All businesses face tough times during their lifetime. Recession, economic downturn, difficult partnerships or declining profits are all situations that can put your business to the test. Here are five tips from New Zealand’s premier accounting professionals Tutbury & Associates Limited for getting your business through difficult times.
When your business is going through a tough time it is really easy to start freaking out based on "what if" situations as opposed to what the situation actually is. “It is important to get all of the information about what is going on and to only deal with facts, not feelings,” comments Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
Don't be paralysed by fear by making things worse or by doing nothing. When you see disaster on the horizon, the single most important thing to do is take action. If you don't jump into action, things will always get worse and they will get worse quickly.
In both difficult and good times, you should regularly be doing a financial analysis of the financial position of your business. “Your financial position can help you decide whether the business remains feasible and whether it is positioned for potential future growth,” adds Kelly. The financial specialists at Tutbury & Associates Limited can also assist you with a cashflow forecast. A cashflow forecast is estimating your business's income and outgoings for any given period in the future.
Chances are, you aren’t the first person in your industry to experience difficult times like what you are experiencing. Reach out and talk to other people who have been in similar situations to learn how they overcame those challenges. “Some of their answers could be valid to your business, or could at least motivate a solution,” advises Kelly.
A business mentor is another avenue for you to explore when your business is going through a hard time. Leading business advisor Kelly Tutbury from Tauranga-based Tutbury & Associates Limited can provided a tailored business advice service based on the unique needs of you and your business.
About Tutbury & Associates Limited:
Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga