After 90 years advising businesses, we’ve learned a few things about survival. We have supported clients through recessions in almost every decade and many of them prospered where others failed.
The current cost-of-living crisis is having a profound impact on businesses and their customers, but even the deep recession that followed the 2008 financial crash provided opportunities for growth.
The economic conditions may be different but the principles of growing a business haven’t changed.
First and foremost, do you have a clear vision and strategy for your business with clear targets? Communicating this with your team helps get them on board and focuses them on achieving the objectives of the business.
Having a long-term funding plan means that you can fuel your growth, and preparing ahead of time means you will be in a better position to seize opportunities when they arise.
Making sure you have access to real time data and performance indicators allows you to keep your business on track. You and your management team can use this to help you make informed decisions on a day-to-day basis.
Building and retaining a great team is key to realising your growth plan. The war for talent is raging so making sure you can lock in your key people with incentives and benefits so that they share in the success of your growth is vital.
Seek out trusted advisers like solicitors and accountants with whom you can share your plans. Their expertise and insight will inform your decisions and ensure you get maximum return on your investment.
How can your accountant help?
In addition to the compliance matters to which all businesses need to attend, we can help you grow and develop your business.
- Understanding your growth ambitions and creating business plans and forecasts to help with funding and cashflow.
- Evaluating different business structures for how they affect the growth and development of your business and tax liabilities so you can make the right choice.
- Helping you secure the right kind of financing whether that be share capital or loan capital.
- Looking at your personal income and advising you on tax efficient remuneration.
- Setting up tax efficient incentives for staff through share schemes and Enterprise Management Incentives. Advising on tax efficient company car schemes.
- Maximising your tax savings by, for example, identifying expenditure that would qualify for research and development relief, timing capital purchases to utilise investment allowances and ensuring capital allowances are utilised.
Hillier Hopkins has been helping businesses grow since 1933. We work with businesses across a wide range of industry sectors and of all sizes, guiding business owners and management teams through all the stages of growth.
James Johnson is a Principal at Hillier Hopkins. Contact him on james.johnson@hhllp.co.uk or 0330 024 3200 or visit www.hillierhopkins.co.uk
