The end of a financial year is a challenging time for any business.

The end of a financial year is a challenging time for any business. Yet for many, March 2021 delivers some different tasks to face, with schemes to consider that are new to us all.

There have been plenty of financial support schemes put in place due to COVID-19, from furlough and VAT-deferral to business interruption loans. These are hugely welcome, but even the most seasoned business owner is tackling them for the first time.

Cash is the first thing to concentrate on. Lack of cash is the most common cause of business failure, so projecting cash flow and preparing for potential problems is essential. This is particularly important this year, when you may need to plan for repaying large amounts of debt. If you’re dealing with uncertain levels of income, you must adjust forecasts and review your targets for growth to keep your cash and business stable – and successful.

It can feel isolating approaching something different, especially when you’re a CEO working alone. That’s why the most important part of what I do is to be a sounding board to support others and listen to their challenges. If you need someone to be there at your end-of-year finance meetings, hearing your concerns and understanding them, the support is there for you. It’s not something you have to face alone.