Are you maintaining a fit and healthy business? Here’s three tips to help.

As accountants to forward thinking businesses, we see directors manage everything through the lifecycle of a business. The challenges of getting off the ground, pushing through significant milestones of growth, navigating difficult times where you might not be growing. Grow is rarely linear, and we find it a privilege to support our clients through the good and the bad days.

We are into the last quarter of 2023. Not only have businesses had to battle continued increased utility rates but also rising inflation which has impacted consumer spending (as it was intended). How is your business performing?

As individuals, we maintain a healthy lifestyle by eating a good diet, exercising regularly, and visiting the doctor when we are ill. We need to do the same for our businesses – here’s how:

1. Feed your business the right fuel

If your business is underperforming in a particular area, is it lacking in something? The fuel could be several things:
– Recruiting or outsourcing to find the people power for under resourced teams;
– Upskilling or retraining existing employees to plug the gap in essential skill sets;
– Securing financial investment as part of your growth plans.
Every business needs to be fuelled and given the right nourishment to grow, but what is right will change over time. Make sure you understand what your business needs right now.

2. Keep the business in shape, mentally and physically

As individuals, it is important to exercise our bodies to keep physically fit. We need to exercise our minds to maintain good mental health too. The same is true for a business. The thoughts and the processes of the business should be exercised to stay fit and in shape.
It can be difficult to take a truly objective look at the business, which is where external advisors, like us, can support. We can explore, and challenge if we need to, where gaps in knowledge or inefficient processes are letting the business down. From there, a suitable exercise regime can be devised to get the business back in shape.

3. Check out concerns with the experts

Every business will experience growing pains, and as the business grows, it will need to think and operate efficiently on a larger scale. Shifting into that larger scale will be a challenge and it could cause ailments. Spot these issues as soon on as possible and find the right remedy to makes things well again.
Some problems will simply need a bit of focused attention. Others you may require expert advice which could be your accountant. At WoodWhite Accountants, we take a keen interest in your business and goals so that we can give you tailored accountancy and tax advice perfectly aligned to your business strategy. We see ourselves as an extension of your business.

Asking for help from the right experts can not only fix problems you are experiencing, but it can also stop them from escalating or being a problem in the first place.

We are only a couple of months away from the dawn of a new year. Don’t resolve to begin 2024 fitter and healthier, start now.

Spend this time taking a thorough look at your business. Bring in the right experts to give your business an MOT. Identify the problems in their infancy and commit to a plan to fixing them.

Waiting for the right time to get started is simply kicking the can down the road.

If you would like an expert team of accounting and tax professionals to help you, contact us today on 0118 977 7100 or email enquiries@woodwhiteaccountants.co.uk. We always offer a FREE, no obligation consultation, tax review and accountancy services quote.