My top 10 tips for your Business in 2023

4th January 2023

We all know 2023 is going to be tough or so the Press would have us believe, but there a few easy things you can do to help yourself and your business keep ahead of the game. So here are my Top 10 Tips for 2023:

  1. Use a software package to log your income and expenditure, not only will it save you time it helps you see exactly where your business is, at any point and might even reduce your accountancy fees
  2. Every 3 months review your business and check your profitability, check if there are any costs that are creeping up and take steps to avert overspending
  3. Get rid of clients that take all your time but don’t want to pay you for the service, we call them “vampire clients”, you can then focus on the quality clients that pay more. You may be able to offer a better service and increase the fees you get at the same time.
  4. Cashflow; just because your business is profitable doesn’t mean you have cash in the bank. To avoid costly overdraft fees make sure you keep a log of your spending and the flow of funds in and out.  With a bit of planning you can foresee any shortfalls and take steps before you run into trouble
  5. Check what subscriptions you have and when they come up for renewal, make sure you are not paying for things you no longer use
  6. Have you got phone & utility contracts for the business that are out of contract as these can get expensive. See if you can re-negotiate a better deal
  7. Keep on top of your debts; its easy to forget when you are busy to chase those late payments, but money tied up in debt can seriously hit your cashflow and cost you money. Get on that phone and chase that debt!
  8. Review any loans and interest rates as the rates change, you may be able to refinance into a better or longer-term deal
  9. Have you got expensive company cars? Maybe you can switch one or more vehicles to a van and save tax.
  10. Think about how to reward your staff in different ways. They may prefer private medical care or discount benefit schemes rather than a cash pay rise? You can keep them happy, build loyalty and save money in the longer term.

Hopefully you’ve found a least one or two things in the list that you can do. If you would like any more advice or to talk through any of the above in more detail, then get in touch.

Book a call

Would you like to take a fresh approach to your accounts?