Post-pandemic there’s never been a greater need for a business to take a fresh approach

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In a Lloyds Bank survey 7 in 10 businesses made changes to their operations during the pandemic that they propose to retain for the long term. One third of those say their operational changes have already boosted revenues and profits.

Making changes to processes, people or systems can better align a company with its business strategy and vision. At the root of it all are always a number of accounting strategies that business owners can adopt to manage their cash flow and boost the working capital available to ultimately improve their bottom line.

Tracking your financials is of primary importance in helping you see the bigger picture as well as the detail. So when you find efficiencies in your accounting processes it's a great rule of thumb to repeat them in other areas of the business, or conversely when you discover inefficiencies to rectify these, never to be repeated. And these might fall into a number of areas. For example…

  • Are you viewing real numbers, that impact on your business in the current climate, when budgeting?
  • Do you need to reinvest into operating costs, employees, product development, etc?
  • Are all your products and services profitable?
  • Can you renegotiate payment dates for your suppliers?
  • Do you have a clearly segmented accounting system?
  • Do you know where you are making and losing money?
  • How easy is it for the business to track stock levels? Would a new system free up cash, while also having the right amount of stock?
  • How easy is it for you to make a decision to take action or to decide no action is the best course?

Keeping accurate, up-to-date, transparent records is the answer to all of the above. So you can have confidence in your decision making, that you're only paying the tax you owe, that you're paying your customers and/or suppliers in time, that you are tracking expenses and that the company is ready for future uncertainties, knowing where it can adapt and overcome these.

Whether you are a new or a more established business, to hear more of how GSM go beyond the numbers to help you adopt a fresh approach, contact us today on 020 7935 3793