Ride out the recession by spring cleaning your business

Spring clean your business and tidy up your finances; it’s going to be a bumpy ride, says Paul Webb, tax partner at Robert James Partnership.

They say that sometimes the last thing a fish sees is the water it swims in. The same can be said of business owners. The last few months, with the credit crunch biting, have brought with them a full-blown recession. The challenge has turned from being profitable to simply surviving in many cases, which means that it’s been easy to ignore some standard business practices that could help your competitive position. Company and personal insolvencies have skyrocketed and look likely to increase over the year to come.

As the heads of the largest national economies met at the G20 summit to see what steps can be taken on a global level to help rebuild the confidence in the world economy, the same type of analysis is needed right down the line, ending with individuals looking at what they can do to help themselves.