Why the 2018 Budget Speech Matters to Your Business (Part Two)

We hope you found our budget tipsin Part One of “Why the 2018 Budget Speech Matters to Your Business” helpful.

The 2018 budget speech VAT increase from 14%to 15% comes into effect on April 1 and is going to touch every consumer’s pocket which, ultimately, is going to affect your business.

If you have been running a tight ship, you more than likely have sound accounting and other financial management tools in place. Having deep, meaningful insight into your financial affairs will make a tougher economy far less stressful to navigate.

However, if your accounting system is the shoeboxes stacked up in the corner, a dusty calculator and a half-day temp who comes in now and then, the path ahead of the 2018 budget speech is likely to be a bumpy ride for your business.

Whichever scenario you are in, you can use this time of uncertainty to rethink your processes and start doing things differently – especially when it comes to your finances.

Top 5 Tough-Economy Survival Tips:

  1. Keep what works and ditch what does not. Sometimes businesses get stuck in their ways. The 2018 budget speech is an opportunity to explore new ways of doing things. It is also helpful to talk to other business owners about how they are doing things. Your business cannot thrive if you are behind the curve with what has become the norm, especially when it comes to proper accounting and financial practices.
  2. React quickly. When you are aware of any looming changes, like the VAT increase, or have picked up that something is seriously wrong and needs to be fixed, you must take action. If you do nothing the situation can quickly escalate out of your control, with disastrous consequences.
  3. Get the full picture. In business, you need to deal with facts not guesswork. You can avoid going into complete panic over the 2018 budget speech by having a clear view of your finances. This can easily be achieved with accounting software. Armed with facts rather than fiction you are in a position to react quickly and make the necessary adjustments to steer your business over any bumps in the road.
  4. Look after your existing and loyal customers. When the economy is down, we can also feel down and depressed. Do not let this affect customer service. Keep engaging with your customers, ask how they are doing since the 2018 budget speech announcements and, importantly, reassure them that they can rely on you as they always have.
  5. Brainstorm with your staff. Now would be the time to actively seek work, but maybe the mood in the office is not conducive to this. Pull your staff in and together come up with creative ways to find new business post the 2018 budget speech. A new project or deal is just the boost your business and financial statement needs right now.

In business, it is vital to have a realistic picture of your cash flow, expenditure and business projections.

To find out how to manage your accounts quickly and easily, contact QuickBooks on 010 203 4300 or info@easybiztech.co.za

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Personal Information
Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.