While the current financial climate might feel like one of doom and gloom, small businesses in Milton Keynes can still thrive and grow. Although you may have to be a little savvier with the way you spend your money, you can still turn a tidy profit, even when cutbacks are taken into account.
By working with a Milton Keynes accountant, you can work out exactly where changes can be made to preserve the money already tied up in your business. The fear amongst many startups is that their rate of enquiries will slowly dry up, until they no longer have enough customers on their books to stay open. However, as long as you are willing to make sacrifices in other areas, there’s every chance you will be able to ride through this initial period of uncertainty unscathed.
If you deal abroad in any capacity, you may have already been stung by the fall in the value of the pound. Unfortunately, our currency’s depreciation means that buying and importing raw materials from overseas is now that much more expensive. Since the pound appears to be stuck this way for a little while longer, Milton Keynes businesses need to find new ways of transferring their money abroad.
The chances are that your company currently uses a bank as their currency converter. While this was never a problem in the past, it now means that you are restricted to fluctuating exchange rates. To bypass this problem, it might be worth your while agreeing a fixed rate with a broker. Most brokers will enable you to fix your rates for up to two years, allowing you to make better predictions on your overall costs for that period of time. Of course, it’s a gamble, should the pound suddenly regain its value. But, since the aftermath of Brexit is threatening to continue for a while longer, it could be a risk worth taking.
It’s easy to forget about regular payments when you are focusing on those beyond your control. In particular, shopping around for a new utility provider could help you cut back on your expenses. Before Brexit, many businesses were happy to remain loyal to one particular brand, but now could be the time to find a cheaper alternative. While the process may be tasking, it can quickly free up cash for more important ventures.
Other simple measures could help you reduce your monthly expenses, too. For example, arranging a carpool for your employees could save on the money you stump up for company vehicles and fuel. You could also reduce your phone bill by making more client calls over the internet. If you are already paying for an unlimited broadband package, then the increased data usage would cost you no more each month.
Any business owner worth their salt knows to plan ahead. But, when the financial security of the nation is thrown into turmoil, things become a little more complicated. Now, along with short-term plans, you also have to think about the future of your company over five or even ten years. While it’s difficult to predict whether a client will be around for this length of time, failure to include them in your long-term goals could spell trouble later on.
Ensuring your clients are an integral part of the decision-making process can help you explore new avenues both in Milton Keynes and across the globe. If relations with Europe become strained, then companies may have to look further afield for countries to do business with. This will significantly affect the relationships you have with your clients, who may show trepidation when given the opportunity to connect with other businesses in the US or Asia. Being open and honest with them about any changes you are looking to implement will give them the chance to adjust and evaluate the financial implications for themselves.