A new financial framework for your business in 2023
In a new year many make resolutions to ring out the old and bring in the new. Yet it's no less easy to adopt new ways in business as it is in our personal lives. Financial new year's resolutions for your business are firstly not always obvious to identify and secondly require the right plan, processes and personnel to implement the change effectively.
For a business to survive and thrive beyond the current cost of living crisis is going to be no mean goal. With all eyes on the prize of improving profitability and seeking new opportunities for growth, in the context of customers tightening their belts this year, it will pay to consider who your best customers are, the level of profitability they bring to your business and how you might apply that model to gain new customers.
But what will it take to secure those new customers? What capital investment will be required to make the proposition for new customers appear more appealing? What research and/or marketing costs will it require? What labour costs will be required for a successful onboarding of those customers and retaining them?
All these take analysis, forecasting and likely remodelling of the financial infrastructure of your company and to ask equally searching questions of your current framework: What cash is in the business and available for the sourcing of raw materials and/or the production of goods for sale? How can you increase sales yet reduce expenses simultaneously, without diminishing the quality of your products or services? How can you best futureproof your business for inflation, recession, recovery, expansion and boom?
With a financial management framework in place that retains sufficient checks and balances, that demonstrates pragmatism, permits agility and while being proactive is still prudent in its activities, you'll acquire an infrastructure that has capabilities to support your decision making. And not just with automated digital processes, but one that can also be influenced for the better by quantitative and qualitative information and insights, to be more intuitive to the market and the prevailing circumstances the business finds itself in.
This takes not just expertise but also the rare to find experience of the ebb and flow of numerous downturns and upturns in an economy to effectively manage all the moving parts of the financial framework of a clients' business. It also takes commercial confidence to be able to advise clients to shape their business for whatever life throws at it and move forward with the reassurance that over 100 years of partnering our clients in building better businesses brings.
To hear more of how 2023 and beyond might best be framed to evolve your business, contact GSM today on 020 7935 3793