As we enter a period of significant uncertainty in our economy, is your business ready to deal with the challenges it may face in the next few years?
With increasing interest rates, soaring energy prices and inflation at a modern day high, the impact on your business may be significant. Profit margins will be squeezed and you as business owners may be faced with difficult decisions.
Here at Lambert Chapman we are here to help and guide you and your business.
We offer a range of services that can help support your business in these uncertain times.
Meeting with Lambert Chapman
No one knows your business better than you, so it may be as simple as having a meeting and discussing your ideas and concerns with a member of our team. Margin calculations can be undertaken to assess the impact of price increases or renegotiating supplier terms. We can discuss the impact and come up with some ideas with you to help you and your business through these challenging times.
During periods of uncertainty, one of your priorities is likely to be cashflow. Have you got enough money to pay employees wages, HMRC, supplier invoices, yourself and the increased energy costs? Now more than ever you may find your cashflow stretched and juggling who to pay next. Maintaining a healthy cashflow for your company is essential to both help your business survive and to be in a position to grow when we come out of the economic downturn.
We can work with you to prepare cashflow forecasts to assess your businesses cash needs. This will identify any potential shortfalls in funding and the impact this may have. We will be able to advise and provide recommendations to help improve cashflow and if necessary support you in obtaining finance for your business.
Our software allows multi-year forecasts to be prepared if required. It will provide a profit and loss account, balance sheet and cash flow statement. The forecasts can be based on your current business model with adjustments for various scenarios to see the potential impact it will have on your business.
Management accounts are a good way to monitor your business on a monthly, bi-monthly, quarterly or six monthly basis using the information provided by you, whether this is on your accounting software or from manual records. They will also highlight any potential issues so these can be addressed prior to your year-end statutory accounts being finalised.
We can discuss the accounts with you and highlight any areas for concern. This will provide you with more up to date information to help you make decisions to support your business.
Preparing management accounts is also a useful tool for tax planning purposes and we can advise on how you could possibly reduce your tax liability.
It is certain to say that the next 12-24 months is going to be difficult for us all, but you are not alone. We are here and ready to help you.
Please feel free to reach out to your Lambert Chapman contact who will be more than happy to help.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.