The idea is to help our clients review their business to identify any areas for improvement, including ways to run more tax efficiently and boost profitability, as director, Debbie Boulton, explains.

“This free service includes a one-hour Q&A session with the owner or Board to examine all aspects of a company, giving the directors a comprehensive and independent review of their business’s health."

 

“We explore a whole range of areas, such as whether the structure of a business is right and if the business and its directors have appropriate tax planning in place, through to the effectiveness of the company’s accounting and reporting systems."

 

 “A lot of what we cover isn’t just finance related,” Debbie adds. “We also look at other areas, such as Health and Safety, payroll, HR, marketing and succession planning; basically, anything that could affect the health of a business in the future."

 

“Everything we cover at the meeting is written up into a report and the business’s health in each area is assessed, along with any recommended actions/s according to a simple colour coded system.”

Debbie says that the benefits of carrying out this type of review can be extensive, even if a business has a clean bill of health.

“Entrepreneurs tend to put a lot of effort into planning and reviewing their business at the start, but as it grows, it becomes increasingly difficult to take that all important step back.” 

 

“With advances in technology, a shifting economic climate and new legislation, it’s important to check that you’re ticking all the right boxes and not exposing your business to any unnecessary risk."

 

“Of course, there will always be businesses that score highly in most areas, but at least they have the peace of mind that they have reviewed their current situation, that their business health is good and that strategic plans are on track." 

 

“Having carried out a number of health checks already, we usually find a handful of reds (areas requiring immediate action) and ambers (areas that need action in the future) for every business, so no organisation is perfect!"

 

“Whilst some of the issues we identify may seem small, they all have an impact overall and are usually straightforward and cost-effective to fix.”

Debbie comments that Brexit planning is also considered as part of the review, as this is something that stands to affect a large number of businesses locally.

“With the uncertainty that surrounds Brexit, it’s vital for businesses to plan and understand their finances more than ever,” she explains.

 

“For example, what’s the business’s breakeven point? Do you know what reserves you need to keep the business going if you weren’t paid for three months?"

 

“There are many businesses that don’t know these figures, but it is something that we would encourage all of our clients to consider and review regularly.”

Free business health checks are available to all clients and qualifying local businesses that have been trading for more than five years and have a BA, BS or SN postcode.  All reviews are conducted at the discretion of Richardson Swift and are subject to availability.

For more information or to sign up for a free business health check, please contact Debbie Boulton on 01225 325580, or email db@richardsonswift.co.uk