Has the Budget really sparked a dilemma for small businesses?

We have had a few days to digest the Spring Budget and are being faced with headlines such as:

After that Budget I won’t be able to make ends meet’:

Self-employed workers and business owners tell their stories 

Press coverage and social media have taken a strong, negative focus on the outcome of the budget for Small Businesses and the Self Employed. But is it really as bad as this?

There appears to be a number of measures being put in place that will minimise the impact, such as £50 cap per month on business rate increases and a council-owned pot of cash for struggling businesses; so is it possible to find opportunity from what many are seeing as sizeable financial impact.

‘There are two certainties in life: Death and Taxes’

The old saying about certainties in life is true; whether we are employed or self-employed, small or large business owners, we still need to pay tax. And with reduced tax-free dividends it is certain that many profitable small businesses will be paying more tax in the years ahead.

So, we need to look at ways of reinvesting in our businesses to make the best use of our monies.

Investing in our staff: Training and development are two key elements of a happy and motivated workforce, so this could be a great time to increase these budgets and support your staff to improve their skills and bring added value to the business.

Team Building: When was the last time you had time out as a team and really got to know each other? Facilitated team building can bring unforeseen benefits and help people to gain a real understanding of each other and what the business is trying to achieve. There are many options such as offsite activities, workshops, profiling or completing a challenge; all of these work well and help with future proofing your team.

New equipment: Is it time to update the computer or get that new piece of technology you have been wanting for the last year? For many small businesses, access to the internet and online platforms is key so perhaps investing in equipment that enhances your life and improves service delivery could add more value than expected.

Small or large businesses need to look at the best ways to make their money work for them. Amanda Murrell Associates can help with training, development and team building (we haven’t quite got our heads around sourcing equipment just yet!) so if you would like to find out more about any of these ideas please do contact us today.

 

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