Getting fit for 2022? Don’t forget your business…

For most people the start of a new calendar year is usually focused around aiming for personal goals. Family, fitness and financial resolutions are the most popular aspects people like to switch their attention to at this time of year.

For the entrepreneur, these plans are commonly backed up with a raft of positive new intentions for their business.

Despite the threat of Covid-related restrictions being omnipresent and the economy still not quite moving along at full power, it makes sense to be optimistic and proactive with your business during 2022. With that in mind, we’ve put together a list of the top five things entrepreneurs should be focusing on whilst they’re running on the treadmill, the road or cycling on their Peloton…

SALES

Winning new business isn’t easy. But it simply has to be done in whatever market you operate in. Without new business coming in, you’re never going to grow. In our experience, we are increasingly finding that businesses are more interested in recruiting sales people who have engaging personalities and emotional intelligence rather than ‘old school pushy’ sales people. Sales staff are on the frontline of your business and it’s essential to select them wisely. If you do the sales yourself – then make sure you don’t focus all your effort on new business and neglect your existing clients or customers.

 

MARKETING

Standing out from the crowd will be more essential in 2022 than ever before. More new businesses are being launched every single day as people spot new opportunities to exploit the weaknesses of others who have been found wanting during the pandemic. Make 2022 the year that your business becomes highly visible – and therefore widely known in your marketplace. Make sure you position your business appropriately and get known for one thing in particular. Our very own ‘accountants for entrepreneurs’ mantra is a good example of this!

PEOPLE

Media headlines are all about the number of job vacancies being at the highest level in modern history. It can be tempting to think that it’s easy to find the right people to help you grow your business.

The reality, as every entrepreneur knows, is that it’s often incredibly challenging to find brilliant people who will help you take your business forward. This is especially true if you are a SME and there’s a major emphasis on personality and client/customer-facing service. Don’t lower your standards by recruiting in haste at the start of the year. Hold out for the right people and you will see the rewards over the long term.

INNOVATION

Don’t stand still. Continual improvement of systems, processes and behaviours within your business is hugely important if you’re going to succeed in 2022. Realistically that looks like an investment in new technology, new products or new services. If you don’t innovate – you can be sure that your competitors will…and they’ll reap the rewards of evolution faster than you.

(RE) FINANCING

Cash is king…but the last 18 months has tested the patience of even the most prudent Finance Director! The combination of repaying Government-supported loans, overdraft facilities, commercial loans and reduced sales will hit hard in 2022.

Sitting down with your accountant or relationship manager at your bank should be high on the agenda in Q1 of 2022, especially if you’ve got expansion plans. You’ll need to make sure you have the financial capacity to support your business plan during the year.

It makes sense to review your accountants each year. Speak to Murray Patt on (0161) 980 8788 or email murray@alexanderknightaccountants.co.uk for a confidential chat about moving your business to Alexander Knight & Co.

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Triple hire for Alexander Knight & Co following new client wins

Alexander Knight & Co accountants appoint three new recruits to join its growing team

We are delighted to have expanded our team with the appointment of three new colleagues in preparation for further growth in 2022.

Danielle Cresswell, Alastair Tough and Paul Dunn have joined the Alexander Knight & Co team as we also add three new businesses to our entrepreneurial client base.

Selwyns Travel Limited, Lumenpulse UK Limited and Think Hire Limited, have all selected our practice as auditors.

Bringing a wealth of experience from her time working at accountancy practices across the North West region, Danielle Cresswell will provide hands-on support to clients in the role of Manager.

Alastair Tough recently graduated from the University of Warwick and has chosen to take the first steps of his accountancy career with Alexander Knight & Co joining as an Assistant Accountant after relocating from Nottingham.

Paul Dunn joins as Senior Accountant where he will be advising clients on statutory reporting, management accounts and audit.

Murray Patt, founder of Alexander Knight & Co, said:

“We are delighted to welcome our latest three recruits to the team and as we enter the exciting next stage of growth as a business. 2022 is going to be an important year for entrepreneurs as they recover their business from the effects of the pandemic and they look to surround themselves with new and proactive professional advisors to support them on their journey.

“We are delighted to welcome Selwyns Travel, Lumepulse UK and Think Hire as new clients of our practice and we are looking forward to supporting them as they implement their business plans and growth strategies over the coming months and years.”

Paul, Danielle and Alastair have joined our team.

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Autumn 2021 Budget – The Guide for Entrepreneurs

Download our complete guide to yesterday’s Autumn Budget 2021:

Alexander Knight & Co (W-1195582)A5_BR_A21

 

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New article in Altrincham Today

We were pleased to see our double-page poster in the latest issue of Altrincham Today which is the local community media title we are supporting in 2021. You can grab a copy in most public places in Altrincham – and there are plenty in many of the town’s shops, cafes and restaurants.

 

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Delaying your BBL repayments

As repayments start kicking in…find out how to extend the term of your BBL to ease your cashflow.

Clients who took out government-backed Bounceback Loans (BBLs) to get through Covid-19 do have some flexibility to repay their loans.

The Pay as You Grow repayment scheme includes the option to delay all repayments for a further six months, meaning businesses can choose to make no payments on their loans until 18 months after they originally took them out. The option to pause repayments is available to all from their first repayment, rather than after six repayments have been made.

Pay as You Grow enables borrowers to extend the length of their loans from six to ten years (reducing monthly repayments by almost half) and make interest-only payments for six months, in order to tailor their repayment schedule to suit their individual circumstances.

These Pay as You Grow options are available to more than 1.4 million businesses which took out a total of nearly £45 billion through the Bounceback Loan Scheme.

You can find out more about extending the term of your BBL – or delaying the repayments here on the official Government website.

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Zoom (and face-to-face!) appointments available

Many of our clients (just like the rest of the world!) are keen on having online meetings via Zoom or Teams during this period. We are no exception – and we’re very happy to meet ‘virtually’ as well as at our safe and secure office environment in Hale.

Since we launched our practice we’ve always had a philosophy of embracing technology and for us it’s been a seamless transition to hybrid and remote working/meeting. 

For those people who prefer to meet face-to-face, you can be assured that our office is a reassuring environment. As well as PPE equipment (hand sanitiser, face-masks, screens, signing in) we maintain social distancing measures so our staff and clients can be as comfortable as possible during this time.

If you want to review your end-of-year accounts or any part of your business tax strategy via Zoom or Teams – don’t hesitate to ask – we’ll be happy to do so!

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New ad campaign for Alexander Knight & Co

We’re extending our campaign with the award-winning Altrincham Today magazine and website. We’re pleased to extend this relationship during 2021 as the world emerges from lockdowns.

Altrincham Today is the best-read media title in Altrincham, with over 200,000 unique online users a month and a highly engaged social media community of around 50,000.

It has twice been recognised by the O2 Media Awards – and was named Startup of the Year at the Sale & Altrincham Chamber of Commerce Business Awards.

In September 2020, the magazine was relaunched. The lockdown gave the team (ably led by David and Kath)  the chance to rethink every aspect of it and reimagine what kind of print title it wanted to be post-Covid.

The result is a fantastic new design on a larger format. Readers welcome the new look and the magazine remains an absolutely indispensable companion for anyone with an interest in and a passion for Altrincham.

Here’s a sneak preview of our Summer campaign in the new magazine:

Altrincham Today - sneak preview

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We did it!

Altrincham 10k run

We’re proud to have completed the Altrincham 10k run and joined thousands of fellow runners on the closed roads of Altrincham on 5th September 2021.

Starting and finishing in the centre of Altrincham it was a popular event and raised thousands of pounds for charity from everybody taking part.

The Altrincham 10k was open to runners of all abilities and each mile was accurately marked out with distance flags and there were plenty of supporters along the course to encourage runners all the way to the finish line.

Thank you to everyone who supported us!

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Doing business in Greater Manchester

As members of MGI Worldwide, we are always happy to push the virtues of doing business in the UK – and within our own region of Greater Manchester in particular. 

MGI Worldwide, is a top 20 international accounting network of independent audit, tax and accounting firms, which brings together the expertise of some 10,000 professionals in over 100 locations around the world. Our membership enables us to keep abreast of important new developments, while providing a seamless international service to any of our clients looking for support abroad.

Through MGI Worldwide, our firm benefits from connections with people we get to know and trust in all corners of the globe.

With a strong regional and international presence in almost 100 countries, MGI Worldwide with CPAAI is organised into eight geographic regions – Africa, Asia, Australasia, Europe, Latin America, Middle East & North Africa, North America and UK & Ireland – each with their own management and regional activities to foster growth and collaboration.

That’s why we’re getting ready (with the support of MIDAS, Manchester’s inward investment agency, which has provided us with lots of incredible data, statistics and insights about the business opportunities in Greater Manchester) to deliver a presentation to member firms from across the globe. Watch this space for further details when a date is secured.

Speak to us if you are thinking of relocating your business to Manchester.

International links at Alexander Knight & Co

We can help you to make your international business a success. MGI Worldwide is a quality controlled network and, like all member firms, we are subject to review of our quality assurance systems and procedures against international standards. We’ll be very pleased to support you with trading in the UK – or trading in other countries around the world.

If you are an international business looking to relocate to the UK – or launch a UK subsidiary – email Murray Patt now.

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Is the Covid-19 Recovery Loan Scheme right for your business?

The Covid-19 Recovery Loan Scheme can be an option for entrepreneurs who require a little more support as we emerge from restrictions. 

More than a year after the first lockdown, company directors can be forgiven for thinking that they may have exhausted every last available measure of Government support available. However, the lesser known recovery loan scheme may be another option to explore.

What is the Recovery Loan Scheme?

Launched on 6th April 2021, the Recovery Loan Scheme replaces the original coronavirus loans, which provided invaluable emergency funding from the start of the pandemic.

The government provides an 80% guarantee for all loans, with no personal guarantees needed for borrowing up to £250,000. Interest rates are capped at 14.99%, with loan terms ranging from three to six years, depending on the type of funding used.

Who is eligible?

The loan is designed to be accessible for businesses across all industries. It is open to all companies trading in the UK, except for public sector bodies, state-funded primary and secondary schools, banks, building societies, insurers and reinsurers.

As usual with the support available from the Government, you must confirm that your business has been adversely affected by Covid-19.

Can you still get a recovery loan if you’ve already had a CBIL or Bounce Back Loan?

Yes! You are still eligible for the Recovery Loan Scheme if your business requires additional funding. However, this time there will be no interest-free period like there was with the other coronavirus schemes.

Of course, a major appeal of a Recovery Loan is that a personal guarantee is not required for loans taken up to £250,000.

How to apply.

You can find a lender accredited to offer Recovery Loans from the list on the British Business Bank website and apply to them directly.

You can find more detailed information about the scheme on the Government’s own website here.

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