We hope you all enjoyed the festive break and were able to refresh, regroup and think ahead for your business in the year ahead.
Unfortunately, there will still be a lot of pressure as there has been over the last two years because the pandemic is not yet over.
Among these are:
Costs – from the impact of rising inflation which has led to the Bank of England increasing interest rates.
Costs – due to the current high price of energy supplies.
Costs – due to businesses having to start to replace loans granted in the earlier stages of the pandemic.
Costs – due to late payments by other businesses, something that the Federation of Small Businesses (FSB) has highlighted as a problem for 30% of the SMEs it surveyed recently.
Costs – due to impending increases from April in National Insurance contributions, the living wage and dividend taxation, something the FSB has also highlighted.
Can you see the recurring theme here?
Is it affecting your ability to put into action any new plans for your business that you identified at the end of the year?
If you need an accurate picture of exactly where your business is financially in order to identify whether you have the room for manoeuvre to take your business forward, we have a tool that can help you.
It’s free to download here.
Cash management is going to be essential in helping businesses to both know where they are in 2022 and to help them move forward.