Changes are afoot for your business this Autumn

It feels like we've had an extraordinary long run-up to the imminent Autumn Budget. So, while businesses and individuals await the unveiling, one thing is clear, change is afoot and how businesses adapt to these will be crucial for their future success.

With every new budget comes a sense of uncertainty - what new policies will be introduced? What new regulations? How will tax increases and adjustments in thresholds impact small businesses?

So it's natural to be concerned about the potential for disruptive changes. But amid all the unknowns, there are still opportunities to not just survive, but thrive.

With a budget often comes a shift in the business landscape. As sure as many trees will shed their leaves in autumn, many businesses may need to shed costs, reallocate resources, or even adjust their overall strategy to stay competitive.

While the Chancellor is insisting the changes and initiatives in the imminent budget are designed to bolster the economy and is expected to unveil strategies that point to a commitment to growth and sustainability, for many business owners fears of a tax raid have prompted uncertainty for some and for others there is a discernible intention to pull down the shutters and sell-up.

At GSM, for those clients where it is appropriate, we will guide, provide wise counsel and help implement a well planned exit strategy, for others minded to take similar action, we may well advise such clients to remain on the side of prudent optimism, rather than throw caution to the wind and exit the business.

It's worth noting that smaller businesses which have survived or even thrived through previous turbulent economic periods often share one key trait: resilience. And at GSM our clients being resilient means planning for the worst but positioning your business to capitalise on the best opportunities.

With this in mind, while the specifics of the Autumn 2024 budget are not yet clear, what is certain is that many small businesses will need to be agile.

Not least because the focus of much speculation on the positives that could be forthcoming from the budget, so far appear to be heavily skewed to larger business entities. So the much expressed line of SMEs being the backbone of the UK economy, so far seems hollow. Employee rights for example, appear to have upset many SMEs including the Federation of Small Business who believe that there is a blanket assertion in Labour that all businesses should or are able to operate in the same way. Whereas practicalities for many smaller business may not be as simple to initiate, could cost them dear and disproportionately to their size.

So, there will be hurdles to overcome for businesses alongside those for the UK economy as a whole.

While it's easy to focus on the potential challenges of the upcoming budget, it's important to remember that every budgetary policy shift will likely create new opportunities. At GSM we can help you shape a financial management environment that is adaptable for your business needs and goals.

To hear how we can harness the opportunities presented by budgetary changes for our client businesses and navigate the complexities of the prevailing economic climate, call GSM on 020 7935 37930