Unless you’ve been living under a rock, you will be well aware that the UK is currently going through a period of major uncertainty. Despite the Brexit vote happening almost three years ago, there is still no concrete plan for leaving the EU, nor are the financial consequences yet to be fully revealed. For start-ups and SMEs, this is a time of mass confusion, precariousness, and any number of operational question marks.
Running a small business is difficult and complex at the best of times, but given this additional stress, it has never been more essential to plan for the future and safeguard against all potential obstacles.
Utilise the right technology
One way that businesses can stay ahead of the game is by harnessing the power of technology. Computer programs and operating systems are evolving quickly, and are becoming increasingly smarter. This means that, when used in the correct way, manual tasks can be taken away from people, and can instead be carried out automatically. This is especially true when it comes to accounting; cloud technology gives small business unprecedented levels of oversight and traceability, ensuring that it is far less likely any problems will be encountered.
Streamline the payment-making process
Cashflow is absolutely essential for small businesses because every penny counts. One late payment can make a huge difference, and so getting on top of incomings and outgoings is vital.
Many SMEs and start-ups still rely on traditional payments systems that they have been harnessing for years, but they are simply no longer good enough. Again, this is where modern technology comes in: accountancy systems and advanced payment programs can not only track when payments are due, but can predict when cash flow issues may arise, and give you advanced warning. Also, doing things online means errors are less likely to occur, given that human interaction will be minimised.
Consider pastures new
While taking your business operations abroad may seem daunting, it could be a very good idea. Many markets in Europe and around the world are currently in a more stable position when compared to the UK, so success could be much easier to come by.