How to Effectively Manage Your Money in the Workplace
For businesses in the UK, a future may look uncertain in the post-Brexit landscape. Last year, Britain’s decision sent shockwaves through the business landscape, with many SME owners in particular unsure if their business could survive such a change in circumstances. Shortly after the vote, business confidence fell to a 5 year low. Now, nearly 12 months on, the picture is far less gloomy for SME owners, but several threats remain.
So, with this considered, how should SME owners look to safeguard their money in case there’s a rainy day on the horizon? In this post, we take a look.
#1 Tightening the Purse Strings
Research conducted by Moody’s post-Brexit showed that UK businesses were spending less on hiring new employees. This is perhaps unsurprising. A weakening in investment comes as many businesses look to tighten their purse strings in case of stormy weather.
It may be wise to follow this approach. Until Theresa May begins the process of leaving the EU formally by triggering Article 50, we’re unsure what Brexit will look like, and how it will affect business rates. For now, it’s best to hedge your bets and keep purse strings tight.
#2 Make Data Your Friend
To keep control of these purse strings, you’ll need to make data your friend. Spreadsheets may seem a little ‘old hat’, but they can still be a vital tool for business budgeting. So make a controlled lists of your incomings and outgoings to consolidate your grip on your finances. By making a definitive list of what you’re paying for, you may find areas that you can cut, too.
#3 Outsource to Grow
Having said that, your business shouldn’t pass up opportunities to grow. However, when you’re managing your money carefully, you must be aware of the financial implications. As a result, it may be wise to outsource your growth. Rather than taking on a full time recruit who will be expensive in terms of salary and HR, consider if you can take on a freelancer at a fraction of the cost. This is particularly good in the field of IT where you receive the knowledge without the large salary impact on your business’s finances.
#4 Consider Professional Help
Finally, if you’re unsure of the best way to manage your finances in a post-Brexit landscape or cannot dedicate the time to it, then consider employing an expert in financial services and wealth management such as WHIreland , who can do this on your behalf. This is a good option if you’re not au fait with politics, economics or money management, and will give you the time to simply focus on what you do best: running your business.