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The latest business guidance from our Managing Partner and Founder, Mark Norden…
Over the coming weeks, we’ll be discussing areas of your business that you can look at in order to recession-proof it.
The reality is that the strategies we’ll show you are things that we should all be doing on an ongoing basis to ensure our businesses are profitable; but, as we are aware, we all get so caught up in the day to day running that we neglect the simple things.
This week, I want to chat about your business’ breakeven point. Okay, I accept that I am an accountant and my love of figures is right up there, but understanding what level of turnover your company needs to achieve to break even is of the highest importance.
Laying down figures
On a simple level, list out all of your business’ monthly costs and then determine what you need to sell in order to break even. This may be trickier or more time-consuming than it sounds, so we have set up a really useful pro-forma spreadsheet that you can use for exactly this purpose.
Setting targets is really important! Make sure you set and monitor your sales and costs over the course of the whole month, so that you show a profit after your salary/dividends/drawings. And remember that, if you only aim to break even, you will probably lose money, so be careful what you set yourself as a target. Be realistic, but challenge yourself! Our Strategic Business Team are fantastic at helping clients to set – and smash – their targets. They’ll be happy to chat if you need help to pitch it correctly.
This is a simple strategy that you can implement yourself, but of course we are here to help and make the process quicker and less painful.
At Nordens we're more than just accountants, we're business experts who can help you achieve the biggest goals.
Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.
Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain 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 steer you along the path to greater future.
Every business, no matter how big or small, needs to make the right decisions. How to best manage your accounts can put huge question marks over your business. Accounting 2 You are here to take that away and provide all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that they can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting 2 You will lead your business efficiently and with a real purpose to help you grow and prosper.
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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 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.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.
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Our team of experts will be in touch to find the very best time to hold a free, no strings attached, one-hour consultation.