No doubt, it is not an easy time for most of small business owners. The Chinese character for “crisis” consists of two symbols. One means “danger,” the other “opportunity.” While making a strategy may be more challenging during recessions, if you grasp the nettle, opportunities will arise to enhance your business.
As a business owner, it’s the right time for you to:
- Tidy up your books
By having up-to-date information, you will be able to know your position so you can make better business decisions. Ask your accountant to help you to bring your bookkeeping up-to-date and keep it current. - Save money from paying too much on taxes
It is not uncommon, many businesses pay too much on taxes. Having a tax planning is the best way to reduce your taxes. Get help you on tax planning so no more paying too much and no more penalties. - Know how your business compares to others
Are your advertising expenses high? How about rent? How do others in your business pay? Ask your accountant to help you to know how your business compares to others in your industry. We have our exclusive product, called "Padgett Reality Check" - Improve your cash flow & liquidity
Having a good cash flow is becoming very important during this rough time. Decrease your overhead cost, get rid of unproductive assets and negotiate with your vendors for longer term. Your accountant can advise you on how to improve your cash flow & liquidity. - Be more focused on your business
Your business needs you more than ever. Let your accountant take care of your accounting, tax and payroll. - Be willing to make changes
It is not easy but do not be afraid to make necessary changes. - Get advice from experts
In running your business, you may face many issues. Some of which you know the solutions to, but some you don’t. Find someone who is expert in accounting & tax, and who is always here to answer questions and offer sound advice that gives you the competitive edge.
Do not let this recession bring your business down! Be a winner!
