How to build business resilience in the face of possible recession

There’s been a 25 per cent jump in the number of businesses facing “critical” financial distress, according to a recent Guardian report. 

More than 47,000 UK companies were on the brink of collapse in the final few months of 2023. 

These figures are startling, not least because numerous news outlets are now suggesting that we are on the brink of – if not already in – a recession. 

It raises a few questions among SMEs:  

Our advice to you 

If we really are on the brink of recession, then businesses need to prepare for the worst. 

You should be looking at both your operations and your finances and reassessing your goals and priorities for the coming months. 

We can’t tell you how to run your business, but we can give you some financial and tax strategies for reducing the impact of the recession on your business. 

Unfortunately, a single blog post is not going to give you all the information you need to survive in the current climate, and we strongly recommend that you speak to one of our accountants about your specific circumstances as soon as possible. 

Having said that, here are some of the strategies we are currently suggesting clients consider: 

While these are a good starting point, they are most effective when directly applied to your specific business needs and financial situation. 

The best way to utilise and apply these strategies is with the help of an experienced accountant. 

We can also advise you on Government grants, schemes, and funding opportunities that might provide a little extra cash during a recession, so please don’t hesitate to reach out.  

If you want to prepare your business and grow your financial resilience, please get in touch. 

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