The uncertainty and confusion surrounding Brexit continues to grow at a rapid rate and with it, so does the likelihood of a no deal, or hard Brexit. With no sign of better news on the horizon, businesses are being forced to ask searching questions about post-Brexit Britain.
Be prepared for cash flow fluctuation
Start with the basics. Speed up those invoice payments – be sure to notify your client base that you have a new, speedier turnaround time regarding payment policy.
Small businesses may also need to reduce their production rate, or certainly their cost of production. Take a good look internally and keep an eye on aspects of production, if it’s not essential, do you need it?
Get your books in order
The key to finding any stability and survival will be balancing the books. Knowing exactly where your money is spent, and how it comes in, will stand you in better stead.
Getting past this battle will mean you are better prepared, even for a hard Brexit. Be ruthless and save everything, keeping 100% control of your income and expenses is the first line of defence.
Keeping customer king
Clients will be more out of pocket following a hard Brexit. They will be asking themselves some tough questions about what they really need and if you can provide it?
You may have to reduce costs, for a period of time, to keep customers and clients on side. If what you provide is not essential, they may look at culling your service to save money.
Reducing costs, and making an effort to keep up with the financial hardships, will go a long way to keeping those clients enticed and buying your services.
Cloud accounting – it is essential
The time and money saved using cloud accounting software is wide reaching. However, the biggest benefit, as far as a hard Brexit is concerned, is that it gives you a real-time view into your cash flow so you can see what you owe, what you’re owed and how much you’ve made.
Cloud accounting software also helps you to keep on top of cash flow through automatic reminders to your customers.
Improve your exposure
With the potential for client numbers to fall, small businesses will need to do everything in their power to stay in the picture.
Be sure to keep an eye on your analytics and where your website traffic is coming from. If there is a lot of interest from a certain place, it could be worth a marketing drive.
Your apps would also have collected a lot of data regarding orders and where your main income is from. Target these potential areas, and existing clients, to increase your exposure as Britain leaves the EU.
Is your business Brexit ready? Are you giving yourself the best chance? Please share your thoughts below.