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    Tag: Business Planning

    A ROUNDUP OF OUR ‘NAVIGATING THE NOW AND NEXT’ EVENT – THURSDAY 1 DECEMBER

    Posted on by Helen Buchan

    The twentieth in the series of PM+M’s ‘Navigating the Now and Next’ virtual panel events took place on Thursday 1 December, facilitating discussion between a panel of speakers on the current challenges faced by businesses and highlighting support, guidance, and best practice to navigate these going forwards.

    Hosted by our very own Neil Welsh, with digital hosting managed by our friends at The Landmark in Burnley, we welcomed panellists:

    Neil Evans (Veka)
    Richard Few (Sales Geek)
    Kate Ingram (Burnley Borough Council)
    Mark Hague (Farleys Solicitors)
    Andi Lewis (Six Connections)

    Following the opening introduction and welcome from Neil Welsh (PM+M), Neil Evans (VEKA UK) kicked off proceedings by discussing challenges the business has faced over the past few years and the further challenge a recession is going to bring next year.

    Neil went on to discuss how diversification is key and how important it is to look at your key competencies which may well lead you into different markets. He also touched on the differences in single use plastics and those which are designed to last for years to come from a CSR perspective, and the importance VEKA places on recycling.

    On the subject of recruitment, Neil explained how he strongly values non-industry experience and the variety of skills employees from outside the industry can bring, considering authenticity and personal values as more important.

    Richard Few (Sales Geek) was up next and discussed seeing some businesses looking to reduce costs to help in these challenging times, but others who are looking to take a more aggressive approach. Offshoring is something people are looking to explore more in terms of service delivery, and they are seeing this work well for some businesses.

    Richard also explained how we are now living in a ‘review’ world due to increased online usage, where people are more focused on the product and the value it brings than the branding behind it. This can provide many opportunities for smaller businesses who have a great product offering.

    Down to the key events that have taken place over the past few years, Richard highlighted that although history can provide some useful data, consumer behaviours have changed massively, and this should not be ignored when planning for the future.

    Next up, Kate Ingram (Burney Council) shared valuable insights on some of the complex projects she has been involved with in her role and challenges faced. She also touched on funding and the need for ‘doing more with less’, discussing how outsourcing can be a great tool for utilising key skills which you may not be able to afford in-house.

    Kate then went on to outline why she feels Burnley Bondholders has been the success it has, putting this down to demand from the private sector, a shared vision with everyone involved and Burnley being a special place which people feel passionate about.

    Mark Hague (Farleys) then discussed the role of an insolvency lawyer and the difference in the role of an insolvency practitioner. He mentioned seeing an increase in insolvency cases since support put in place by the Government during the pandemic stopped. He also outlined the steps that should be taken if you discover a business who owes you money has entered insolvency. His biggest piece of advice is to always speak to an expert early, whether you’re a business facing insolvency or looking to recover money owed by an insolvent business.

    Our final panellist, Andi Lewis (Six Connections) added further insight on some of her ‘light bulb’ moments from the past year, including how precious time is, the power of partnerships and how being ourselves is key.

    Andi discussed the business forming many great partnerships through word of mouth and telling their story. Looking to the future, she said the business plans to be radical and progressive, building on the great connections they already have, with a focus on the real issues people are facing. It’s always about being real and relevant.

    Neil brought the panel discussion to a close and thanked all for attending and The Landmark for hosting.

    If anyone would like to be introduced to members of the panel or audience, included in the invite for next month’s event or wish to speak to one of the PM+M team about our services, please get in touch with Neil Welsh via the button below.

    Recession-proof your business: How to manage your business during a recession

    Posted on by Helen Buchan

    With forecasts predicting the UK is facing the longest recession on record, inflation continuing to rise and the cost of living crisis ever widening, as part of our recession resilience series, we consider further steps you can take to help manage your business effectively during a recession.

    Many businesses are still struggling to recover from the pandemic and this coupled with an uncertain road ahead, means it’s hard to predict how many will be strong enough to ride out these challenging times.

    Who is your customer?

    With a continuing drop in consumer spending because of the cost of living crisis, this is impacting a lot of businesses who are having to look to potentially change their focus in order to survive. It is for this reason that it’s vital to know your customer well, know what they are looking for and also how reliable they are. It may be sensible to mitigate risk in some areas by reducing your reliance on customers who potentially have a higher financial risk exposure.

    You could look to carry out regular credit checks to monitor customers’ performance and it may be worth considering who your ‘perfect’ customer is, in comparison to those which may be higher maintenance or providing less value because of reduced operating margins. Sales and procurement teams are often able to provide some useful market intelligence.

    Mitigate your risks

    A recession has the potential to trip some businesses up when it hits at the wrong point in their working capital cycle. Although this depends heavily on your company’s operating model, you could run the risk of being left with excess stock or work in progress that you are unable to realise value from.

    To mitigate a further risk, ensuring you have a range of suppliers who are providing any critical products and services can be a wise idea to help lessen the risk of an individual supplier failing.

    Keep on top of debt management

    One way you can protect your cashflow is to control your debt management and ensure any money that is owed to your business, is paid promptly. If interest rates are to rise and loans paid to the business become more expensive to service, it could be a possibility to consider restructuring debt finance to reduce cost in this area.

    Keep morale high

    During challenging times, it’s important for business owners to take a proactive approach to leadership and consider ways of motivating team members. By doing this, you are going to be in a better position to retain skilled people and get the most from their abilities. This was vital during the pandemic but is just as important now. You should also think about any additional support team members may need during an economic downturn to increase their morale and general wellbeing.

    Seek advice and plan ahead

    If you would like any further information or advice on how you can implement any of the above suggestions or help with planning a sensible approach tailored to your business, contact a member of our recession resilience team by calling 01254 679131 or email enquiries@pmm.co.uk.

    A comment to note that the article does not constitute personalised advice and that advice should be sought before taking any action.

    A ROUNDUP OF OUR ‘NAVIGATING THE NOW AND NEXT’ EVENT – THURSDAY 27 JANUARY

    Posted on by Sabeeha Zahieer

    The twelfth in the series of PM+M’s ‘Navigating the Now and Next’ virtual panel events took place on Thursday 27 January, facilitating discussion between a panel of speakers on the ongoing challenges presented to businesses and highlighting what support is available as we look to the future.

    Hosted by our very own Neil Welsh, with digital hosting managed by our friends at The Landmark in Burnley, we welcomed panellists:

    Mark Williams – MD, Greenbank Technology

    Paul Sharples – Business Solutions Manager, Burnley College

    Jeanette Berry – Head of Private Client, Portfolio Legal

    Roger Phillips – Tax Director, PM+M

    Following the opening introduction and welcome from Neil, Mark Williams began the proceedings by discussing his role as Managing Director at Greenbank Technology and how he helped the business recover and thrive following his appointment.  Mark reassured business owners that it is possible to recover reduced turnover and losses with improvements to company culture and employee engagement. Mark cited open communication with his employees, positive challenge and teamwork as paramount to the ongoing success of the business.

    Mark also discussed the increasing importance of sustainability in the capital equipment industry, noting that customers would inquire beyond the recyclability of their products to the sustainability of the machines used to create them. In addition to the importance of sustainability to consumers, sustainable thinking can benefit businesses – for example, it can help them decrease their costs on energy, which in turn, reduces their carbon footprint.

    To carry on the conversation of sustainability, Neil welcomed Paul Sharples (Burnley College). Paul spoke of how conversations about sustainability are picking up more traction – particularly where funding and bidding is concerned, notably in regard to the Strategic Development Fund. He talked us through various local projects and collaborations, including some of the innovative solutions to be implemented onsite at Burnley College to showcase best practice in a low carbon world.

    Neil steered the conversation to the future of apprenticeships. Paul highlighted that there is an enthusiastic demand for apprentices from employers and a definite increase in demand for apprenticeships from young people.  There seems to be an increased calibre of young people coming through colleges, which impressed businesses – Mark agreed with this statement and shared his experience of being highly impressed when speaking to students during a Burnley College COP26 event.

    Next up, Neil introduced Jeanette Berry who works in Private Client law, collaborating with individuals to maintain their wealth and potentially minimise tax. Jeanette made many valuable points, particularly about the creation of wills. Although more and more people are aware of the importance of having a will, there are still many people without one. Jeanette warned against researching wills online and ‘doing it yourself’, without taking legal advice, which could lead to negative outcomes when it is too late to resolve. She also expressed the importance of taking legal advice from an expert you can trust and registering a Lasting Power of Attorney – should the unexpected happen. She added that business owners, especially sole directors, should consider putting a business Lasting Power of Attorney in place as part of their disaster planning.

    Our final panellist was PM+M’s very own Roger Phillips – he overlaid Jeanette’s valuable contributions by adding that, with common law, there was a risk of a hefty inheritance tax for unmarried spouses without a will. Roger then gave some insight into the possible forecasting for tax policy, mindful that this tax year will soon end on 6 April 2022.

    Here are some of his tax tips:

    • Given that National Insurance tax will rise, business owners may benefit from bringing forward bonuses through salaries or wage increases to before tax year end to avoid the additional 1.25% national insurance charge
    • Stick money into your pension pot to help stay below income tax thresholds. Important when the government could possibly limit the amount you are able to pay to benefit from tax relief in future (currently standing at £40,000 per year)
    • Make use of any allowances, including ISAs, before the tax year end to benefit from tax efficient growth or income, not only for yourself but also for your family

    Roger then reiterated Jeanette’s point on how it was better to liaise with an expert in the field when making a financial decision, rather than looking for a cheaper option and giving yourself the best chance of a positive outcome.

    Neil brought the panel discussion to a close and opened the floor to the audience, with additional comments and thoughts from Helen Clayton (PM+M), Andy Platt (Simply Corporate), Paul Nicholls (Barclays Corporate) and Dave Scholes (Six Connections) before thanking the panel and Claire Rhodes (The Landmark) for hosting the event.

    If anyone would like to be introduced to members of the panel or audience, included in the invite for next month’s event or wish to speak to one of the PM+M team about our services, please get in touch with Neil Welsh via the button below.