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  • What happens if I want to plan for retirement or create a Life Wealth Plan? Feb 22, 2019

    Planning ahead strategically for your retirement is crucial if you would like to make the most of your later years.

    According to recent statistics from the Pensions and Lifetime Savings Association (PLSA), four out of five people are ‘unsure’ whether they have saved enough money for when they retire, while a third feel that they should be more pro-active when it comes to planning ahead for the future.

    Sound retirement planning is vital for anyone who wants to enjoy a financially comfortable life in their later years and leave behind a sizeable legacy for their family.

    At Lamont Pridmore, we believe that one of the best ways to get the most out of your retirement is to create a Life Wealth Plan very early on.

    Creating a Life Wealth Plan

    A Life Wealth Plan breaks down your hopes and ambitions for retirement into clear goals for the future and ensures that you are able to save wisely, by taking advantage of the diverse range of schemes and reliefs available to you.

    This enables you to create a long-term wealth strategy that takes into consideration factors such as life insurance, tax-efficient borrowing, maximising an ISA portfolio and tax-free investments.

    A Life Wealth Plan will also look even further ahead, factoring in estate planning, the preparation of a Will and ways of mitigating Inheritance Tax (IHT).

    Graham Lamont, Chief Executive at Lamont Pridmore, said that many people leave it too late in life to plan, and that early action will make the process of saving less onerous.

    “When you speak to younger savers about retirement they often admit that they do not save or rely exclusively on a workplace pension or simple ISA scheme, but in many cases, as the research suggests, they could be doing much more,” he said.

    “While I appreciate that younger savers have other concerns, such as building a deposit for a home, covering their rent or raising a family, early action can make the process of preparing for retirement much less stressful and give them more opportunities to enjoy later life.”

    To find out more about how Lamont Pridmore can help
  • What happens if I don't have up-to-date information to make the right decisions about my business? Feb 22, 2019

    Successful businesses are only as strong as their strategies. This means that it is absolutely vital to keep on top of how your business is performing at all times, enabling you to set targets, foresee problems and shape a perfect business strategy.

    Without this information, your business will have limited knowledge of its strengths, weaknesses and how it is performing on a daily basis – which can prove problematic if unforeseen challenges arise.

    In addition, without a sufficient overview of the ins and outs of your cash flow, you could be at risk of missing important warning signs of any problems until it is too late, and this could have irreparable consequences.

    The benefits of management accounts

    Management accounts can ensure that businesses are always armed with the right information to help them react in the right way at the right time.

    Every good set of management accounts should enable you to keep track of:

    • Cash flow
    • Profitability
    • Customer activity
    • Credit control
    • Budget comparisons
    In addition, management accounts can also be a huge benefit if you are interested in disposals, or mergers and acquisitions (M&A) later down the line.

    This is because businesses that are looking at expanding, selling or moving premises can compare such management information in order to assess the viability of such actions beforehand. The information is treated almost like a business ‘health check’.

    And it doesn’t end there. Management accounts can also be offered up to finance providers by businesses who are trying to obtain funding, too.

    Sadly, many businesses will dismiss management accounts as ‘non-essential’, but in reality, being confident in your decision-making capability at all times is the key to running a successful, flexible business.

    To find out how Lamont Pridmore can help you keep on top of the ins and outs of your business
  • ARE YOU AWARE OF THE ALTERNATIVE FINANCE OPTIONS AVAILABLE TO YOUR BUSINESS? Feb 22, 2019

    If not, then you aren’t alone, as new research indicates that a third of businesses are unaware of their options for finance.

    A new study by the British Business Bank has found that while many small businesses want to grow using finance, they are still reliant on traditional loans and banks.

    Of those who they asked, only 5% of businesses have considered angel investment while only 7% cent have considered crowdfunding.

    This problem is amplified in more established businesses run by older owners. Incredibly, fewer than one in 20 over-35s had considered alternative finance. In comparison, around 19%of millennials (under-35s) have used alternative forms of finance.

    It is clear then that businesses need to look beyond traditional lenders if they wish to finance their growth.

    At Lamont Pridmore, we regularly meet with representatives from local banks to establish their current lending criteria and the sectors they are interested in lending to. This means we know exactly what the banks are looking for, enabling us to provide the most appropriate advice for your requirements.

    Of course, banks are not always the most appropriate option for some businesses, so we have also taken the time to research alternative funding sources.

    As a first step in advising you on your business’s financial needs, we undertake a comprehensive financial health check on your business, including:

    • How your finances are structured
    • Business borrowing review
    • Personal borrowing review
    • How your asset purchases are financed
    • Working Capital Cycle: creditor days, debtor days and invoice finance
    • Bank charges, interest margin and your banking relationship
    To find out how Lamont Pridmore can help you, please contact us.
    Uttam Kumar Das likes this.
  • WHAT HAPPENS IF I DON’T HAVE UP-TO-DATE INFORMATION TO MAKE THE RIGHT DECISIONS ABOUT MY BUSINESS? Jan 3, 2019

    Successful businesses are only as strong as their strategies. This means that it is absolutely vital to keep on top of how your business is performing at all times, enabling you to set targets, foresee problems and shape a perfect business strategy.

    Without this information, your business will have limited knowledge of its strengths, weaknesses and how it is performing on a daily basis – which can prove problematic if unforeseen challenges arise.

    In addition, without a sufficient overview of the ins and outs of your cash flow, you could be at risk of missing important warning signs of any problems until it is too late, and this could have irreparable consequences.

    The benefits of management accounts

    Management accounts can ensure that businesses are always armed with the right information to help them react in the right way at the right time.

    Every good set of management accounts should enable you to keep track of:
    • Cash flow
    • Profitability
    • Customer activity
    • Credit control
    • Budget comparisons
    In addition, management accounts can also be a huge benefit if you are interested in disposals, or mergers and acquisitions (M&A) later down the line.

    This is because businesses that are looking at expanding, selling or moving premises can compare such management information in order to assess the viability of such actions beforehand. The information is treated almost like a business ‘health check’.

    And it doesn’t end there. Management accounts can also be offered up to finance providers by businesses who are trying to obtain funding, too.

    Sadly, many businesses will dismiss management accounts as ‘non-essential’, but in reality, being confident in your decision-making capability at all times is the key to running a successful, flexible business.

    To find out how Lamont Pridmore can help you keep on top of the ins and outs of your business, get in touch.