What’s really important?
With the constant news surrounding the economy, interest rate uncertainty, and high inflation, its difficult not to worry about these issues, never mind running your business. You can easily lose sight of what’s really important – the health and welfare of you and your loved ones.
The issue we all face is a potent mix of inflation, recession, high debts, and the core reason for it all, a wartime energy shock. It is not the market driving the crisis; it is geopolitics, diplomacy, and conflict. On an individual level these events are not within our control, so what can we do to keep rational whilst this crisis unfolds?
Firstly, know that you can only control your life and those close to you. Everything else going on is typically uncontrollable just now, so take time to set some long-term goals to give you a sense of agency and control. Next, List the things that make you happy and safe, by doing this you can focus on the good things and not the other stuff. Thirdly, take time out to do things you enjoy. Doing something you are good at reinforces a sense of self-worth and purpose.
If you own a business, then:
- Take time to review your personal objectives – the business is there to provide you with what you want from life, not the other way round!
- Look at where the business is now: its strengths, weaknesses, opportunities, and threats. This will give you a clear understanding of its position in the marketplace, the competition, the systems, and the way things are done and the improvements that could be made.
- Focus on what the business is to look like when it is “complete” or running profitably and successfully. You can then determine priorities – the big issues that need to be focussed on.
- Ensure that you have an accountant who cares and is supporting you with getting on top of your financial information.
Perhaps you need to move to a digital accounting solution that will enable you to stay on top of your financials and ensure compliance to HMRC. Why not let us take care of that burden for you and give you that peace of mind. If you need support with your business and accounting records contact Jonathan at PGR today on 0289078880.