Times are indeed difficult. The economy has slowed down at a very rapid rate with, in particular, construction, banking and retail feeling the immediate effects. As accountants we are in constant contact with many businesses and the message to our clients is always the same “Tighten your belt, don’t carry any extra overheads and be decisive & act now”. Those businesses that follow this advice will come out stronger when we eventually see the end of “The Credit Crunch”. There will be light at the end of the tunnel, but it’s very much a matter of damage limitation at the moment. So don’t think you can put off making such decisions, and if you’re in any doubt, speak to an expert who can draw up a strategy for you.
By Tom Simpson of Torr Waterfield
