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10 Signs You Have Outgrown Your Accountant

10 Signs You Have Outgrown Your Accountant

Every business evolves, and with that growth comes increased complexity and demands; at this point, you may have outgrown your accountant.

As your business flourishes, it’s critical to reassess your accounting needs and ensure they are met effectively.

Are you experiencing a sense of unease about the efficiency and competency of your current accountant?

It could mean that you have outgrown their capacity, and it may be time to consider transitioning to a new accounting partner.

Tennick Accountants presents 10 vital signs that you have outgrown your accountant and you need a change:

10 Signs You Have Outgrown Your Accountant

1. Diminished Responsiveness

In a business relationship, communication plays a pivotal role.

When you have a query or require some crucial information from your accountant, timely and efficient responses are expected.

If it becomes increasingly difficult to contact your accountant, or if their responses are delayed or incomplete, it might be a sign that they are overburdened or not prioritizing your business needs.

It’s also possible that they are not interested or motivated enough to attend to your business affairs, which is not an ideal situation for your business to prosper.

The right accounting partner should always be easily approachable, eager to engage in productive conversations, and proactive in addressing your accounting needs and concerns.

2. Inability to Scale

As your business grows, so do the responsibilities and complexities associated with managing its financial aspects.

During the initial phases of your business, your current accountant might have served your needs effectively.

But as your business grows and evolves, the accounting tasks become more intricate and voluminous.

If your accountant is struggling to manage these escalated requirements or is unable to adapt to your evolving business structure, it’s a clear indication that they may not be able to grow along with your business.

This is a potential issue because as your business scales, so should all the services associated with it, including accounting.

It becomes crucial to have an accountant, like Tennick Accountants, who can easily handle the growing workload, manage more sophisticated tasks, and provide strategic advice for your business’s continued growth.

3. Lack of Industry-Specific Knowledge

Each industry has its unique set of challenges, intricacies, and regulations that significantly affect accounting procedures and financial decisions.

If your accountant does not have a deep understanding or extensive experience in your industry, they might be ill-equipped to provide advice or insights that are pertinent to your business.

Their lack of industry-specific knowledge might lead to sub-optimal business decisions and even compliance issues.

An accounting partner who specializes in your industry can provide relevant guidance, helping you maximize your business growth and ensuring you stay in line with all industry-specific rules and regulations.

Their industry-specific knowledge will be the difference between average and exceptional financial management.

4. Limited Range of Services

As your business grows, you might find yourself dealing with a multitude of professionals for various services like taxes, payroll, and financial consulting.

This can be time-consuming, inefficient, and prone to communication errors.

As your operations expand, the need for an integrated accounting service becomes increasingly evident.

Having a single, reliable provider like Tennick Accountants that offers a comprehensive suite of accounting services can be transformative for your growing business.

This would ensure consistency in service, ease of communication, and streamlined handling of all your accounting needs. Plus, it can save you valuable time and resources, allowing you to focus more on your core business functions.

5. Absence of Proactive Strategy

An accountant’s role extends beyond handling your financial records and filing taxes. 

If your accountant only engages during the tax season and fails to offer proactive advice throughout the year, you could be missing out on crucial strategic planning and tax-saving opportunities.

A proficient accountant should utilize their expertise not only to manage your financial records but also to propose proactive strategies that can aid in the growth of your business.

6. Inadequate Use of Technology

In the digital age, harnessing the power of technology is critical to managing finances efficiently.

If your current accountant is still relying heavily on old-fashioned, manual methods, this could be a sign that they are not equipped to handle the needs of a modern business.

Accountants who utilize the latest accounting software, such as cloud-based systems, can provide real-time financial insights and streamline processes.

7. Lack of Financial Forecasting

One of the fundamental aspects of business planning and growth is financial forecasting.

It allows businesses to plan for the future by estimating future revenues, costs, and financial outcomes. If your accountant isn’t providing this crucial service, you may be missing out on important insights that can drive strategic decision-making and business development.

A competent accountant should not only manage your current finances but also help you anticipate and prepare for future financial scenarios.

This involves analyzing trends, preparing budget forecasts, cash flow predictions, and various other types of financial projections.

Financial forecasting is an invaluable tool in steering your business towards its long-term objectives, if you’re not getting this, it is one of the clear signs you have outgrown your accountant.

8. Limited Tax Planning

The role of an accountant goes beyond just preparing your tax return.

They should be actively involved in identifying strategies to minimize your tax liability and optimize the benefits from tax deductions and credits.

If your accountant is not proactively engaging in tax planning, it might be time to consider a more comprehensive service like Tennick Accountants.

Effective tax planning involves understanding current tax laws, interpreting their implications for your business, and developing strategies to maximize tax savings.

This can significantly impact your bottom line, freeing up more resources for business growth and investment.

9. Poor Quality Reports

High-quality financial reports are indispensable for understanding the financial health of your business and making informed strategic decisions.

These reports provide insights into your revenues, expenses, profitability, and cash flow, among other critical financial metrics. 

If your accountant is delivering reports that are frequently late, inaccurate, or difficult to comprehend, it’s an indication that their service quality is inadequate.

Timely, accurate, and understandable financial reports are a cornerstone of good accounting service. They allow you to grasp the financial status of your business quickly and make data-driven decisions.

Therefore, it’s essential to work with an accountant who can consistently deliver high-quality financial reports.

10. Lack of Personal Attention

Every business is unique, with its own specific accounting needs based on its size, industry, business model, and other factors.

As such, a one-size-fits-all approach to accounting is inadequate. If your interactions with your accountant make you feel like just another number in their client list, rather than a valued client, it’s a red flag.

This could indicate that they’re not investing enough time or effort to truly understand your business and its particular needs. Your accountant should be providing personalized attention, taking the time to comprehend your business’s objectives, its specific challenges, and the industry it operates in.

This involves offering tailored advice, recommendations, and strategies that align with your business goals and circumstances.

A quality accountant will be genuinely interested in your business’s success and will provide a personalized service that caters to your specific requirements, rather than generic, off-the-shelf solutions.

Conclusion

If you’re encountering any of these issues, realise that you may have outgrown your accountant, and it’s time to start your search for a new accounting partner.

While choosing, prioritize accountants who can demonstrate experience with businesses of your size and industry. Inquire about their communication style, availability, and range of services.

Taking the time to find the right fit, like Tennick Accountants, will ensure that your accounting needs are met, and that you have the comprehensive support needed to propel your business growth. Remember, your accountant should be a trusted partner in your success, not just a service provider.

10 Reasons to Downsize Your Accountant

10 Reasons to Downsize Your Accountant

Every business owner knows that balancing the books is a delicate art; to downsize your accountant might seem like a silly thing to do, but hear us out…

We believe that maintaining your finances shouldn’t be a game of numbers alone; it’s about establishing trust, building relationships, and providing value that extends beyond the bottom line.

That’s why, today, we’d like to share with you a different perspective, one that might change the way you view your accounting needs – the benefits of partnering with a smaller accounting firm like ours.

10 Reasons To Why You Should Downsize Your Accountant Today…

1. A More Affordable Approach

It’s often believed that larger means better, but when it comes to choosing your accounting partner, this may not always be the case.

Our compact size allows us to operate with less overhead and fewer bureaucratic layers. This translates to more affordable rates for you, without compromising on the quality or integrity of our services.

2. Personalised Attention to Every Detail

We understand that every business is unique, with its own set of challenges and goals. As a smaller firm, we don’t just manage numbers; we nurture relationships.

We take the time to know you and your business intimately – this allows us to really get to grips with what you’re all about so we can provide you with a much better-personalised service that going to help you thrive, whatever your industry.

3. Seamless Communication

We’ve all been there: needing urgent advice or input and being left hanging by a tardy response. 

With Tennick Accountants, that’s a situation you’ll never have to face.

Our smaller client base allows us to respond swiftly and effectively, keeping you well-informed and confident in your financial decisions at all times.

4. In-Depth Knowledge of Local Markets

Our team is deeply rooted in the local business community, and this allows us to provide advice that’s not just technically sound but also contextually relevant.

We understand the local economic climate and regulations, empowering you to navigate your business’s financial landscape with confidence.

5. Flexible Solutions for a Changing World

We live in a world where change is the only constant.

As a small accounting firm, we’re able to pivot quickly, adapting our strategies and solutions in real-time to meet the changing needs of your business – this means that we can also provide a service that’s actually going to be working for you, no waiting around for us to catch up.

6. Direct Access to Senior Accountants

In larger firms, you might find yourself dealing with a chain of juniors before getting to speak with a senior accountant.

However, at Tennick Accountants, you will have direct access to experienced accountants from day one. This ensures that you receive the most competent advice right when you need it the most.

7. Personal Investment in Your Success

At Tennick Accountants, your success is our success.

As a smaller firm, we are deeply invested in the growth and prosperity of every client we take on. We celebrate your milestones and work hard to help you overcome any challenges you face.

We’re not going to hit you with the marketing fluff of “we are family”, but, we certainly do care like we are one. And if won’t take our word for it, our services will certainly reflect this attitude once you start working with us.

8. Proactive Approach

We don’t just wait for you to come to us with problems or queries.

At Tennick Accountants, we proactively review your financial situation, suggest improvements, and keep you updated with any changes in financial regulations that might affect your business.

This proactive approach helps mitigate potential risks and ensures your business is always ahead of the curve.

9. Customized Accounting Services

We understand that one size doesn’t fit all when it comes to accounting services. That’s why we offer flexible, customized services that can adapt as your business evolves.

Whether you’re a start-up finding your footing or an established company seeking new growth strategies, we can tailor our services to match your exact needs.

10. Unwavering Commitment to Confidentiality and Trust

Our smaller size allows us to foster a culture of trust and confidentiality. We handle your financial data with utmost care and discretion, providing you with peace of mind knowing that your information is safe and secure with us.

Final Words…

So, there you have it, 10 reasons why you should downsize your accountant today.

At Tennick Accountants, we’re more than just your accounting firm – we’re your partners in growth.

If you’re searching for an accounting service that values relationships as much as results, prioritises communication, and understands the unique rhythm of your business, then you’re in the right place. Come experience the difference of a smaller accounting firm and see how we can make your money work smarter, not harder today.

Plan for the end now (in a positive way)

Earn more, spend less or just get more i.e. time

We felt it only right to highlight again the fact that wages are going up and specifically the minimum and living wage is rising from 1 April 2022 for which you can find more information here.

This in itself present an opportunity to forecast what the year ahead might look like cost-wise and give you an opportunity to see how best you deal with this.

If you would like some assistance with preparing this forecast click here.

Setting up to sell/exit

We are having increasing numbers of conversations around business owners and have a fantastic white paper that we can share to:

  1. Help you set up successfully for sale
  2. Share why many people get it wrong
  3. Help show you how you could actually “grow” your own buyer

For a copy of this just click the link Selling/Exit Whitepaper Please

Family

We all know this but it still shocks us a little when we type the fact that we often spend more time with work colleagues than we do family.

Have you ever assessed the culture of your business though; factoring in those internal and external to it.

We did a fantastic exercise alongside a client of ours that ultimately led us to establish our values for which if you click the link below and we will happily share these with you.

Can I have a copy of the Tennick Accountants values

Takeaways

One of the biggest downfalls when it comes to running a business is the lack of planning when it comes to exiting it which subsequently results in only 1 in every 2,222 business owners exiting when they want, with how much they want.

Start planning ahead now to improve these statistics and we can help.

P.S. More information on our
client awards very soon …

Get more now

Are you getting what you need?

We are all getting more e-mails than ever and we are constantly looking at how we can add more value to our regular bulletins so have slightly tweaked the format for this month.

We are splitting the content into shorter and more “punchy” sections so you can jump into those which are of greatest interest value to you and will save you time looking for the “golden nuggets.”

Save me tax

Did you know there are three different elements to the tax advice and support that we provide and for which greater attention can be paid?

Click on the image below to find out more.

Make me more money

We have mentioned this before on a previous newsletter; with reference to inflation, but have you thought about this:

“Money left sat in your bank account is COSTING you money.”

Given the current rate of inflation, I don’t believe there are any banks currently paying interest in current accounts that exceed the current rate of inflation so; with it left sat there, as each month passes it worth less than the day it was put in.

What should you do? Speak with an IFA. Don’t have one? Get in touch with us by clicking here and we will contact you.

Help me focus on what matters

We started this end of month newsletter saying how a deluge of e-mails and content is meaning that people are struggling to see the woods for the trees.

The amount of information at people’s finger tips often leads to what is commonly known as “analysis paralysis” so basically you don’t know where to start, so don’t start.

We have some great overview reports that we are sharing for no cost up until the end of March for those on our bookkeeping package so let us know if you would like yours.

If we don’t do your bookkeeping, get in touch regardless and we’ll send you a template report based on demo data and a bit like Bullseye show you would could have won; or could still get in the future …

Yes please I’ll have a business overview report click here

Improve my cash flow

One of the most common issues we find whereby businesses could improve their cash flow is by changing the way in which they quote.

Whilst it is quite easy to factor in those costs directly attributable to a sale, it is more difficult when it comes to those overheads you incur regardless i.e. insurance, rent etc.

Quick tip

Go through your overheads for the past year and work out what these equate to based on the number of working hours there is in a year for you i.e. the hourly costs of these same overheads.

Start then applying this hourly overhead rate; with a mark-up to future quotes and see what difference this makes.

This is rough and ready; and not perfect, but is better than nothing and it will provide a great platform to build from.

Make sure you start with this gradually to get your confidence in adding it and in the calculation itself or just a few clients. We are here to help where needed.

Takeaways (everybody loves one, Indian would be my choice)

  1. Look at tax from one of three angles to think of it more proactively.
  2. Don’t have spare money in the bank costing you money, have it make you money.
  3. Draw from your figures what matters the most and we have a great report to help so get in touch for what this could look like.
  4. When it comes to improving cash flow; start with looking at how you quote for work. Then, take this a step further and monitor your REAL profitability per job thereafter.
P.S. More information on our
client awards very soon …

Kick off the new year with a bang

Time to do something

We know that so many people were busy leading up to Christmas so many people might have missed what we first out prior to Christmas so we thought we would share again some key points for those sneaking in a bit of work time late December.

Yes I know we did say we wouldn’t send an end of month newsletter out but I sensed some might need this so scheduled this one in advance.

Operationally

Want to work less and achieve more in your business?

Head over here to take a read.

Financially

Improve your finances with our book recommendation again – ‘Profit First’ by Mike Michalowicz whereby he speaks about going back to basics.

We’ve summarised some of the key points if you want to take a look here.

Want to be a bit more proactive and hit 2022 with a bang?

Why not join those who have already committed and jump onto our workshops where we take the points above and convert them into actions to help you work less in your business and ultimately exit sooner and with more money.

I know what I’d be asking for off Santa but I am an accountant and a little bias.

I’d love to know more about the workshops

P.S. Don’t forget our office is closed from
24 December 2021 and we reopen on
Tuesday 4 January 2022

Merry Christmas

Time for reflection

Okay so neither this year nor this Christmas is perhaps going to turn out as we expected but that doesn’t stop us from taking time to reflect.

This month we thought we would merge our usual operational/financial newsletters we spread across the month and give you some things to think about going into a well-earned festive break all together given that a lot of people will be wrapping up soon for the Christmas.

Operationally

So it might feel like groundhog day with all of the recent announcements but operationally we must keep pushing to be stronger and more resilient and we have a fantastic blog on our website around the four pillars any successful business should have in place.

Head over here to take a read.

Financially

If any of you are after some reading over the Christmas, we fully recommend ‘Profit First’ by Mike Michalowicz whereby he speaks about going back to basics.

Whilst further lockdowns might be on the horizons; and the likelihood of further Government support remains uncertain, it does not stop an individual or business owner going back to basics to reduce wastage when it comes to finance and strengthen their overall cash flow position.

We’ve summarised some of the key points if you want to take a look here.

Want to be a bit more proactive and hit 2022 with a bang?

Why not join those who have already committed and jump onto our workshops where we take the points above and convert them into actions to help you work less in your business and ultimately exit sooner and with more money.

I know what I’d be asking for off Santa but I am an accountant and a little bias.

I’d love to know more about the workshops

P.S. The Client Awards will be back next year also …

Profit

Profit First

I have an apology on behalf of all accountants – we have been getting it wrong for far too long and we are all sorry; profit first is the way forward.

This is WRONG:

Sales – Expenses = Profit

This is RIGHT:

Sales – Profit = Expenses

Business owners often leave themselves last. We take home whatever money is left over after all other expenditure; we are often first into work and last to leave, and as a result we are the one’s that think about our work life balance last.

Not anymore, as we share some core principles to help you turn this all around by putting yourself and profit first!

Four Core Principles

The four core principles to getting right what you previously got wrong in your business are:

  1. Use smaller plates
  2. Serve sequentially
  3. Remove temptation
  4. Enforce a rhythm

Using smaller plates

As human beings we have a habit of being able to justify more of something quite easily.

How is it that we can fill a 4-bedroom house having moved from a two-bedroom small flat? (or it that just me?)

Why do we need a large SUV when the average car journey is just 8.4 miles?

More importantly, when we try to cut down on something, it is often difficult to sustain it.

For example, it is really easy to say “I am going to start eating less” and it can be easy initially but tough to sustain.

From a financial perspective, it might be easy to make savings initially but how long can you keep it going?

The same can even apply to time.

However, we can often be resourceful when we want to be.

So consider this:

“If you want to eat less, use a smaller plate”

How long do we all make that last bit of toothpaste last when we come to the end of tube?

Apply this thinking to business:

  • Reduce your budget in areas of expenditure and measure both how much you can save and what impact this has elsewhere
  • Reduce your working hours and keep track of whether you can actually get more done in less time – if you do then stick with it

Serve sequentially

I don’t know about you, but I love a good Sunday dinner and I can promise you that two things I never leave are the roast potatoes and the Yorkshire pudding.  I can also pretty much guarantee that if I leave anything it would be the vegetables. Until, of course, I became a parent and realized I must set a better example!

For those who have kids, you will have heard them claim to be full and as a result are unable to eat certain things on their plate. More often than not, it is the vegetables. Particularly sprouts!

Consider this:

“Eat the contents of your plate in a different order and see what (and how much) is left when they are full.”

If we consider this from a business perspective and go back to the formula we shared at the start:

Sales – profit = expenses

From sales revenue that we receive in, we first take out a calculated amount of profit and then start to manage expenses. When you take this profit first approach, it is interesting to see how much more effective we are at managing expenses within a finite budget.

Remove temptation

As humans we are drawn to things we know we shouldn’t have. It is human nature.

If something “bad” is visible or easy to reach, we are far more likely to succumb to it.  I always tell my wife to not buy crisps or sweets because then I know I won’t touch them.

The same goes with time. I have been notoriously guilty in the past working beyond 5pm simply because I can. I “allow” tasks to take longer, and I “allow” myself to start more work than is actually necessary.

You can spend more on “running expenses” and work those extra hours but it will mean you have less money to take home to spend on the family. And because of those extra hours worked, you miss another bed-time and meal time with the kids.

Try focusing on the following:

  • Go through all your expenditure and entirely cut out anything that you don’t need!
  • Track how you spend your time in an average week and identify things you either don’t need to do or could spend less time on. Aim to find 5 hours in total.  Follow my “D” rules when assessing time:
    • Ditch the task
    • Delegate it to somebody else
    • Do it if it really needs to be done by a certain time
    • Dither – please don’t – you’ve cost yourself enough time and money already!

Enforce a rhythm

Feel the rhythm, feel the ride, get on up, its bobsled time!

*That will be the only reference I make to the film Cool Runnings.

It is all good and well having a routine/rhythm but what if somebody trips you up in the 100m sprint and you miss the Olympics because you didn’t take aversive action? (**definitely the last reference to Cool Runnings!).

Feel the rhythm

To truly make sustainable changes in your business you must put in place a sustainable rhythm that can withstand several bumps along the way.

Once you get things right, you need to recognize them and repeat them more often.  When you get things wrong, don’t dwell on it but instead reflect and learn from it but don’t repeat them.

Now you’ve got the four core principles to putting profit first:

  1. Use smaller plates
  2. Serve sequentially
  3. Remove temptation
  4. Enforce a rhythm

We would love to hear what changes you implement based on the ideas in this post and the difference it has made in your business and personal lives.

Doing out bit for the environment

Overview

So the dark nights are well and truly here and snow has most definitely arrived so we thought off the back of COP 26 in Glasgow a perfect time to help business owners made a sustainable and long-lasting difference in their business whilst saving some tax.

Electric cars

So subject to cost, availability and delivery timescales, they are becoming a more and more topical conversation and we thought it worthwhile revisiting and thought it best to share some great tips around these which can be found here.

Don’t forget there are some great tax-breaks available too.

Utility bills

Another very topical area for the press at the minute; particularly with further businesses collapsing, is the utility sector.

For the majority of our business clients you should have now received a report with any potential savings from one of our partner organisations that you can then go and do as you please but ultimately save some money at no cost.

If you have not yet received this please contact your client account manager.

——————————————–

Christmas

Office opening hours

I know we are getting a little ahead here but I’m sure we are all hoping and praying for a more “normal” Christmas than last year so we will again be closing the office over Christmas.

Our the last working day will be Thursday 23rd December 2021 and we will reopen after the bank holiday on Tuesday 4 January 2022.

All payroll, bookkeeping and other client work will be coordinated around these and your own deadlines but if you have any questions or concerns as normal please contact your client account manager.

Marginal Gains facing up to a new set of challenges

Clearer skies?


As the clearer skies but colder days approach, business owners are now facing up to a new set of challenges.

For those who engage us to do you bookkeeping, you will notice that we are tweaking this service offering to reflect this by providing some further insights upon completion of your bookkeeping work.

This should hopefully help you spot opportunities and have more valuable conversations with you account manager should you wish to as we look to make our clients more resilient to whatever might lie ahead.

Take a look at one of our latest blogs here whereby we stress the importance of the data right at your finger tips.

Aside from this, with furlough having ended and repayments for Government-backed loans having commenced, we must now start taking action with us sharing more insights below.

Marginal gains are the way forward

Workshops

We recognise that the business world has changed massively; and potentially never more so than over the past 18 months or so and we want to help you make some small subtle changes in your business.

In order to do this, we will be running a series of workshops starting in January that take you from extracting more from your existing business to having it exit ready as you are potentially sat on a rough diamond; that with a little polishing, could be something very special.

If you want more details just click below.

I’d love to know more about the workshops

Finance

Having access to enough cash is always quite high on the agenda and this month we are sharing more insights around the Business Recovery Loan Scheme.

For a summary at a glance click here or alternatively for a more detailed breakdown just click below.

Tell me more about the Recovery Loan Scheme

Your Business Curve versus The Health Curve

The media have reported a few times that we are past the peak of COVID-19 and we have all become familiar with term ‘flattened the curve’! And yet new seasons and new events mean this is forever changing. Business as usual is just round the corner (again), right?

Wrong.

The term ‘new normal’ appears to have dissipated but in all probability, we are still not really sure what the future of business will look like. Because of this, your ability as a business owner to pivot and adapt has never been more important.

We’re at a crucial point in the timeline of the health of UK residents and their businesses. As the health curve faces it’s most sustained threat ever; day by day, we’re at risk of getting complacent. This curve is often very different however to the one that businesses are following and the impact they have felt or are yet to feel.

Looking after our health

Health is the most important thing in life. It’s more important than business. You know that.

That’s why many of us have listened to and acted on the government’s instructions. We’re responsible adults with morals. It’s the ‘right thing to do’.

However, it is often easier to be the one following instructions than the one giving them out. As a business owner, you need to take control and put measures in place to flatten another type of curve: your business’ health curve.

What do I mean by your business’ curve? Like the national health statistics, we can measure the negative effect the pandemic has on your business and map it on a graph. Although the peak in a curve is usually considered to be a good thing, we know in this case it’s the opposite.

You can forgive yourself for being momentarily shell-shocked. A bit caught in the headlights if you will. It’s unprecedented times, after all. But the time for hesitation is over.

Now is the time to act. If you haven’t started to rebuild, you’re prolonging the inevitable.

The past 18 months has shown us that weaknesses in business can be crudely exposed so identifying gaps and planning for different eventualities will help you to avoid the pain of going into business saving mode.

I don’t want to be a doomsayer. I’m a realist and am writing this to give you the prompt that you might need.

Your Business’ Health Curve

Just like in the health curve, we can’t get ahead of ourselves.

What would happen now if we lifted restrictions and everything returned to normal? That’s right, the declining curve would make a sharp u-turn and start climbing again.

Our business health curve hasn’t hit its peak yet. Why? This is due to various reasons including the help the government has given us business owners, financial reserves bailing people out but overall we must recognise that the impact of this assistance being removed will be material.

As we enter 2022, this ‘peak’ is likely to become increasingly noticeable.

It looks like lockdowns as severe as those we have experienced to date are a thing of the past but we cannot rule anything out. Stock shortages in supply chains and energy pricing are just two examples of economic impacts that flow through the whole economy.

The true extent of this pandemic on the business world is scarily unknown but what we can say is that peaks in our ‘business curves’ may be slightly flatter and are most definitely going to be longer lasting and more unpredictable.

So, What Can You Do?

You can focus on what you know and what you can control.

This is a once-in-a-lifetime opportunity to ask yourself the following:

  1. Using everything you’ve learned, if you could start your business again, how would it look?
  2. Are the problems you’re facing 100% down to COVID-19, or are they deeper rooted than that?
  3. How will you prepare for the very real threat of future COVID-19 waves?

Last time we had no warning. It came out of nowhere and turned our lives upside down. You might even say we buried our head in the sands about it, refusing to accept we’d be as affected as China and Italy.

But now we have experienced the impact, if you could tip your business upside down, give it a good shake and put it back together again, how would it look?

The ‘new’ business world will certainly be different to the old, so the more you take action right now, the more agile and prepared your business will be for the future.

The ‘New Norm’ Myth Debunked

Everybody did not suddenly start working from home; and no, all meetings have not now become virtual rather than face-to-face.

Things have definitely changed, but not to that extreme.

What this pandemic has done is highlight many inefficiencies within our businesses that we should have spotted before now. For example, why were you travelling for 2 hours to a catch-up meeting when you could do it online? Why have staff members taken days off when their kids are sick instead of working from home for the day? Could all those meetings have been an email?

The opportunity this pandemic has given us is time. And while we can’t be certain about when the business curve will hit its peak, we have the time now to prepare the best we can for it.

Revisit your processes. Streamline your services. Strip everything back and start again.

Now is not the time for doing nothing.

Face it head on

By acting now, you will forecast a future peak, and, like the UK’s health curve, you will get past it. You will flatten it and have a better chance of beating in a way stronger than before.

Unsure about how to get started? Get in touch today and let us help you model your business curve and get you ahead while you still can.

Mark Fairley

"Tennick Accountants have been invaluable in making sure that businesses such as ourselves have access to knowledge, support and expertise which not only guides them through tough times but also helps them establish a stronger business."

Mark Fairley – Owner of Request A Guest
 

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Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you