Is the business bounce back on for your company?

According to the Lloyds Business Barometer, confidence increased across all sectors in February, reversing much of the previous five-month decline. That's encouraging news, but for some businesses, this renewed optimism may feel distant from their day-to-day reality.

So, how big is the gap between that optimism and the present day lived experience for SMEs?

Given that the challenges of the past few years of rising costs, shifting consumer behaviour and economic uncertainty have tested businesses and left many struggling to regain their footing, your accountant is likely the best conduit to set your business back on the right path.

At GSM we help each client business assess its present financial position, to navigate any uncertainty and adapt by adopting a well-reasoned plan for the future.

As accountants for many a successful SME, and with over a century of experience of varying economic climates, we know that with the right financial strategy and systems in place, your business can not only recover but thrive.

So, how can you ensure that your business is part of the bounce back?

Whether you're a manufacturer, a service provider, an online retailer, a bricks and mortar store or any other entity, our experience means we can both guide and support you in your decision making, refine your financial management systems and substantiate one approach over another, to ensure that you are on the right trajectory.

In short, we can help you to take proactive steps to help mitigate risk, secure your financial stability and aim for long-term growth, managing your cash flow and costs judiciously.

While all businesses need strong financial foundations and management, different entities face unique pressures and so their challenges and strategies for bouncing back will often differ:

For manufacturers, bouncing back means focusing on supply chain resilience and cost efficiency. Many may have faced rising raw material costs and logistical bottlenecks. Yet, with a well-managed approach to inventory, as well as the advice on the optimum timing for capital investment in equipment and production, we can help manufacturers forecast and budget to maintain profitability.

For service providers, the key lies in client retention and adapting to evolving market needs. This could mean revisiting pricing strategies, or investing in technology to improve efficiency. Whether it's managing fluctuating income streams or ensuring a steady cash flow, we provide tailored guidance to keep your business competitive.

Online retailers have seen rapid changes in consumer behaviour, fluctuating demand patterns and fulfilment costs. So, maximising profitability in this space requires active financial tracking as well as efficient stock management. Our expertise in e-commerce businesses enables our clients to fine tune operations and improve margins.

For bricks-and-mortar stores, footfall remains a key concern. Encouraging customer loyalty, diversifying revenue streams and managing operating costs, such as rent and staffing costs are essential. We assist retailers in cash flow forecasting, cost control and financial risk assessment, helping them build a solid foundation for the future.

So no matter the business model, a strong financial strategy is the backbone of any business recovery. At GSM, we work closely with SMEs to ensure that their financial management is not just a reaction to circumstances but a proactive tool to bounce back with success.

To hear more of how we can support you on your business journey, contact GSM on 020 7935 3793