Having the right numbers at your fingertips will give you an early warning if things are not going well.

DNG are here to support you

DNG have been working with businesses locally and nationally for over fifty years. Taking the time to understand our clients’ needs is at the heart of everything we do. Focusing on you and your business to tailor our services to your precise needs is the foundation we build our relationships on. Whatever the result of the upcoming election and Brexit we are here to support you and your business through this time, we want to help you succeed! Contact us to discuss the services we offer and how these can help your business.

 

Andrew Picker

 

 

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