Many businesses have been on the back foot of late
2021 was a real test of resilience for businesses and SMEs in particular. While getting through the year was a real achievement for many, 2022 will still be a challenge.
The discovery and spread of Omicron has meant there has been a rapid reversal of any business/financial gains made. But of course many other businesses have not been able to gain any momentum back since the emergence of Covid.
Compounding the impact of Covid, major retailers' stock levels are at their lowest since 1983, from increasing supply chain problems. This, along with rising costs of goods and utilities, has led to an increase in demand for working capital, as has the impact of increased labour costs, as the era of cheap labour comes to an end.
Add to these, rising inflation and for many businesses, growth has begun to stagnate.
So a business' financial management strategy created last year is unlikely to be fit for purpose in 2022. With so many uncertainties, what is the way forward?
The Small Business Minister has put chartered accountants at the heart of the SME post-pandemic recovery programme, using their skills and knowledge to benefit small businesses looking to bounce back. Paul Scully pointed out how accountants are well-placed to add extra value to a small business's resilience and growth by horizon-scanning on their behalf and sharing their knowledge in a range of areas.
So at GSM, we can offer some green shoots. We can reimagine your business from the ground up and help you build that strategy, that will help you manage your liquidity, control costs, look beyond transactional activities, build flexibility in to your budgets, manage risks and taxes, to help you build back better.
To hear more about how GSM will get you on the front foot again and enable your organisation to move forward with confidence, contact us on 020 7935 3793