business focus 25


Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at www.hwca.com/blog


of the month UK – export or expect consequences writes Simon Garrett, partner at Haines Watts


As an island race, the UK has a long tradition of successful exports and, historically, had a large trade surplus with the rest of the world. Sadly, this is not the case today and, in fact, it has had an ever-accumulating trade deficit for many years now.


Until recently the UK could rely on the income from its investments overseas to make up for a shortfall on net trade in goods and services supplied abroad. The situation has changed and some think that this is the next big accident to happen because it could result in a substantial fall in the value of sterling and a drop in


the standard of living for those residing here.


If it were not for the headlines on oil and commodity price falls, we might be hearing more about this now.


Against this worrying backdrop it was heartening, therefore, to visit a company in Oxfordshire, which specialises in up-market paint and is doing well in exports.


Annie Sloan Interiors supplies UK-manufactured paint for restaurants, domestic and commercial buildings. It has recently installed a manufacturing line on its premises, which is due to start


production soon and anyone visiting could not fail to be impressed by the energy and enthusiasm of all people working there. Furthermore, the place is full of creative and imaginative ideas.


The firm exports to 47 companies and these sales are growing, as are the number of overseas countries, which includes their first African customers in Zimbabwe. Very recently the firm heard that it has now got some customers in Saudi Arabia. This is just what the UK needs to pay


its way in the world and tackle the looming trade deficit crisis. Good luck and many more to come I say.


For further information regarding this or other financial matters visit the website.


Details: www.hwca.com


It won’t happen to my business ...


Its human nature to presume the worst won’t happen to us or our businesses but the recent weather conditions across the UK have proved costly for many a small firm. When you are faced with a disaster, everything you’ve feared becomes a reality, the world stops spinning for a moment and then that first thought comes into your mind, writes Dominic Preist, client director at Jelf


What do I do now?


This is when you will need a disaster recovery plan in place, after all an effective plan will:


• identify the specific risks your business is exposed to


• prioritise the risks highlighting precautions to reduce them and establishing suitable contingency steps to take should a threat occur


• help you to respond quickly to any unexpected incident or event


• help you respond to any negative press, minimising its impact


• give your stakeholders confidence.


Whilst you may already have a number of risk management processes in place to limit the risks


your business face, unfortunately, they can never completely rule out any unforeseen problems or disasters.


Costly results after a collapsed building


A client of Jelf Claims Consultancy faced months of unwanted stress when their showroom collapsed as a result of heavy snow.


The property developer spoke directly with their insurer to make a claim but faced several issues when it was discovered that the building was filled with an asbestos contamination. The insurer was persistent and claimed there was no loss apart from debris and a requirement for the fallen building to be cleared.


After months of discussing this with their insurer the developer


THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2016


got in contact with Jelf Claims Consultancy who worked with the insurer and the brokers to fully understand the claim, introducing a chartered surveyor who identified the extent of the damage. Once it had been agreed that the claim would be based on the cost of reinstating the building, the property developer had several settlement options, including claiming upgrading costs of the building to satisfy current building regulations.


Providing key guidance, Jelf took the lead in the negotiations with the insurer and secured a cash settlement to accommodate future developments.


Whilst it eventually worked out for this property developer, it highlights the importance of managing and reviewing regularly the risks your business face, as well


www.businessmag.co.uk


as having reliable advisers on hand if anything did happen.


We would always recommend putting a disaster recovery plan in place, for those 'just in case' moments. Then, if anything did happen, you might be able to face that heart-sinking moment a little more readily.


When something happens to your business you need all the support and preparation in place to make that moment of horror slightly easier. With a dedicated claims team and experienced risk management professionals, you can count on Jelf to work with you to limit the risks your business faces. And not only will we work tirelessly to get your business back up and running as soon as possible, we will put your business back in the best position to help it reach it’s potential, and that could even be better than it was before the claim.


Details: Dominic Preist 0118-9839800 dominic.preist@@jelfgroup.com


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