Taking your business back to school

With the summer holidays drawing to a close, it’s safe to say that the business world will soon kick back into gear following what has been for many, a slow few weeks.

In the accounting industry, the first quarter of each year is the busiest for obvious reasons. Of course, no time of the year is ever considered ‘quiet’, but for many of our clients, the summer period, particularly during the school holidays, is significantly quieter and slower in comparison to the rest of the year.

So, if you have been lucky enough to take advantage of the quieter period, how will you ensure that you hit the ground running come September? We take a look below…

Make a plan

Of course, first and foremost you’ll want to ensure that you are completely caught up on everything that has occurred within your business over the past few months. This will ensure you understand where your focus should lie come September. Do you need to catch up with your sales function? Your finance team? Does your marketing team have plans for the final quarter of the year? This is the time to set out detailed plans and ensure you round out the year in the best possible position.

Review your cash flow

With many businesses themselves also slowing down over the summer break, it is likely that this period will mean your business experiences a rise in the number of invoices falling overdue. Getting on top of these late payments as soon as possible is crucial to ensuring your cash flow is maintained as you approach the final quarter of the year. Furthermore, we would recommend you complete a cash flow forecast so that you can plan more effectively ahead for the end of the year and beyond.

Set goals

From your plan and analysis of your cash flow, you can then set goals for the coming months. Do you have a target number of clients you’d like to bring on board before 2025? Do you want to grow your team? Do you have a particular financial goal? Now is the time to outline a plan of action and put it in place.

Ask the experts

For any business owner and manager, time is critical, and without the right support in place, tasks can quickly pile up come September. Director here at Ellis & Co, John Farrell, has said:

“For the team at Ellis & Co, we are well versed in ensuring that our clients are able to efficiently and effectively run and grow their business without any additional stresses.

Planning is key which is why we speak to our clients regularly and in particular before the company year-end with regards to tax planning”.

If you are looking for expert support to conclude 2024 with success, speak to the Ellis & Co team today on 01244 343 504.