E F Accountants

Do you pursue success? Do you know what success looks like? Why not come on a voyage of discovery and read my article.

Cope with rejection like successful people If one attempt results in a rejection, it’ll hurt much less knowing you have more opportunities for success in the pipeline. Get back to those job ads, and know that if you take more shots, you’re more likely to hit the target. With more to look forward too, you’ll barely notice one rejection in a sea of opportunities to come. Don’t Take It Personally When you’re rejected from something you had been hopeful about, it can be hard not to believe that it’s a reflection on yourself. Naturally, we blame ourselves for our rejections. We assume it’s down to our personalities and start to analyze all our possible flaws. If you’re struggling with dealing with rejection, the best thing you can do for yourself is to simply not to take it personally. When it comes to job rejection, there will have been hundreds of other people going after the very same one. Your rejection will have never been based on your personality. Unfortunately, these things are a lottery, and the odds are rarely in our favor. Learning how to handle relationship rejection can be harder, though. Technically, it is personal. But it doesn’t mean you’re not good enough. Sometimes, two people just don’t mesh. It’s never worth losing your sanity over things that are out of your control. Shift to a Positive Perspective In order to handle a negative experience like a rejection, you have to shift your thinking. It’s difficult to do, but not impossible. A healthy mindset means not dwelling on your downfalls. Instead, you should pick yourself up and dust yourself off. To handle rejection, you have to remember that when one door closes, another door opens. This rejection serves as a perfect opportunity to rethink your path. Most people who have experienced a tough rejection end up grateful for it. Take this painful moment to slow down and think. Is this route where I wanted to be anyway? Do I need to work harder, or change directions entirely? Though getting there may have been hurtful, this fresh start is something many would love to have. Rejection Is Not Failure We’re talking about handling rejection, not a failure. You didn’t fail at getting a job, it just didn’t work out. Failure suggests you did something wrong, and I can almost guarantee you didn’t. Going after something you want is not a win or lose situation. The right things will come to you at the right time, especially if you learn how to handle the initial rejection. You are not a failure if you are rejected by a romantic interest, they just wanted something different. No college rejection or job rejection is a failure. Sometimes, life just isn’t going to go that way. It is not representative of who you are as a person. See the Other Side When you’ve been rejected, it’s easy to feel anger towards the person who caused your pain. You can calm this pain by understanding their views. You can handle the rejection better if you ask for reasons and use them to improve your chances next time. Seeing from other people’s point of view can help you understand why you were rejected and prevent you from spiraling out over it. Remember though, that one person’s opinion is valid, but not representative. Rejection is a painful but real part of our lives. Learning to handle rejection will give you a healthier and more positive outlook on life, and even help you excel ahead of others. By being compassionate with yourself in the face of rejection, and not “counting your chickens before the eggs have hatched”, you’re going to be less afraid of the consequences. When you don’t fear rejection, the world is your oyster. The opportunities are endless. I would love to say that I wrote all the above but truth be told someone who writes far better than I wrote it but I believe it all and hope you can too. I would add however as a Christian that there has to be a place at the forefront of your life for Christ. Mike Evans CA BA E F Accountants

A tale of crisis and cash flow management

What 5 things you need to remember when preparing a cash flow forecast

Many many small businesses are being forced to shut up shop or adopt new ways of working during the coronavirus pandemic, many are struggling to grasp the package of support measures that had been made available by chancellor, Rishi Sunak. Among the most significant developments over the past fortnight has been the announcement of a new Job Retention Scheme, aimed at helping employers to keep on staff, even if they have no work for them to do. Employers who commit to keeping such staff on the payroll, can classify them as ‘furloughed workers’ and will be eligible for a grant to meet the cost of 80pc of the worker’s salary, up to a maximum of £2,500, for up to three months. > See also: Government launches business Coronavirus Job Retention Scheme However, significant areas of concern remain for employers’, including those working flexible or reduced hours, or employed on zero-hours contracts. News is mixed here as, while the Treasury promises an averaging arrangement to determine the salary of zero hours workers, they have confirmed that the rules will not apply to an employee who continues to work reduced hours. Further uncertainty centres on the use of self-employed contractors. Workers who fall inside this bracket are not paid through PAYE and so are likely to be more at risk of being laid off. Many small businesses will be concerned about what this could mean for them in the long term – for example, will they have access to the skilled labour they need once activity starts to get back to normal? Businesses that are unable to meet rent payments will also be protected from eviction until 30 June 2020. These measures are being made available immediately to help support businesses through the crisis and advice is available about how to access this support from the gov.uk website. At the same time as coming to terms with the support being made available to them, many small businesses could be forced to make difficult decisions in the coming weeks. Depending on their financial position, some small businesses could start to experience cash flow difficulties very quickly and they could be forced to lay off some or all of their workforce as a result. Before taking such decisions, business owners should seek advice, if only to ensure that they have done everything they can to improve their cash position and to ensure they take the right decisions at the right time. Time to pay arrangements have been announced for all businesses and self-employed workers that might be struggling to pay their tax returns in the coming months. While further guidance from HMRC is still awaited, there are steps that businesses and individuals can take to improve their chances of securing an option to defer payments. For example, they should ensure they can provide accurate cash flow forecasts, along with a statement of all assets and liabilities. It is also important to ensure any outstanding returns are paid and up to date. Prepare your cash flow before seeking government support To assist business owners in preparing to make full use of the package of support available to them, here are some steps they can take immediately. See the real cash picture To access time to pay arrangements as well as other grants and loans being made available, businesses will need to demonstrate that they have an accurate understanding of their current cash position and how it might change in the future. >See also: Five things to remember when cash flow forecasting for your business This involves cash flow forecasting. It’s not enough to know operating margins, you need to know exactly how much cash you will have left at the end of the month. This is particularly important for businesses that may have taken chosen to defer payments such as tax or rent, resulting in large liabilities being due at unusual times of the year. Make sure there is cash in the bank It sounds simple, but it makes sense to ensure bank accounts have sufficient liquidity and ensure there is an overdraft facility in place. As well as focusing on debt management, it might be possible to sell unwanted assets to top up cash reserves. Invoices should also be issued for any work already completed. Turn orders into cash In the current climate, it makes sense to consider whether future sales should be covered by a deposit or payment in advance. Business owners should undertake a review of existing customer orders and identify those that can be converted to cash in the quickest timeframe, prioritising those with the highest value. Keep a close eye on the order book and be realistic about which are likely to be fulfilled and which are not. Stay close to customers and suppliers During any crisis situation it is especially important to stay close to customers and suppliers. This will give you better visibility of how the bank balance might look in three months’ time and it also gives the business a chance to negotiate payment terms and collaborate to share the burden of any additional costs where appropriate. Keep the cash position of the business under review As we have seen with the spread of the coronavirus, crisis situations can evolve quickly and business owners have to make fast, well-informed decisions. To ensure they are able to do this, it is important to review cash flow forecasts regularly and discuss appropriate reactive plans. Capacity checking For businesses that are practising remote working, it is important to ensure workers have access to the technologies and equipment they need. However, it is also important to have regular check-ins to keep workers engaged and motivated while monitoring workloads. This helps to identify if the Job Retention Scheme has become a relevant consideration.