It pretty much goes without saying that 2020 was an incredibly difficult year for SMEs, regardless of the sector or industry. Working operations had to adapt to unprecedented circumstances, doors had to be closed, and financial reserves had to be eaten into simply to allow some businesses to remain afloat.
Millions of small businesses up and down the country have had to make a plethora of hard decisions, and given that Government guidance has routinely been contradictory – or at the very least confusing – over the last year or so, many business owners are in a position where they do not know what 2021 will hold.
Working closely with accountants, therefore, needs to be made a business priority. Accountants are not only clued up on what current and future regulations are liable to mean but know how to mitigate their impacts and ensure that small businesses, regardless of how difficult their circumstances are, can reopen and get back to work in the most positive and financially viable way.
Accountants are experts when it comes not only to managing money, but with regard to seeing potential hurdles before they arrive, and helping business owners to successfully navigate them. Accountants understand the stress and strain that SME owners are under, and are well-positioned to be able to offer tangible advice exactly when it is needed most.
Accountants know how to prioritise
The current landscape for small business owners is a minefield of rules, regulations, advice and guidance, but this abundance of information means it is difficult to filter out the wheat from the chaff. What should be focused on first? What will provide the greatest benefit quickly? Accountants are perfectionists, and they understand the value of providing the most appropriate direction and supporting SME owners to take steps in the right direction consistently.
The necessity of adaptability
The COVID-19 pandemic forced the majority of businesses to reassess their operational model in a bid to make everything more efficient and profitable. Accountants, due to the fact that they routinely advise a host of businesses at any one time, understand what changes tend to work well, what doesn’t, what businesses should be doing now, and how they should go about putting down the foundations that will lead to future growth and profitability.
Want to see how an expert accountant can help your business to flourish in 2021? Get in touch today.