Recession Proof Your Business

Figures released this month confirmed that the UK is now officially in a recession, however there are many businesses that are able to thrive during these tough times.

 

Here are a couple of things all businesses should be considering and giving added emphasis in times like this:

 

  • Make your vision crystal clear – Your vision is your ultimate goal, it should be big and bold and your dream of what an ideal world will look like when your business is successful, this is as important as ever as having a clear and meaningful vision will motivate you persevere when times are tough.

 

  • Set goals around your vision – Although your vision is essentially your ultimate goal it is rarely small enough to achieve straight way so to create stepping stones towards this and ensure you stay motivated and not get deflated, you set goals, which must be SMART to give you the best chance of success.

 

  • Stress test your business model – Time are clearly different than pre covid, you need to analyse every aspect of your business model to ensure it is still viable in a post covid world. How does your business model shape up in the new world we are living in.

 

  • Prepare and regularly review your cashflow forecasts – Your financial forecasts, are one of your most valuable tools right now, as they will allow you to set targets and milestones, and understand where you are likely to feel a cash pinch so you can do something about it and make a decision before it is too late. Finance is available in a wide variety at present, so even if you feel you may not be eligible, get in touch with us and we can analyse your position.

 

  • Speak to your customers  – It is amazing how many businesses do not spend time speaking with their customers, they are arguably the most valuable source of information, and will help you with the stress testing of your business model, find out how their attitudes and tendencies have changed, and you may just be able to adapt your offering to something even more impressive than before.

 

  • Be open and honest with your team – It is not a time for burying your head in the sand, least of all your team. It is more important than ever you are all aligned and pulling in the right direction, so openness and honestly now will be repaid many times over in the long run (remember they will have their own pressures too, so knowing that you are by their side and doing what you can to sustain the businesses and therefore their future, will be appreciated.

 

  • Innovate and seize opportunities – Throughout covid we have seen a multitude of success stories, businesses who had their backs against the wall and came out fighting, pivoting and launching a new improved offering that resonated with the new times we are living in. you have done so much of the hard work, starting a business from scratch, and that came from an idea, so it is now a perfect time to get creative again and come up with new and exciting ways to move your business forward, whether that is offering a new pricing structure, a completely new product or service, or combining with another businesses to create a complimentary offering, it is time for your to get creative again.

 

We specialise in business support, from financial forecasts to visually set out the roadmap for goals achievement to helping owners develop the right mindset to achieve success, we help business owners on their journey from start up all the way through to exit and have a team of specialists who can act as your external sound board, something we have found crucial to achieve success.

So, if you would like to find out more about how we can specifically help your business, please get in touch on 02085300720 or email businessdevelopment@nordens.co.uk

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Director - Rose Opticians

I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

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Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

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Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

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Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Mark Norden
Founder

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!