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Onyx Takes on Austerity

Local Community - Austerity

Monday, 23rd March 2020

So far, the 20s have been an eventful decade, and with 2020 underway, it is proving to be another year full of financial strain and struggle across businesses, employers and individuals.

As many of us recover from not just one but two damaging floods, we are now faced with the seriousness of a pandemic. COVID-19 will affect everyone.

The recent Spring Budget was dominated by COVID-19 and the help and financial assistance being offered by the Government was an eye opener. The strategies put in place will be put to the test and, as predicted, will no doubt need to be put in to action much quicker than first expected.

As one of the richest economies in the world, Britain is home to hundreds of thousands of businesses, who are now having to take draconian measures to help minimise the financial blow to have hit them in decades. Austerity at its best!

Community and Unity

One of the biggest burdens on business, aside from devastating weather and viruses, are the ever-increasing overheads. Everything is going up in price yet, at a time when every penny counts, there are often costs that continue to rise with no real justification.

To help cut some of these costs, now is the time to consider the businesses and suppliers that are local to you. A smaller business does not mean a less quality of service. Often this is quite the contrary. By supporting a local business, you are helping your own community to grow and develop. We can unite to help each other.  No more empty shops or bust businesses in our towns and villages.

The businesses that will benefit are likely to be:

  • Traders – perhaps for furniture, computer equipment, hardware items etc
  • Self-employed individuals e.g. plumbers, electricians and gardeners
  • Those working from home e.g. VA’s, tutors, data handlers etc
  • Printers and stationery suppliers
  • The corner shops and convenience stores for the office essentials
  • Finance and investments – the insurance broker, banking and accountants
  • and many more

How can Onyx help?

We are a smaller accountancy firm with big ambition. Local to many communities across the Midlands and within easy reach of the major roads and the M6, M5 and M54.

Our office locations are:

  • the beautiful village of Tettenhall in Wolverhampton. We are situated on the High Street right in the heart of the village; and
  • the historical suburb of Aston in Birmingham. We are located just off the Aston Expressway, joining in with the industrial character of the area.

Onyx might be a smaller business; however, we offer all forms of accountancy and business advice to suit any budget and, with a simple pay monthly scheme, we help you to spread the low cost across the year. No surprise bills and no unexpected price increases.

Overhead Percentage

In a business that is performing well, an overhead percentage that does not exceed 35% of total revenue is considered favourable. In small or growing firms, the overhead percentage is usually the critical figure that is of concern.

If you are you looking to cut your overheads, then now is the time to look at the business admin costs that are incurred regardless if your business generates a sale or completes a service.

The amount paid to your accountant and business advisor will likely be a significant amount of your general overheads, therefore choosing a local accountant could result in a saving of hundreds of pounds, if not more.

Moving to Onyx will guarantee a cost saving and reduce the strain on your overheads and by spreading the fixed cost across the year will benefit with budgeting cash flow.

At a time when austerity is causing mass business havoc, let Onyx help ease the financial burden.

GET IN TOUCH WITH ONYX

If you have any queries, or want to discuss further, please give us a call or e-mail us at  enquiries@onyxaccountants.co.uk for a FREE no obligation consultation.

Got any questions or queries? Our friendly local team are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.