Your d&t Superheroes
Dave Galvin - Managing Director
If nothing changes, nothing changes – peddling the same bike faster will only serve to provide for today, tomorrow at best, but will not sustain your business in the long run. You must focus on the short, medium and long-term future. Where you are going, what’s your key goal, then create the plan and monitor your progress. Never be afraid to change. Today I’m sure your business is the very best it can be, but tomorrow is a new day….
Every morning in Africa, a Gazelle wakes up and knows it must outrun the fastest Lion or it will be killed. Every morning in Africa, a Lion wakes up and knows it must run faster than the slowest Gazelle or it will starve. It doesn’t matter whether you’re a Lion or a Gazelle, when the sun comes up, you’d better be running!
Claire Law - Practice Director
Plan, plan, plan! Business projections are vital throughout all stages of your business whether it’s start up, growth or exit planning. However, they are particularly integral during crisis situations like we find ourselves in with Covid-19. Managing your finances today stops long term exposure to risk.
Keep up constant communication whilst in lockdown, whether that’s with your team, suppliers, customers, lenders or the community. We’re all starved of the social interaction we would normal have, so picking up the phone instead of typing an email goes a long way or even better still, make it a video call.
Richard McDermott - Senior Tax Advisor
Have confidence in the knowledge that you are good at what you do and have a strong business.
An inspirational discussion with a client recently:
‘I started my (martial arts) business 23 years ago with no students and built it into a successful business. If in a few months I have no students left I haven’t lost anything, I’m just back to where I was all those years ago. I built my business before and I’ll build it again. But I now have 23 years of experience behind me, so I’ll do it even better next time’.
Speak to your accountant about your business structure. What has always been perceived as the most tax efficient structure historically, may not be the case in the future and there are likely to be significant tax increases on the horizon due to the deficit being created now.
Karolina Jankos - Head of Operations
A company’s most valuable assets aren’t the equipment, intellectual property or premises, but its employees. Human “assets” are what differentiate most business from its competitors, not the tangible and intangible ones. They are the most essential contributors towards profits and shareholder value. So, look after your team, especially now with these strange, uncertain times they will need your support more than ever.
Don’t stick doing the same old things just because that’s how it’s always been done previously, or worse still because everyone else (your competitors) do it this way too. Your business won’t grow to be the best out there if you do what everyone else does. Now is the best time to review your processes and USP to create and innovate the way you deliver your services. You won’t transform overnight, that takes time, but with perseverance you can break the mould and be different!
Phil Archer - Asset Finance Manager
Businesses that have already bought assets like equipment for cash purchase, can apply for finance any time prior to delivery. The earlier the better as the supplier would need to rework the invoice to address it to the finance company. Effectively spreading the cost of the asset over a longer period of time.
It’s possible to apply for asset finance for equipment a business may have already purchased from cash reserves. It’s called sale and leaseback, or sale and HP (Hire Purchase) back. This can be done for equipment and vehicles up to 3 years old. However, the more recent the purchase the better. Terms offered will vary by lender, asset type and age of asset.
James Thomas - Commercial Manager
Marketing is a key aspect of any business and something that can quite often get left behind, to enable you to reengage with your client base it’s integral to be constantly refreshing and adapting to emerging markets. Covid-19 has given many business ample time to reflect on new ingenious ways to promote their brand, don’t let yours fall by the wayside.
With the current high risk to business stability now is the time to work on a business plan for the sustainability of your company; this will help mitigate further unforeseen circumstances in the coming months and allow you to manage cashflow. Our team have been creating dozens of business plans for just that, allowing business to effectively crisis manage this situation.
Carl Reader - Director
In sports you can control how you perform on the pitch, but you can’t control where the lines are drawn and where the goal posts are set. Translating that to business and situations like this, you need to remember to focus on the issues that are within your control and just be mindful of, but not consumed by, those that aren’t.
Most business owners are going to have to make challenging decisions in the next few months, on a scale they have never had to previously. It’s important to prioritise these and make the important ones quickly, because if you lose sight of the problem at hand, get distracted or swayed by what’s in the media, then your indecision could prove costly.
Ben Herbert - Director
Do NOT focus on getting back to normal, even a ‘new normal’ where you revert back to life pre-Covid-19. Instead, focus on how you want to live moving forwards. Now is the time to truly consider if your life, business, everything was what you wanted pre Covid-19, if not, then don’t look back with rose tinted glasses and accept normal once more. Take the time now, to plan how you want to live in the future.
Make your next goal part of a bigger journey. We often slow down as we get close to achieving our goals, or worry we will stumble and fall. Instead, imagine it as another steppingstone and you will find that you smash through it much easier. I’ve learnt this through progressing through camps on my way up to a mountain summit, only to struggle on the last leg. Now I imagine that summit is just another camp along the way and the difference is amazing!
Don’t be afraid to “Be Bothered” - not my creation but live by this simple phrase and you’ll go far.