A broker’s guide to a fresh start for your business this new year Industry News 2nd January 2014 | By Liberty Trying to have a fresh start is difficult as an individual, for a company it may seem impossible. Don’t despair. Wiping the slate clean isn’t as hard as it may first appear. With the right guidance and financing it can be just as easy as a New Year’s resolution. Here are some of the best tips from commercial mortgage brokers & lenders, put together to help you get a firm standing when 1st January rolls around. Clear your debts Having a fresh start is impossible if you still have debts hanging over your head. Wherever possible you want to make sure that these debts are being cleared. There are many techniques you can use to help decrease the amount of money you owe and repay faster. Getting out of debt is vital so it may be worth looking into invoice factoring or re-mortgaging to free up more finance. Find new clients Sick of your current clients? Ditch them and get new ones! This really isn’t as difficult as it sounds. Bad clients are costing you more in over-servicing and chasing up payments. Ditching them can free up time to do more work for better clients or attend networking events to find new leads. Move building There are four main reasons that changing building can help you have a new start: 1. A new building is a perfect place to start completely fresh. You can design it exactly around the way you want to be seen. 2. Tailoring the size – downsizing can help you to cut costs and shift funding to help progress the company. If you’re planning on expanding then a larger office will be hugely beneficial when hiring more staff. 3. Reduce mortgage cost – commercial mortgage brokers & lenders can save you a lot of money when buying a building, often drastically cutting the price of your current mortgage. 4. More desirable location – if you’re in the back of beyond it often isn’t good for business. Moving to a business park or city centre gives you the perfect platform to start on a clean slate. This is undoubtedly the best way to start the New Year with a clean slate. Buildings often contain memories and moving office can drastically improve morale and the general atmosphere. Staff training Do your staff work to their full potential? If the answer is no then having training session will probably be the best money you’ve ever spent. Your employees should be the biggest advocates of your brand, however if they are unhappy at work then they could be damaging your brand. Training will help to bring everyone together and ensure they are on the same page when it comes to how the company is progressing. If you’re not already doing so, it may be worthwhile bringing in incentives to encourage members of staff to deliver their best performance and exceed target goals. If you found this useful then be sure to check out our other blogs which can show you how to make the most of your bad clients or how to find fresh cash flow.