AUTUMN STATEMENT AND ECONOMY ROUND-UP
Released On 27th Dec 2023
With headline inflation rates falling, this must be good news. However, with higher interest rates than we have seen for many years and growth within the UK economy slowing we are certainly not out of the woods yet.
In his Autumn Statement, delivered on 22 November, Chancellor Jeremy Hunt unveiled the government’s tax and spending plans. He started his speech by saying that there were 110 measures to “Help grow the British economy”.
Whilst little can be done to influence government policy and the state of the economy it is important that businesses take action to remain resilient in these challenging times.
As we move towards the end of another year, it’s important to take stock and review where you are and make plans for the new year.
Here are a few suggestions to help you think about your business:
- Review your budgets and set realistic and achievable targets for 2024.
- Review your debtors list and chase up overdue invoices (if appropriate).
- Assign responsibility to one individual for invoicing and collections.
- Put extra effort into making sure your relationships with your better customers are solid.
- 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.
- Encourage team members to suggest ways to streamline and simplify processes (e.g. sit down and brainstorm about efficiencies and cost reduction).
- Review your staffing needs over the next few months.
- Review your list of products and services and eliminate those that are unprofitable or not core products/services.
The above is just a short list of things that all businesses should be regularly reviewing and considering. If you want to discuss this subject any further and consider the ways that Albert Goodman can support you, please contact me or your usual AG contact.
