Craft Focus - December 2022/January 2023 (Issue 94)

84 Lucky number seven Gary Prince is Chief Strategy Officer at SimplyPayMe. Here, he offers seven tips to protect your business in a difficult financial climate As the threat of recession lingers, financial pressure mounts for homeowners and businesses alike. Many are forced to look elsewhere for complimentary income, pushing them to start side hustles. Though, in the current climate, what’s the secret to cutting costs whilst creating and nurturing a business? Today, 80 per cent of small businesses suffer from low cash flow, making timely payments, and paying rent. So, what to do? The key to a successful enterprise is a robust financial structure, understanding the economic situation, and, ultimately, running your business effectively. The good news is that despite all the pressure caused by the cost-of-living crisis, high energy prices, rising interest rates, and the decline of consumer spending, there are seven measures you can take to protect your business. 7 TIPS TO PROTECT YOUR BUSINESS 1Be informed Ensure you know your business or side hustle – how it operates and the support it needs to run at optimum capacity. Thus, understanding your company’s financial setup is crucial; research banks and payment providers to ensure a 360 vision of what’s out there and choose the option that suits you best. 2Be watchful Don’t wait for fraudsters to come for you; instead, be proactive and take the initiative by setting up financial security or keeping a watchful eye. This can be done in a few steps, 1) ensure you have solid return and refund policies that operate within the laws of the country, 2) keep a close eye on your sales and outgoings, 3) watch for suspicious transactions (suspicious data or fake emails), 4) look for inconsistencies in customers’ details, such as different billing and shipping addresses or a PO Box shipping address. 3Get paid Ensure customer payments, including automated payments. By using a direct payments platform like SimplyPayMe, you get the business support you need to streamline costs whilst minimising the risk of late payments. Platforms like these can handle everything from invoicing and project management to payment collection, all through a mobile application. 4 Be clear Clear payment terms and conditions avoid late payments, as your clients