{"id":3518,"date":"2025-02-19T10:46:19","date_gmt":"2025-02-19T10:46:19","guid":{"rendered":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/?p=3518"},"modified":"2025-02-19T10:46:19","modified_gmt":"2025-02-19T10:46:19","slug":"5-ways-to-strengthen-your-business-this-year","status":"publish","type":"post","link":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/5-ways-to-strengthen-your-business-this-year\/","title":{"rendered":"Chartered Accountant Shares 5 Ways to Strengthen Your Business This Year"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/5-ways-to-strengthen-your-business-this-year\/#1_Re-evaluate_Your_Budget_and_Focus_on_Forecasting\" title=\"1. Re-evaluate Your Budget and Focus on Forecasting\">1. Re-evaluate Your Budget and Focus on Forecasting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/5-ways-to-strengthen-your-business-this-year\/#2_Take_Control_With_Accounting_Software\" title=\"2. Take Control With Accounting Software\">2. Take Control With Accounting Software<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/5-ways-to-strengthen-your-business-this-year\/#3_Improve_how_you_are_managing_your_cashflow\" title=\"3. Improve how you are managing your cashflow\">3. Improve how you are managing your cashflow<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/5-ways-to-strengthen-your-business-this-year\/#4_Is_it_time_to_rethink_your_business_structure\" title=\"4. Is it time to rethink your business structure?\">4. Is it time to rethink your business structure?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/5-ways-to-strengthen-your-business-this-year\/#5_Is_it_time_to_upskill_yourself_or_your_employees\" title=\"5. Is it time to upskill yourself or your employees?\">5. Is it time to upskill yourself or your employees?<\/a><\/li><\/ul><\/nav><\/div>\n<p>Many of us set ambitious New Year\u2019s goals, often focused on personal health, well-being, or exploring new hobbies, but what about improving your business?<\/p>\n<p>As January draws to a close and motivation for your personal resolutions is dwindling, now is the perfect time to refocus on sustainable strategies for your business. Take this opportunity to set steady plans, reevaluate your approach, and gradually work towards your next milestone. To help guide you, accounting experts from <a href=\"http:\/\/www.ridgefieldconsulting.co.uk\/\" target=\"_blank\" rel=\"noopener\">Ridgefield Consulting<\/a>, a chartered accountancy firm based in Oxfordshire gave their insight on how to set achievable goals and streamline your business for the coming year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Re-evaluate_Your_Budget_and_Focus_on_Forecasting\"><\/span><strong>1. Re-evaluate Your Budget and Focus on Forecasting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The new year is a clean slate and many businesses will benefit from a fresh budget for the year. It is important to forecast for the year and to do this you should reflect on the previous year and review your previous year&#8217;s spending. Looking back at previous years is vital to identify trends and patterns in income and expenses, which can help you plan for slow cash flow periods. While business can be unpredictable, flexibility in your budget and a rainy-day fund can safeguard against surprises. This will ensure it stays aligned with your goals and adjusts to internal and external factors, providing valuable insights to keep your finances on track throughout the year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Take_Control_With_Accounting_Software\"><\/span><strong>2. Take Control With Accounting Software<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3521 aligncenter\" src=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-content\/uploads\/2025\/02\/Take-Control-With-Accounting-Software-300x176.jpg\" alt=\"Take Control With Accounting Software\" width=\"992\" height=\"582\" srcset=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-content\/uploads\/2025\/02\/Take-Control-With-Accounting-Software-300x176.jpg 300w, https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-content\/uploads\/2025\/02\/Take-Control-With-Accounting-Software-768x450.jpg 768w, https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-content\/uploads\/2025\/02\/Take-Control-With-Accounting-Software.jpg 808w\" sizes=\"auto, (max-width: 992px) 100vw, 992px\" \/><\/p>\n<p>Accounting software is a crucial asset for your business. Not only does it streamline your finances, but it also helps you stay compliant.<br \/>\nWith the second phase of Making Tax Digital (MTD) coming into effect soon, sole traders and landlords earning over \u00a350,000 will be required to keep digital records of their income and expenses and submit quarterly tax returns through HMRC-approved software.<br \/>\nLearning how to use accounting software now ensures you stay compliant ahead of the deadline while also making your bookkeeping more efficient and accurate. It can reduce your reliance on external accountants and help prevent costly errors.<br \/>\nIf your business is VAT-registered, you are already legally required to use accounting software for MTD.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Improve_how_you_are_managing_your_cashflow\"><\/span><strong>3. Improve how you are managing your cashflow<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Healthy cash flow is the backbone of any thriving business and can keep your business running smoothly and out of trouble. According to a <a href=\"https:\/\/quickbooks.intuit.com\/online\/\" target=\"_blank\" rel=\"noopener\">QuickBooks<\/a> study, 57% of small businesses have cashflow issues and this can be one of the leading causes for insolvency.<\/p>\n<p>This is why it&#8217;s important to understand your cash flow to be able to manage it effectively and create a cash flow forecast. Some key points to consider to help master your cashflow would be:<br \/>\n\u25cf Have you provided your business with a rainy day fund to act as a surplus buffer?<br \/>\n\u25cf Review your payment terms for invoices and clients, and consider shortening them if necessary.<br \/>\n\u25cf If you have plans for any big purchases, have you considered whether it would be better to lease or pay through a payment plan to make it more cost-effective?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Is_it_time_to_rethink_your_business_structure\"><\/span><strong>4. Is it time to rethink your business structure?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3520\" src=\"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-content\/uploads\/2025\/02\/Is-it-time-to-rethink-your-business-structure-300x197.jpg\" alt=\"Is it time to rethink your business structure\" width=\"1023\" height=\"672\" \/><\/p>\n<p>If you started as a sole trader and have experienced significant growth, it may be time to consider transitioning to a limited company. This change can provide tax and legal benefits, allowing you to retain more profits and help encourage investment if ever needed.<\/p>\n<p><a href=\"https:\/\/www.gov.uk\/limited-company-formation\" target=\"_blank\" rel=\"noopener\">Operating as a limited company<\/a> can also offer protection, as it creates a separate legal entity, shielding you from personal liability.<br \/>\nTransitioning will not only allow you to keep more of your profits but it\u2019s is a good idea to transition when the tax savings outweigh the additional accounting costs of running a limited company.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"5_Is_it_time_to_upskill_yourself_or_your_employees\"><\/span><strong>5. Is it time to upskill yourself or your employees?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Did you know you can enhance your skills by further training and reduce your tax bill?<br \/>\nRegardless of whether your business is set up as a sole trader or a limited company, you can deduct the cost of any training or development course that is in direct relation to your business as an expense. This includes:<\/p>\n<p>\u25cf Course fees for professional development.<br \/>\n\u25cf Equipment purchases associated with training.<\/p>\n<p>Investing in upskilling not only enhances productivity but also strengthens your competitive edge. As a bonus, these expenses are tax-deductible, making it a win-win for your business.<\/p>\n<p>Implementing these strategies such as re-evaluating your budget, adopting accounting software, managing cash flow, re-assessing your business structure, and investing in upskilling yourself, can not only position your business for growth but also bring advantageous tax benefits.<br \/>\nIt is important to remember navigating these improvements can be complex and that is where professional expertise can make all the world of difference and help you identify opportunities for tax savings, strengthen your financial strategies, and remain compliant with evolving regulations.<br \/>\nTaking proactive steps now will help you start the year with confidence and the right support to reach your goals.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many of us set ambitious New Year\u2019s goals, often focused on personal health, well-being, or exploring new hobbies, but what about improving your business? As January draws to a close and motivation for your personal resolutions is dwindling, now is the perfect time to refocus on sustainable strategies for your business. Take this opportunity to&#8230;<\/p>\n","protected":false},"author":3,"featured_media":3519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"default","_kad_post_title":"default","_kad_post_layout":"default","_kad_post_sidebar_id":"","_kad_post_content_style":"default","_kad_post_vertical_padding":"default","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[263,264,261,262],"class_list":["post-3518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-2025-business-strategies","tag-accounting-tips-for-success","tag-chartered-accountant-tips","tag-strengthen-your-business"],"modified_by":"admin","_links":{"self":[{"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/posts\/3518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/comments?post=3518"}],"version-history":[{"count":3,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/posts\/3518\/revisions"}],"predecessor-version":[{"id":3525,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/posts\/3518\/revisions\/3525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/media\/3519"}],"wp:attachment":[{"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/media?parent=3518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/categories?post=3518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smallbusinessblog.co.uk\/business-news\/wp-json\/wp\/v2\/tags?post=3518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}