Calling all business owners – is it time for a New Year resolution?

We've been speaking to Barclays local Business Banking Manager Sam Hudson on keeping your finances healthy for 2015...

It’s now that time of year where it is usual for us to take stock, make changes and look forward in our lives and without doubt you as a business owner should be doing the same to ensure you are in good shape for 2015.

Why not start the new year by taking the time to review your business ? As well as considering your overall business strategy you should also be carefully planning your approach to marketing, sales, finance, risk and human resources.

Here are just a few points and some New Year’s Resolutions you might want to consider:

Plan for the year ahead.

How far do you want to take your business this year? Do you think this is achievable? If not, what is stopping you, and is it possible, practical or cost effective to overcome?

Businesses don’t achieve growth by chance it takes careful planning and hard work.

Speak to your bank manager to see how they can support you. Your bank should be well placed to help you plan for the year ahead, to anticipate future needs and ensure you have the right financial support and solutions in place.

Get Fit – Operationally!

Businesses feel forced to sacrifice business development opportunities in favour of day to day administration and compliance with regulations and legislation. Owners of firms who are able to simplify and streamline their operations work shorter hours for greater return.

A review with your bank may help to pinpoint ways to increase the efficiency of the business.

Have a work / life balance in 2015

Making use of technology and speaking to your bank manager and accountant who can help you to identify ways of reducing administrative and financial burdens which will in turn help you to achieve your business objectives.  This could also help to free up more time to devote to activities such as attracting new customers, further developing the business or even give you some extra leisure time.  After all, no one starts a business because they want to chase invoices or count stock.

Learn something new!

Training, development and using external contacts really can contribute to the success of your business. Growing firms and innovators have a greater propensity to provide a combination of on and off the job training than their counterparts. They are also more likely to have sought external or professional advice.

Another excellent way is to join a group of like-minded business owners so that you can benchmark yourself against similar enterprises. For example, attend one of the Barclays free local business seminars taking place across the UK during 2015. 

Don’t take unnecessary risks.

Have you identified all the risks in your business? For example:

• Are your best people adequately rewarded and insured?
• Are your IT systems secure?
• Have you identified your financial peaks and troughs? If you know you are going to have a lean time in February, for example, don’t take a chance – negotiate sufficient funding now rather than later.
• How certain is the interest liability on your borrowings? If you don’t have fixed or capped rate facilities or similar protection, talk to your bank manager and arrange it.
• Do you trade abroad? Unless you have income and outgoings in the same currency then discuss ways to minimise your exchange risk. Again, your bank manager can help you find the right way to do this, and can also provide a range of solutions to protect against non-payment.

2014 has been the strongest year for small business growth since the recession, according to recent research from Barclays, and with consumer confidence increasing slowly, small businesses will no doubt welcome the growth prospects that 2015 has in store.

At Barclays we’re passionate about helping businesses to grow and to support their journey we have launched free, nationwide ‘Fired up for Growth’ clinics which help businesses to unleash their growth potential.