Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! and easy to contact www.shaikhandcoaccountants.com, 01892 552696
Cash Flow management is key in a turbulent economy
Do you agree? Most of our other clients do. In this economy cash is king and managing your cash flow is more important than ever.
If you are concerned about the future of your business, then take some time to reflect on where you are and what could happen in the next few months. It is now vitally important for all businesses to plan ahead for a range of scenarios. Cash flow and business planning in these uncertain times may appear difficult but there are some practical steps you can take to minimise potential disruption to your business.
- Review your Budgets and set realistic and achievable targets for the remainder of 2022.
- Get your employees involved in a discussion of likely trading conditions and get their input on reducing costs and maintaining revenues.
- Review and flow chart the main processes in your business (e.g. Sales processing, order fulfilment, shipping etc.) and challenge the need for each step.
- Put extra effort into making sure your relationships with your customers are solid.
- Review your list of products and services and eliminate those that are unprofitable or not core products/services.
- Pull everyone together and explain the business strategy and get their buy-in.
We specialise in helping our clients manage their cash flow. We do this by preparing and updating detailed cash flow forecasts, using the latest and most powerful software. We can also help you negotiate or renegotiate overdraft facilities and find specific funding to help you grow!
Please talk to us about cash flow planning for the next few months, we can help with a template so you can do this yourself or work together to produce estimates for a variety of scenarios.
Queen’s Speech 2022
Prince Charles, standing in for the Queen, delivered her speech to both Houses of Parliament last week. The speech highlighted some of the 38 laws that ministers intend to pass in the coming year. This number includes some bills carried over from the previous session of Parliament, which ended last month.
Prince Charles outlined that it was the governments priority to grow and strengthen the economy and help ease the cost of living for families. Critics have argued the government is not doing enough to help struggling families as inflation soars.
Some of the main business points include:
- The Brexit Freedoms Bill which will give ministers the power to change current EU laws;
- A Levelling up and Regeneration Bill to give councils new planning and redevelopment powers;
- Changes to business rates;
- The new UK Infrastructure Bank, a body designed to increase financing of infrastructure projects;
- An online safety Bill to improve regulation of content appearing on the internet;
- A Data Reform Bill to replace EU rules on data protection;
- The Electronic Trade Documents Bill to enable more digitisation of trade-related paperwork;
- An extension of 5G mobile coverage and new safety standards for digital devices;
- A draft Digital Markets, Competition and Consumer Bill to tackle fake consumer reviews and boost competition;
- An Economic Crime and Corporate Transparency Bill will strengthen the investigatory powers of Companies House and aim to increase corporate transparency;
- A Financial Services and Markets Bill will aim to simplify EU rules governing the sector; and
- The Procurement Bill will replace EU rules on how the government buys services from the private sector.
The new Financial Services and Markets Bill, announced in the Queen’s Speech, will support consumers by protecting access to cash. It will ensure the continued availability of withdrawal and deposit facilities across the UK, and that the country’s cash infrastructure is sustainable for the long term.
The Bill will also enable the Payment Systems Regulator to require banks to reimburse authorised push payment (APP) scam losses, totalling hundreds of millions of pounds each year. This will ensure victims are not left paying for fraud through no fault of their own.
We will keep you updated over the next few months of business-related developments and once legislation is passed we will ensure you get the information you need if these changes affect you.
Support for High Energy use Businesses extended
High energy usage businesses, such as steel and paper manufacturers, are set to receive further support for electricity costs as the UK government has confirmed details of the Energy Intensive Industries (EII) compensation scheme.
The information contained in this article is for general information purposes only and does not constitute advice, Whilst we endeavour to keep the information up-to-date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability for a particular purpose. We recommend that professional advise should be taken from a suitably qualified expert before undertaking any action.