There remains a mountain of guesswork surrounding what a future after Brexit will look like. But, pragmatic small business managing directors are not deterred. Choosing instead to use this ‘European Waiting Room’ as an opportunity to get on and grow their business. Following on from the publication of the Goldman Sachs 10kSmallBusiness Report, Oscar Fairchild MD Kim Redwood-Lee looks at automated financial reporting, and the critical role it’ll play in the race to be resilient and growth ready.
According to 10kSmallBusiness there are three core practical growth areas that small businesses can focus on immediately –
Exporting and internationalising are arguably now more important than ever. If more businesses could take up the opportunities available to help them access new markets globally through trade bodies and government schemes, then they would realise this potential revenue gain. Equally, a diversified revenue base creates greater business stability.
Small businesses that innovate with new products or services are known to grow faster and increase their productivity. 70% of long-term economic growth comes from innovation, but only 28% of small businesses are innovating, lagging behind 22 other EU countries.
For many small businesses, financing is the cornerstone of growth. More generally, businesses do not plan ahead when it comes to finance – nearly half of SMEs only apply for finance as they need it or even after it is needed. We need to ensure more small businesses are identifying, evaluating and reaching the many different forms of finance available to them, with a long-term financing strategy.
“The findings of the 10kSmallBusiness report reflects accurately what we see daily, at a grass roots level across London, Essex and Hertfordshire. Managing directors of growth hungry small businesses are focusing on exploration of new markets, innovation and raising capital. However, for this strategy to work business owners and directors must address the first principles of financial reporting. Because, at the risk of sounding like a relic, even in the ‘Uber’ age this does still matter!” says Kim Redwood-Lee.
Automate Financial Reporting. Be free to grow
The good news is that new automated financial reporting technology offers time-saving hacks on what was traditionally a slow and cumbersome process.
With payroll, credit control, VAT returns, annual returns and management accounts all systemised and accurate through a combination of cloud accounting and professional AAT bookkeeping support. Allowing even the most dynamic, high-growth SMEs to pay attention to the brass tacks of financial reporting, whilst at the same time freeing staff up to drive growth.
Sustaining rock-solid profits, protecting revenues and keeping debt within safe levels. Safeguarding growth, building in added Brexit resilience, and even making your business more attractive to potential investors and partners.
Thinking of switching to cloud accounting? Take a look at our recent blog ‘Cloud based accounting. Should you switch?’
About Oscar Fairchild:
Oscar Fairchild (incorporating Redwood Clarke since 01.09.18) is an Association of Accounting Technicians (AAT) qualified accountancy & bookkeeping practice with offices in The City of London and Billericay, Essex. Offering a wide range of services including Self-Assessment Services, Annual Returns, VAT Returns, Credit Control, Payroll, Auto Enrolment Pension and Management Account services to high growth businesses across London, Essex and Hertfordshire.