How to future proof your business

Review your business plan and make sure it is fit for a recession – look at cash flow and where start reviewing costs and how to reduce them effectively without compromising your business.

If you see gaps in your cash flows then consider if you need to raise finance, Beresfords lending team will be happy to review options if you require help.

Ensure your debts are under control and put in place time to chase up overdue payments and have the facility if necessary to instruct collection so that you have enough cash reserves to weather a downturn. If you have a large debt in excess of £1k contact us and we will be happy to introduce you to a debt collection agency who will seek to recover those debts where you a have run out of options.

Get your credit score in check, by keeping a healthy credit score you can increase your credit limit and access to credit. Beresfords can offer your limited company a free credit review.

Plan for worst-case scenario and have contingency plans in place in case you need to make any radical plans to your business. Know your breakeven point that way you will know each month or week what sales need to be achieved.

Make sure you have a diverse customer base and are not too reliant on any one sector or client.

Consider tax planning not just the cash flow for payment of but if you have any claims to make under schemes like the Research & Development tax credit, again talk to us and we have access to these products.

Focus on marketing and promotion – during a recession it is more important than ever to keep your name in front of potential customers and to differentiate your business from the competition. Invest in marketing activities that will generate leads and sales.

Keep your team motivated – your staff are key to weathering the storm, so make sure you keep them engaged and focused on the task in hand. Effective communication will be vital during this time.