Essentially, we need to be financially fit. The areas of our businesses that we should fine tune are:
1.Record keeping. There has never been a time when fast access to financial data has been more important. If you don’t use accounting software now may be a good time to research what is available.
2.Cash flow. Maintaining liquidity, cash in the bank, or spare capacity in your overdraft facility will make it easier for your business to weather the storm. Credit is likely to harden as time progresses. Dust off your credit control procedures and offer a selection of payment options including payment by credit card.
3.Reconsider investment decisions and focus on those that will enable you to increase sales or reduce costs.
4.Take a hard look at costs and trim any “gym membership” type expenditure that no longer makes a positive contribution to your business.
5.Cast around for alternate suppliers that offer a better price deal.
And last but not least, take advice. If you have any concerns about the effects of the vote on your business, please call.