With the latest budget announcement, it’s no surprise that businesses across the UK are bracing for the changes that lie ahead. Paul, our Chair at Goodman Corporate Finance, emphasises that now, more than ever, it’s essential to revisit and understand the impact of these budget changes on your business and personal finances.
The details are out, and while the future may seem challenging, proactive preparation can turn these challenges into opportunities. With £40bn of tax rises announced in the budget, there will be implications for many of our 6bn SME’s across the UK. Increases in minimum wage / national insurance will probably have the most effect to profitability and cash-flow requirements.
Adapting to Budget Changes
This budget cycle is forecasted to bring about economic shifts, which, while not forecasting spectacular growth for the UK, don’t signal a stop to investment in your business. Whether you’re in hospitality, retail, or another sector, adjusting to these changes will likely impact your operations, your cash flow, and potentially your workforce. Working closely with advisors and accountants, like our team at Goodman Corporate Finance, is the first step toward managing these shifts proactively and responsibly.
Overlaying Financial Impact on Your Business
The impacts of national insurance and taxation changes, among other budget alterations, won’t be uniform across industries. Now is the time to take a closer look at how these changes will overlay onto your business model. A thorough budget review, with input from advisors who understand the implications of the current economic landscape, will be crucial. The right support can help ensure that the steps you take today prepare you for stability tomorrow.
Planning Ahead for Growth
While economic forecasts may seem conservative, this doesn’t mean growth should be put on hold. Investing in your business’s growth – from upskilling staff to expanding your service offerings – can position your company to emerge stronger. Working with your accountants, legal advisors, and finance professionals, including our Goodman Corporate Finance team, can help you find the right strategies to sustain growth. Understanding your current budget within the context of the new landscape, and identifying key areas to invest in, can provide stability even as external challenges arise.
How We Can Help
A Goodman Corporate Finance, we remain on hand as your off-balance sheet resource to help you grow, scale and thrive during this economic period of uncertainty.
Our team can work with you and your advisors to help navigate the many commercial finance options that are available to support you and your business. Now is the time to check your budget, adapt with the assistance of trusted advisors, and take proactive steps for your business. We look forward to helping you face these changes head-on, identifying growth opportunities, and securing the financial stability that will help your business thrive.