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Post-summer, pre-New year... it's the perfect time to plan for 2026
The summer holidays is now a happy memory, the Christmas planning is starting…which makes the next few weeks the perfect time to buckle down and get to grips with complex business issues.
Insolvency expert Danielle Shore, a director with the Sheffield office of professional services group Leonard Curtis, says that the summer break can be seen by some businesses as a good reason to escape the pressure of faltering finances.
But with Christmas around the corner, she adds that now should be a time for some serious financial reflection.
“The important thing is to think of this time in the run up to Christmas as a period for making sure you are prepared for the winter months and the start of another financial year,” she said.
“It’s not a huge window but it’s the perfect time for looking back, taking stock, assessing how the summer and Q3 went and deciding on plans for the future.
“It’s certainly the ideal moment to review finances, examine cash flow and see if you have a sustainable chance for survival and growth.”
One of the key areas for investigation, Danielle said, would be a look at levels of borrowing.
“Over-borrowing has become a major issue with many businesses over the past few years and as a result of factors like the pandemic and the global financial crisis,” she said.
“Borrowing might have seemed like a positive move at the time but eventually the payments become due and that’s when more borrowing begins and a vicious circle of shoring up a business by taking out more loans becomes the norm.
“That’s why it is so important to ask if the company can afford to sustain the cycle of borrowing and, if not, to begin investigating ways of breaking the pattern.
“The darker days are coming but it really doesn’t have to be all doom and gloom as the nights draw in.
“Take action now, seek professional advice while it’s still possible to make a positive change and by Christmas there should be something to celebrate!”
To find out more about the full range of services provided by the Sheffield office of Leonard Curtis call 0114 285 9500.
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