Inflation may be down but there’s still real uncertainty for business owners. Knowing what step to take next is a key worry.

To get more clarity for your future plans and how to work on the short-term future of the business when sales, income and cash may be in short supply, focus your efforts in the right place.

As a business owner, you always think of new business critical issues, but the reality is that you can’t control all these elements. To overcome these worries, try focus on the things you can control:

• Identify the things that matter to the short, medium and long term success of the business
• Find the things you can control and over which you have some influence

Try also focus on things you can improve the business performance such as:

• Review your overheads and costs – one way to reduce cashflow worries is to reduce your spending. Look at your controllable overheads and see if there are ways to negotiate better terms with suppliers, cut down on expenses or pause any subscriptions.
• Talk to debtors and creditors – if you can bring down your aged debt that will help your overall financial health. Talk to any late paying customers and agree when these debts will be paid. Talk to suppliers about extending payment terms, if possible.
• Update your website and marketing – having a great online presence is vital. Is your website and social media up to date?
• Encourage your team – maintaining motivation and nurturing team spirit to engage your team with any new ideas that may be happening.

If you need any help with your business, get in touch.