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Xero’s top tips for setting up a small business during turbulent times

Posted 3 years ago in Small business by Emma Izatt
Posted by Emma Izatt

As the UK government prepares to trigger Article 50 tomorrow, formally notifying their intent to withdraw from the EU, it’s unclear for many what the country’s future will look like.

One group shunning Brexit concerns is small business; Xero’s recent Make or Break research has revealed they are optimistic about the future of their organisations despite growing economic uncertainty.

Three in four survey respondents expressed confidence in this area, and more than half believe Brexit will have no impact on their business.

The findings reveal a commonly held attitude among SMBs: to look on the bright side.

In an uncertain world, aspiring entrepreneurs may hesitate to bring their ideas to life — but by consulting with experts and keeping on top of their financial data they can win no matter the challenges at hand.

1. Fail to prepare, prepare to fail

With a maze of policies and regulations to adhere to, it can be hard for small business owners to keep up. By reading up on developments and speaking to advisors when changes happen, you can be as prepared as possible. Staying ahead of the curve will ensure there are no nasty surprises and make you feel more in control.

2. Put cash flow and credit control in the spotlight

Healthy cash flow is vital at all times, but especially when things are tough. Chasing payments is a massive drain on not only your time, but your cash flow. To keep your business in the black, be sensible about spending and invoice promptly. Use quality cloud accounting software like Xero to ensure you know your numbers and invoice clients promptly.

3. Put your health first

By making your health a priority, you can ensure that you’re able to look after your team. At the same time, you should encourage your employees look out for themselves and take time off when they need it; when they are well rested you’ll be able to get 100 percent out of them. Get enough sleep, stay healthy and you will be able to handle any bumps in the road with aplomb.

While optimism is essential for an entrepreneur to be successful, with the right advice, tools and a little self-love, a business can not only survive but thrive.

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