10 useful resources to help steer your business through the downturn
With the current financial crisis set to continue for some time, small businesses should be looking at effective ways to survive a potentially long-lasting recession. Here are 10 useful resources to help you successfully steer your business through the current economic downturn:
Maintain healthy cash flow
Once you know what money is coming in and out, you can manage your cash to unlock capital, transform your bottom line and safeguard your future in uncertain times. The Department for Business Enterprise & Regulatory Reform has produced a series of guides on cash management, which can be found via the BERR website.
Explore funding options
Looking for alternative forms of finance in an environment in which banks are tightening their credit criteria is definitely worth considering. For a brief but in-depth low down on the options out there, click here.
Track your finances
The best thing you can do during an economic downturn is keep an eye on your money and the most efficient way to track your finances is to invest in some simple financial software. Intuit is offering its basic accounting package for free for three days between 20 and 22 January so go to Quickbooks to download it and take advantage.
Manage your debtors
In addition to a healthy cash flow, credit control and managing debtors is essential to any business. For expertise advice on credit control, the Institute of Credit Management (ICM) has created an online portal, which is designed to help businesses get paid on time.
Cut tax costs
Paying taxes is something we cannot get out of but there are a number of things you can do to curtail the amount of tax you have to pay such as through stock valuations and company cars. To get your head around complex tax rules and save hundreds, even thousands, visit taxcafe.co.uk.
Slash your utility bills
Now is the time to shop around and check if you are paying over the odds on your utilities bills or if you are getting value for money. Energy Helpline is an independent price comparison service which helps households and businesses find better energy packages.
Be green and save
Being energy efficient means you are not only being friendly to the environment but can save money at the same time. One way you can achieve this is by reviewing the modes of transport your business uses. To find out how you can save money as well as be green, go to the Energy Savings Trust.
Consider flexible working
While many companies are cutting costs by making redundancies, you can avoid this by taking a flexible approach to your workforce such as letting staff work from home. The right to request flexible working will be extended to parents of children aged between six and 16 from 1 April 2009. You can read more in our dedicated article on flexible working.
Stay above the radar
No recession lasts forever so you can never afford to stop marketing your company. The Forum of Private Business (FPB) has compiled a list of ways you can market your business on the cheap. For dozens of great ideas to promote your business without breaking the bank you should also read 50 Bootstrap Marketing Tips.
Talk to somebody
If you follow our tips but still think you may be heading towards difficulty in the coming months, you can get advice from a number of business support services. Business Debtline provides free, confidential and independent advice on how to deal with your debt problems. Visit www.bdl.org.uk or call 0800 197 6026.
These tips were penned by Catherine Harrell, Group Strategy Manager at Intuit, the provider of business and financial management solutions for small organisations and their advisors.
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