Money Matters – Here’s how to survive and thrive in 2023 


Money Matters, yet business owners across the region are struggling to find the help they need with little or no support from their banks.  

Chris Brown is the current President of the Institute of Chartered Accountants in England and Wales (ICAEW) for Lancashire & South Lakeland. managing director and founder of Brown & Co, a modern and dynamic firm of Chartered Accountants based on the Fylde Coast. 

Member feedback from the recent ICAEW’s business confidence monitor stated small businesses that came out of lockdown in a financially good situation started to burn through cash reserves due to increased costs and falling demand. 

Many people started up a side hustle as a way to make ends meet.

It’s important to remember that 20% of businesses fail within the first year and around two-thirds of businesses do not make it to year 4. 

But, despite the economic backdrop, 93 new businesses were created every hour across the UK in the first half of 2022 alone. 

So, after taking the stage as our guest panellist at Blackpool Business Expo in November, we asked Chris what advice he would give business owners to help them survive and thrive in 2023. 

Chris’s advice for businesses – survive and thrive in 2023 

As a strong advocate for good practice within a business, Chris shared his top 10 survival tips.

For businesses ready to tackle their money matters over the coming months do these 10 things.

  • Don’t bury your head in the sand. 
  • Know your industry/market well, so you can spot the opportunities for growth. 
  • Be prepared to change your business model or operate in different markets. 
  • Have a clear business plan for the next 12 months. 
  • Create a financial plan with cash flow forecasts and use scenario planning to model the impact on cash flow. 
  • Find someone to hold you accountable for your goals. 
  • Use the technology available to get the data at your fingertips in real-time and reduce manual finance tasks. 
  • Get your pricing right and develop an effective pricing strategy. 
  • Review all your costs to ensure they are competitive. 
  • Review all borrowings regularly to ensure you are on the best rates and terms. 

Chris’s attitude to business is a refreshing one. As the leading voice in a team who take a progressive and agile approach to its client’s needs, Chris said: 

“At heart, we are entrepreneurial just like you. It’s easier to work with like-minded people and teams that share similar values to us because we understand where each other is coming from” 

For any advice on your money matters, you can contact one of the team here.

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