Running a business has its ups and downs, as all business owners know, and sometimes all the planning in the world and the best ideas can have to be changed due to factors outside of your control.
For example, with the recent changes in the Budget affecting employers’ national insurance,which will need to be built into many companies’ costs for 2025 if you have staff, together with the possible impact of increases to both the living and minimum wage, how will you look to change your plans to adapt and accommodate this unexpected cost?
Outside of your business, who are the people you can talk to? Who can you trust to discuss possible business changes you may have to make? What is worrying you that you can’t talk about in the office or at home?
Small businesses often don’t need or can’t afford a board, but there are professionals around that you should look to, and the first thing to consider is – what do I need help with?
Maybe it is simply dealing with change, especially a change, as above, that you didn’t want to make but had no choice. Is it keeping yourself informed? This could be with regard to tax changes, industry changes, customer contracts or HR issues, for example.
It is unlikely that you will be fortunate enough to find somebody who can help with all the answers, but having key relationships with people who know about business and can help you with bespoke, honest, tailored advice. Support is worth a lot!
So, who are these people and where will you find them? Other business owners can be a great source of help. People you trust and have a relationship with and maybe work with regularly in a safe environment could be key, and they are likely to also have issues they would like to share.
Another one is your accountant. Keep them informed about your business and ensure that you have regular updates. It may be that some forecasting and management accounts will assist you with key decisions and help build an excellent relationship.
Finally, networking or membership groups such as the Chambers of Commerce have access to various resources that may be useful to you – take a look!
These are, of course, just ideas. The person who knows your business and its capabilities best is you, the business owner, but sometimes, when a curve ball comes along, it really is the time to look at your business with a fresh pair of eyes and look for the opportunities these situations can produce, often unexpectedly.
As business owners, it is always a great idea to have a ‘virtual table plan’. Who would you like to be sitting around your table with you, what would you ask them to bring, and what can you provide in return? The best courses on the menu are likely to be honesty, openness, and the ability to listen and learn.
Please get in touch to discuss further. Here at Kennedys Accounting, we are always happy to have a chat about your business.
To find out more, contact Annette (Nettie) Buss, business development director at Kennedys Accounting. Visit www.kennedysaccounting.uk.
