Releases
| Clydesdale Bank | |||
| 21 December 2006 - TOP 10 TIPS FOR BUSINESS IN 2007 | |||
 Sustainable growth and expansion will be at the top of the Christmas list for businesses hit by a hard winter. With consumer debt at an all time high, rising energy prices and huge amounts of government borrowing – not to mention a new PM - there will be plenty of new challenges and opportunities. That’s the view of Antony Bryant, Managing Partner at the Clydesdale Bank Financial Solutions Centre in Bristol, who suggests that businesses review their plans, strategic goals and objectives.
In Antony’s opinion, Bristol businesses should: 1) Keep a watch on borrowing, bearing in mind that interest rate rises are likely. 2) Look out for the impact of energy supply shortages on utility bills – and the effect that legislation such as the minimum wage has on the bottom line. 3) Protect the business from currency or interest rate fluctuations by hedging, managing price risk by offsetting that risk. Through hedging, organisations are better able to plan for the future based on assured costs or revenues. 4) Green might be expensive – but not being green might be more so. Take the time to plan for this if it is likely to affect your business. 5) Look after cash. With interest rates buoyant, and the dollar continuing to decline in value against sterling, businesses could be doing a lot with cash to increase their net worth. 6) Set achievable goals. 7) Deal with debtors. Too many businesses, even when they cannot afford it, don't chase debtors hard enough or early enough. Act early and act decisively. Your cash works better in your account than theirs! 8) Improve customer communication. Is there untapped potential in your existing customer base? Are they fully aware of all the products and services you offer? to the easiest way to expand and drive profits is to sell more to those you already deal with. 9) Don’t be afraid of change. Successful businesses are those that continually innovate and shape the markets they operate in, rather than letting the market dictate their business. 10) Take advice! Bring in a fresh pair of eyes; 2007’s challenges may well become much easier to overcome. |
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