Cumbria’s economy continues to flourish, but for businesses to grow requires them to focus on developing a sustainable plan for the future and the ability to spot new opportunities.
Now is the perfect time for businesses to carry out a thorough financial health check and further research into their future options.
The UK is now entering a new period in its history as it leaves the EU and after years of uncertainty business owners should now have greater clarity on what the future may hold.
With the advent of new forms of technology, such as cloud-based online accounting, it has never been easier for business owners to check their information while on the go and, more importantly, work collaboratively with their advisors.
Businesses can no longer rely on a wait and see approach. Thankfully they have never had such a wealth of information available to them.
With only a minimal amount of investment, businesses can gain access the latest financial data and, with the help of their professional advisers, explore new opportunities to improve profits and grow their enterprise.
Business intelligence can prove extremely beneficial when conducting viability studies for projects, reviewing pricing strategies, tax planning or profit improvement, including developing ‘what if’ scenarios. Detailed financial forecasts can also help to increase the value of a business ahead of a potential sale.
Cumbria has a lot to offer, but like any local economy its businesses needs to move with the times, which is why the adoption of new technological tools and the right advice will be essential if the region and its wide range of industries wishes to remain competitive.
Lamont Pridmore is already providing advice on future forecasting as part of its commitment to the region and remains immensely proud of its close association with Cumbria and its successful business community.
There are likely to be challenges and an equal number of opportunities coming along in the coming months, so businesses really should explore how they combine technology and expert advice to thrive. For help and advice please contact us now.