The anticipation is rising ahead of the budget on 23rd March.
Accountancy firms are at this moment preparing their breakfast
briefing sessions to advise their business clients about tax and
allowance changes at dawn on Thursday 24th March. There is a
certain machismo in business owners attending these early morning
briefing sessions and getting the inside track 60 minutes ahead of
their competitors. But is it really worth getting that excited
about?
Tim Latham, is an ex big firm management consultant, now running
Midlands advisory firm "Unconsultancy". He suggests that the budget
shouldn't rule business leaders' lives next week. He said "I'm all
for being well informed about tax and government financial
incentives, but too many SME business leaders will devote 48 hours
of their life to watching the budget, going to briefings and
subsequently discussing it ad nauseam with colleagues. For a
healthy small or medium scale business the Chancellor's
announcements should be only marginal to the future health of their
business. Be aware, read and listen to the media but don't let the
budget rule your life."
Latham added "If the health of your business depends upon a
couple of percentage points movement in tax rates that's a sure
sign that something more fundamental is wrong with your business.
Those businesses that are really "humming" and in tune with their
markets won't be suggesting that a smallish tax increase here or
allowance reduction there will be "devastating" for their
business".
"Our experience is that successful businesses spend their time
thinking and acting upon the big issues, and probably the biggest
issue of all is are you resonating with your market and are the
major jigsaw pieces of how you create and deliver value all working
together." So Latham suggests "Don't allow the Budget to rule your
life and if you hear a competitor bemoaning a change then
it's really just a thinly veiled way of them saying that their
business isn't in great shape. Take an extra hour in bed on
Thursday or use the time to think about the really big issues."