Sound financial management
The Sound financial management vodcast and supporting material offer an overview of the issues many small businesses face, as well as sharing practical, valuable advice. Three panellists talk about how SMEs can survive the current climate, while recognising that access to finance is a huge issue for SMEs and for the accountants representing them.
The contributors are:
- John Davis, director of local business at Barclays
- Sara Harvey, director and business advisor at Hines Harvey Woods, a chartered certified practice
- Glenn Collins ACCA UK's Head of Advisory Services
John Davis from Barclays offers the bank's perspective, and talks about small businesses and borrowing. John explains how a bank makes lending decisions. He also emphasises the need for small businesses in any stage of their lifecycle to use their business plan to demonstrate to the bank the short, medium and long term plans for the business.
John offers five top tips for SMEs:
- Firstly, find a good accountant and a good banker and don't let them go
- Stay abreast of regulation impacting on your business
- Know your prospective customer
- Protect your income by trying to get a diversified customer base
- Devote sufficient time to managing your cash flow
Sara Harvey explains how, as an accountant and business advisor, she provides guidance and support to clients so that they are ready to kick-start the economy. She also explains how small businesses can apply fundamental business principles to manage their finances as well as the different sources of finance available to them.
Glenn Collins comments on the current economic climate and provides an overview of the issues small business face, as well as practical, valuable advice. He also stresses the importance for businesses to make sure they get the support they need. Glenn adds that chartered certified accountants are equipped with financial, business and strategic skills to help businesses. ACCA business advisers can provide the full range of accounting and business services. In many cases they are also available to act as non-executive directors or business mentors.
Find an accountant by searching ACCA's online directory of business advisers.