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    Tag: recession

    Utilising Dext and invoice capture to help in a recession

    Posted on by Katie Heaton

    Due to the pandemic and more recently, the cost-of-living crisis, there has been a huge increase in the number of employees working remotely. This means we are seeing a natural shift from historic manual invoicing and data entry, to a new age of digital accounting and online invoicing.

    One major issue businesses have faced in recent times has been trying to reduce the time spent on manual “process driven” tasks to improve overall efficiencies. Many businesses spend hours on manual data entry but advancements in technology now means that this time is unnecessary and could be spent in more cash generating exercises such as credit control.

    But can it really make a difference to my business?

    Absolutely, data capture tools such as Dext can greatly help with managing your cashflow for your business and ensure your processes are much faster and more efficient to help cope during a recession. Many of our clients using Dext use their bespoke Dext email address as their form of accounts payable solution, advising suppliers that if the invoice is not sent to Dext it will not be processed onto a payment run.

    Not only will such systems reduce the amount of manual data entry required, they also serve as a digital store for original invoices which will remove the need to keep paper copies for 6 years, as currently required by HMRC. This reduces the amount of time spent searching for invoices and the cost of storing these records.

    Summary

    Considering the use of invoice automation could have many benefits for your business. It will dramatically reduce the need for manual data entry into your accounting system, lower the number of physical records you are required to store, free up large amounts of time for your employees to add real value to your business and also reduce the likelihood of human error in miscoding or duplicating records.

    Get in touch

    There are a number of invoice automation systems available, and our team of cloud accounting experts can advise you on which will work best for your business. Contact our cloud team manager, Rosie Cooper today using the button below.

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

    The importance of managing cashflow during a recession

    Posted on by Katie Heaton

    With widespread predictions that we are about to face the longest recession since records began, many business owners are concerned about the detrimental impact this could have on their business. As part of our recession resilience series, we take a look at how managing your cashflow during a recession can help reduce the impact of challenging financial times.

    Managing cashflow poorly can result in small businesses struggling, especially during times of recession. Maintaining a healthy cashflow is always essential for your business but it might require some extra attention in this difficult economic landscape.

    Prompt invoicing

    You may find as businesses tighten their belts that sales fall, some customers may put smaller orders in or switch to cheaper options, others may ask you for extended credit terms or discounts for fast settlement. Keeping on top of any money coming into your business from your sales is essential for healthy cashflow. Ensuring prompt invoicing and making sure invoices have all the correct purchase order information attached will reduce the risk of an invoice being put into query, you may also want to request that prompt payments are also made. Using features in Xero such as auto reminders and integrating payment services will help with collecting any outstanding debts.

    Sending statements to regular customers can be a good way of prompting them to pay and remove any risk of them suddenly querying a long overdue invoice.

    Consider your payment terms

    Payment terms generally refer to the amount of time a payer has to make a payment for the service or product you have provided to them. This could be anything from 14 days, 30 days, or cash on delivery and it’s important to include your payment terms on your invoices and statements. This should also include how you would like the payment to be made.

    It is vital to make these terms clear as you may wish to offer a discount to encourage early payment or you could charge interest on any late payments providing you have clearly stated your terms. Using Xero you could have different invoice templates for different groups of customers which may state different terms depending on their payment history.

    Cashflow forecast

    If you don’t already have one, this is a valuable step to take. A cashflow forecast will tell you the expected flow of cash in and out of the business over a certain period of time e.g. 6, 12 or 18 months.

    Such forecasts can be very accurate providing you are realistic with your figures and are likely to consider factors such as income, bank interest, wages, material costs, rent, rates and utilities. Obtaining an accurate forecast of your finances will provide you with a clear outlook as to where you are currently and where you are likely to be in the future. This can help you to plan any steps you may need to take to protect your business, and potentially look to raise extra funds if you think it is going to be necessary.

    It is important to review and update your cash flow forecast regularly to ensure it is accurate when circumstances change.

    Check your profit margins and look to reduce outgoings

    It is always worth going through your outgoings carefully during challenging times to see if there are any areas you can look to cut back on, although they may only be small savings, it can soon add up if there are a few. Consider your bills and whether there are any better deals out there if you were to use a different insurance provider, for example.

    During a recession it is likely that your costs of sale increase, so it is recommended to check your profit margins are in line.

    Get in touch

    For further information or advice on any of the topics discussed above, contact our cloud team manager, Rosie Cooper, using the button below.  

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

    How Cloud Accounting could help your business in a recession

    Posted on by Katie Heaton

    The pandemic proved the importance of cloud accounting, with many businesses closing their doors and going fully remote, there was an influx of enquiries within our cloud accounting team. With many businesses wanting the ability to seamlessly shift to remote work and keep their accounting function running perfectly even when employees aren’t in the office, cloud accounting was the solution. Here we explore how the same advantages may apply to recessions.

    Xero

    Xero is an entirely cloud based accounting software for small businesses. It performs accounting functions such as invoicing, payroll etc. and also allows for direct business bank feeds to streamline bookkeeping. Xero has some great standard features such as business snapshot which is a dashboard style report, displaying performance measures to help you understand the financial position of your business. Using your customisable dashboard, you can discuss your businesses financial health with your adviser quickly.

    Using automated daily bank feeds and tracking categories you can keep a close eye on any areas of your business that may be more cost sensitive and very quickly see what is included within each nominal – even drilling down to a copy of the original purchase invoice within a few clicks of a button.

    As Xero platinum advisers, our cloud team work closely with Xero every day, offering expert advice in converting from other accounting platforms to performing Xero health checks and making recommendations for software integrations that will help improve efficiency and cut processing time for finance teams. Prices for Xero start at £28pm.

    Dext

    Dext is our no.1 recommend app integration with Xero. Dext is a software application that allows business owners to electronically capture and store receipts, invoices, and other supporting documents which a business depends on to ensure they keep accurate and secure financial records. Dext removes the hassle of manual entry.

    Dext also has the ability to fetch supplier information using API links, taking the stress out of uploading information out of the equation too.

    Telleroo

    For many businesses, making manual payment runs takes a large amount of time. From choosing which invoices need paying to manually inputting bank information to online banking – Telleroo takes care of all of that for you. Your supplier or contacts financial information (payment details) are all input into Xero, bills are then selected in Xero using payment due reports and marked as paid by Telleroo – this sends an automatic payment run to Telleroo for approval (with copies of the invoices if also using Dext) and with a very swift approval process the payment run will be made. No more manual bank payments!

    Approvalmax

    With more remote working and digitalised finance functions, Approvalmax acts as your approval stamp at a managerial level except it’s completely digital. As businesses look to tighten their spending in certain areas, Approvalmax allows for a seamless PO and PI matching process, with a completely bespoke approval matrix available.

    Capitalise

    We have partnered with Capitalise to enable an easy funding search application process which can be completely managed by us. Capitalise allows us to do one application to most high street and other less traditional lenders for a range of finance products – whether a simple bank loan or a more complex invoice financing facility, our relationship with Capitalise and the connection with cloud accounting software allows us to search for the right products if needed.

    Capitalise also has a credit improvement service which aims to help strengthen any companies with a less than average credit rating, which in turn will allow for better terms for any lending if required.

    Futrli

    Futrli predict helps prepare short or long-term forecasting and reporting using all your accounting data. You can see daily whole business analysis across all customers and suppliers. Follow profit and cashflow, and debt to discover how you’re tracking to your plan. It also has the ability to create and manage reporting boards and KPI packs, making reporting easy and accessible. Feeling the cashflow pinch? Futrli can track daily cashflow with pinpoint accuracy, understand the optimum time to pay suppliers to get the best cashflow for your business and see the impact of early or late customer payments.

    Futrli can also help speed up the budgeting processes with instant smart budgets using algorithms.

    How could this help in a recession?

    Cloud accounting makes it easier to predict and access the relevant information – not to mention the fact that cloud-based services tend to cost less than yesterday’s on-premises solutions and drive more value too. For everything that companies strive to do during recessions, such as cut costs, stay agile, get innovative – cloud-based software serves the agenda.

    Our experienced cloud team are proactively helping many businesses digitalise their finance functions by converting and implementing different software and applications to streamline the finance functions of all sized businesses.

    Get in touch

    For further information or advice on the above cloud-based options or any general guidance on what may be the right options to ensure your business is well equipped to survive a recession, please get in touch with our cloud team manager, Rosie Cooper, using the button below.  

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

    Managing your pension during uncertain times

    Posted on by Katie Heaton

    We are all living in uncertain times and facing constant changes in relation to our finances, but it is important to not only focus on your short-term financial stability but also longer-term matters such as your pension. This may not seem like a priority when the cost of living crisis means you are focusing on the days or weeks ahead in order to get by, rather than thinking about how much money you may have when you retire. However, thinking about your pension now could have a huge impact on the quality of life you are able to lead in years to come. In fact, it’s essential to ensure that you have a reasonable quality of life during retirement.

    What is the current situation?

    Markets are currently reacting to a number of huge economic challenges which are happening all at once. These market changes in response to economic and global events are normal and it isn’t always bad news. With some investments selling for less than they’re worth, if you are regularly paying into your pension, you could effectively be getting more for your money. Pensions are always designed with the long term in mind and reacting to the short term could lead to unnecessary losses.

    Should I be worried?

    Your pension is designed to help you build up your retirement pot over a long period of time and previous history shows that over the long term (typically more than 10 years) markets have weathered numerous financial storms and risen in value.

    Obviously, it is impossible to predict the future, and nothing is guaranteed but you can look at how investment markets have typically reacted over a number of years and consider how your pension has performed in relation to this.

    What action should I take?

    Although it can be very tempting to make changes as to where your pension is invested or consider cashing in your investments, there is one key factor to think about – it is likely that you are selling after the markets have already fallen and more importantly, before they rise again! If you do this, not only are you locking in your losses but you’re also missing out on the likely eventual recovery. You should focus upon “time in the markets” rather than “timing the markets,” the latter being an impossibility.

    Further volatility is expected in the months ahead and this is normal. Regardless of where you are at in terms of when you’re likely to be accessing your pension pot, it is vital that you don’t make any rash decisions and discuss your personal circumstances in detail with your financial planner to make sure you are protecting your long-term finances.

    Get in touch

    For further information or advice, contact a member of our financial planning team today to talk through your individual situation, email enquiries@pmm.co.uk or call 01254 679131.

    The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.

    The value of investments can fall as well as rise. You may not get back what you invest.

    Is it a good time to invest during a recession?

    Posted on by Helen Buchan

    With predictions that we could be facing the longest recession since records began, we take a look at whether it can be a good idea to invest during a recession.

    If the moves by the central banks to raise interest rates fail to reduce inflation, it is looking highly likely that higher interest rates could further weaken economic growth.

    However…

    Successful businessperson, Warren Buffett, once said that it is wise for investors to be “fearful when others are greedy, and greedy when others are fearful.” It may be sensible to take a contrarian view on stock markets: when others are greedy, they may continue to pay a large price tag to buy a share or asset. When confidence is high, people continue to invest and don’t think about downsides. When others are fearful, it may present a good value investment opportunity. You buy more for your money when prices are low! This doesn’t mean to say that values may not continue to fall for a period of time, but it does mean that over the longer term you may derive good value from buying low.

    The impact on investments

    Generally, recessions mean lower stock market prices, therefore higher levels of volatility than normal. The price of a stock should represent the current value of a company’s future cash flows and cash flows are created by the earning of a company. If there is lower spending in an economy, then this means lower earnings for businesses. This may also result in lower dividend distribution from the company to shareholders.

    If perceived earnings are lower, then a company’s share price is also going to drop. With the increased chances of a business struggling or worst case, going bust due to the challenges faced in a recession, the markets also consider this as a risk in share prices.

    Not all stocks are the same

    Different stocks will go up or down more than others in certain economic conditions. Stocks which are more sensitive to the overall health of the economy are often referred to as cyclical stocks and are those which will suffer from a reduction in consumer spending or unemployment rates rising e.g. retailers and airlines, with people spending and travelling less.

    On the flip side, are those who provide something which consumers consider essential, such as utilities and food. These are often referred to as defensive companies or defensive shares and would generally fare better and fall less. Albeit, utilities have seen more volatility than usual due to an unusual set of circumstances.

    Diversification

    It is key that investors ensure they have a portfolio capable of withstanding an economic recession rather than trying to time the market. This means including assets which are likely to do well during economic growth, but also some that are likely to do better during a recession – this is known as diversification! Although it is essential to carefully consider the risk profile, it is usually good to include a broad mix of equities, bonds, and some alternatives. It may also be a good idea to consider a variety of sectors and themes too.

    One rule that is often viewed as a simple way of achieving diversification, is the 60/40 rule. This means having 60% invested in shares and 40% in other diversifying assets and is seen as a sensible theory for trying to smooth out any peaks and troughs of investing in the stock market.

    Bonds

    One of the most common assets that usually perform better during a recession, is government bonds. There are a number of reasons why bonds typically do better and are generally seen as safer than stocks. Governments of advanced economies tend not to default and the income produced by a bond is fixed, this means that during a recession, investors often rush into bonds which in turn can bid up their prices.

    However, it has not been a good year for bonds so far with rising inflation and higher interest rates causing bond prices to plunge. This has resulted in bonds and shares falling together and having a negative impact on those portfolios working to the 60/40 strategy.

    The outlook of bonds therefore rests largely on inflation and how inflation is likely to be impacted by a recession.

    How can we help?

    As always, every individual situation is different, and it is vital to get advice based on your exact circumstances when considering any type of investment. PM+M’s Managed Portfolio Service, is a bespoke investment portfolio produced by us, and managed in collaboration with AJ Bell, to make your life easier.

    Working together, we continually monitor the market and conduct ongoing due diligence in relation to the funds held within the Managed Portfolio Service portfolio. We proactively make fund and asset allocation changes when we feel as though this is necessary in order to manage volatility and drive long term growth. Our Managed Portfolio Service aims to provide you with the best combination of investments to maximise your potential returns with a level of risk that suits you.

    If you would like to discuss your investments in more detail, or need some tailored advice specific to your situation, including more information on our Managed Portfolio Service, get in touch by emailing financialplanning@pmm.co.uk, or by calling 01254 679131.

    The value of investments can fall as well as rise. You may not get back what you invest.

    The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.

    How to plan financially for a recession

    Posted on by Helen Buchan

    With forecasts predicting the UK is facing the prospect of a challenging two-year recession, inflation rising at a record rate and the cost of living crisis ever widening, as part of our recession resilience series, we consider some of the ways you can look to prepare financially.

    If possible, save an emergency fund

    During a recession, the risk of redundancy is unfortunately higher and this coupled with factors such as household bills continuing to rise, means it is extremely sensible to have an emergency fund available if at all possible. The ideal would be 6 – 12 months’ worth of expenses but obviously any amount is better than nothing.

    If you are able to raise an emergency fund, it can provide some much-needed peace of mind that you would be able to survive without having to take on additional debts or get in arrears with any bills. It is also important to remember that there can sometimes be unexpected events which arise and require immediate funds at short notice, such as damage to your property or vital car repairs.

    If saving an emergency fund is not an option, which is the case for many right now, then it is always worth looking closely at your everyday expenses to see if there are any savings that can be made there, although these may only be small individually, it can soon add up if there are a few.

    Review your investments

    Considering historical data, we know that stocks tend to rise right into a recession and fall during it. However, it’s impossible to forecast, as both markets and economies are unpredictable.

    It is important to understand that the market can be volatile, and you should aim to focus on the long term. Our Managed Portfolio Service is a bespoke investment portfolio produced by us, and managed in collaboration with AJ Bell, to make your life easier.

    Of course, when a recession is predicted, it is completely normal to worry about your investments. Working together, we continually monitor the market, conducting ongoing due diligence and proactively making fund and asset allocation changes when we feel it is necessary to manage volatility and drive long term growth.

    If you do have spare cash, there could be an opportunity to buy whilst markets are devalued; this could represent good long-term value.

    However, if your cash isn’t available to invest for at least 5 years, it’s worthwhile reviewing bank interest rates to ensure that you are capturing the most efficient return.

    Examine your mortgage

    Look ahead and speak to a mortgage expert before there are changes in your circumstances or any fixed rates come to an end. Unfortunately, it is looking likely for many that a rise in interest rates is inevitably going to lead to higher mortgage payments so it is sensible to start looking now at ways you are potentially going to be able to manage this. It may be necessary to look closely at your monthly expenses so see if there are any possible savings to be made which could cover a rate rise.

    Are you protected?

    Most people’s greatest asset is their income so in uncertain times, it’s more important than ever to make sure you are protected if you were to become unable to work because of illness or injury. Income protection or critical illness cover could provide a vital financial lifeline to you and your family should the worst happen and you become too ill to work.

    Another one to consider could be mortgage life insurance which would provide a lump sum to your family if you were to die prematurely. This could remove the huge burden of having to cover the remainder of the mortgage debt for your family in this difficult situation.

    Think carefully about your pension

    When faced with difficult financial challenges, it could be that your pension is low down on your priority list but this could prove to be a costly mistake in the long run. Your pension provides a great, tax efficient way to save and it is important to protect it, even when cutting back on your contributions could make life easier in other areas.

    If you are getting close to retirement and are concerned that your pension fund may have decreased in value because of the falling stock market then speak to your pension provider, for most, this shouldn’t be a problem as the level of risk for a pension portfolio decreases as you get closer to retirement age.

    If you don’t already have a pension, it could be a good time to consider starting one as if you look to invest while the stock market is low, it can provide more opportunity for higher returns in the longer term.

    Summary

    There is no doubt that the coming months are going to be a huge challenge for many but considering some of the above factors in advance and being pro-active with planning for the worst, could make a huge difference to your financial outlook long term.

    Get in touch

    For further information or advice, contact a member of our financial planning team today to talk through your personal circumstances, email enquiries@pmm.co.uk or call 01254 679131.

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

    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.

    Recession-proof your business – are you prepared?

    Posted on by Katie Heaton

    With increasing uncertainty for businesses, we advise to keep calm, plan ahead where possible and seek advice early to avoid exposing your business to any unnecessary risks. With careful planning and use of the correct tools, we can help prepare various ‘what if’ scenarios and discuss the best course of action to take should they occur.

    Our recession planning team is made up of specialists from across the firm including cloud accounting and corporate finance experts. Here are some of the main tips the team has highlighted to ensure your business is well prepared to navigate a recession:

    Carefully monitor and manage your cashflow

    Managing and closely monitoring the cashflow of your business should be a top priority when preparing for a recession. To do this you should have reliable and up to date accounting data that allows you to prepare financial projections and forecasts so you can predict your cashflow trends in advance. Having cloud accounting software which gives you a snapshot of your current financial position will enable you to quickly produce and review your cashflows and identify any potential funding needs. You may also want to think about moving your clients to direct debit or looking to shorten your payment terms.

    Review funding and improve your credit score

    If you want to obtain the best payment terms from your suppliers or the most attractive lending rates from funders, you should ensure your credit score is as strong as it can be. It may be an appropriate time to consider a different lending product with a fixed rate instead – ensuring certainty over your future outgoings.

    Focus on your people

    Staff retention should be at the forefront of your agenda when anticipating a recession. Although downsizing may be inevitable for some businesses during a recession, consider other options such as reducing hours and providing flexible options as an alternative.

    Ensure your customers remain a priority

    Customer retention must remain a key focus during a recession. Invest in customer relationships, reward loyalty, communicate regularly and work hard to supply what your clients want in uncertain times.

    Don’t cut back on marketing

    In difficult times, when you may be trying to cut costs, reducing expenditure on marketing can seem like an easy fix. However, continuing your marketing efforts during periods of disruption is important, as it will mitigate any drop in sales and ensure your brand awareness remains high.

    There is no doubt that the coming months are going to be turbulent times for many, but with forward planning and a sensible approach, you can make things a little easier. For further advice, contact a member of the recession resilience team by calling 01254 679131 or email enquiries@pmm.co.uk.

    Top tips to recession-proof your business

    Posted on by Rebecca Campbell

    With the worsening economic situation and Bank of England warnings that the UK will fall into recession this year, what does this mean for your business, and what can you do to limit the impact?

    As we all know, Russia’s invasion of Ukraine, soaring energy prices and multiple consecutive lockdowns have all played a part in the economic crisis which could lead the country into a recession later this year. To help you navigate successfully through these turbulent times, we have put together a list of top tips to ensure you, and your business, are prepared for the challenges which a recession may bring.

    Carefully monitor and manage your cashflow

    Managing and closely monitoring the cash flow of your business should be a top priority when preparing for a recession. Examine your outgoings – are some expenses higher than they need to be?  Are some of them ‘nice to haves’ rather than essential?  Is your bookkeeping fit for purpose? Do you produce profit and cashflow forecasts and adjust them for potential varying scenarios? Cloud accounting software gives you a ‘live’ picture of your cashflow – if you’re still using spreadsheets, you may not spot potential issues until it’s too late.

    • Move your clients to direct debit

    Introduce an effective credit control process if you don’t have one already, this way you can reduce the amount of cash you have tied up in debtors. A strong majority of small businesses in the UK still rely on cheques and bank transfers to get paid – we would recommend switching to a direct debit tool to automatically take payments, reducing the chance of getting paid late and improving cash flow.

    • Shorten payment terms

    Consider reducing your payment terms to collect your money more quickly – helping you fill any cash flow gaps. You may be worried that this may upset your existing customers, however, if you explain your reasoning, they should be understanding.

    • Keep close to your bank

    Keep in communication with your bank.  Manage their expectations carefully and keep them on side so that they will support you if you need to extend your borrowings.

    Focus on your people

    Staff retention should be at the forefront of your agenda when anticipating a recession. Your team are probably the essence of your company, and it will more important than ever to ensure morale is high. Although downsizing may be inevitable for some businesses during a recession, consider other options such as reducing hours and providing flexible options as an alternative, if possible. Focus on employee wellbeing and prioritising learning and development to help you be on the front foot as the economy recovers.

    Ensure your customers remain a priority

    Customer retention must remain a key focus during a recession. Invest in customer relationships, reward loyalty, communicate regularly and work hard to supply what your clients want in uncertain times. But be careful you don’t fall into the trap of heavy discounting.

    Don’t cut back on marketing

    In difficult times, when you may be trying to cut costs, reducing expenditure on marketing can seem like an easy fix. However, continuing to advertise during periods of disruption is important, as it will help to mitigate any drop in sales and ensure your brand awareness remains high.

    Get in touch

    If you would like to get in touch to discuss what you can do to recession-proof your business, contact your usual adviser or email enquiries@pmm.co.uk, and we will direct your query to the correct person.