business focus


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


of the month


Are you gambling your wealth on your business?


“My business is my pension.” A phrase I’ve heard expressed countless times in my conversations and one which hints at how linked the personal and business wealth of owner-managers can be.


Our recent nationwide survey* backs this up and highlights that a third of business owners don’t have a pension, draw modest earnings (a UK average of £95,000 this year), and reinvest their wealth back into their business.


The principle is sound. If you’re a fledgling company, or growing, keeping extra cash in it makes sense. As your business matures though and revenues are steady, keeping


funds in it while underproviding for retirement is extremely risky.


What would happen if an aggressive competitor wiped out your market share or a family issue took you away for a few weeks? Apart from the impact on your business, how would this affect your personal financial security? These things happen all the time. Worryingly, our study also shows that 50% of owners are over-dependent on a key supplier, 43% rely on their main customer and 42% believe their business would collapse if they were absent for more than one week.


Given how hard owners work to generate wealth in the first place, it’s surprising how


writes Jane Wills, partner at Haines Watts


many are leaving their financial security hanging in the balance.


Wealth is about more than just the here and now; you need to protect your financial future, your family and your staff. It’s essential that as an owner you address vulnerabilities in your business.


Put contingency plans in place and make sure you have someone close to your business to challenge your thinking and help you make the right decisions. Your future depends on it.


For further information about this or other financial matters:


hwca.com ‘Magnificent’ R+ building unveiled to property experts


The first new significant office building to open in Reading in the past seven years – excluding pre-lets – the landmark R+ welcomed property leaders to a special event hosted by Savills.


Eighty guests heard that digital connectivity, the availability of a skilled workforce, plus communication links with the new Reading Station, had made the town centre the location for businesses – reversing a trend where out-of-town was once more attractive.


Nigel Howe addresses the audience


Nigel Howe, CEO of Reading Football Club, unveiled plans for a major convention centre, named Royal Elm Park, next to the Madejski Stadium.


He told the audience that this ‘very ambitious project’ would put Reading in the vanguard for convention centres alongside cities such as Liverpool and Birmingham.


“Reading is now one of, if not the, most progressive town in the UK,” said Howe.


Steve Lang of Savills emphasised that high- quality offices were key in attracting and retaining staff. Wellbeing was one of the most important issues in the minds of employees, while the most important concern was the length of the daily commute.


James Massy-Collier, partner at Osborne Clarke, has recently masterminded his firm’s move from Apex Plaza to new offices at Forbury Place.


Through efficient use of space, no desk ownership, a ‘paperless’ office, and embracing work-life balance, Osborne Clarke now has 62 desks for 74 people at its Forbury Place offices, with a target to expand to 100 people.


Phil Brown, head of office for Savills in Reading, said buildings like R+ were modernising the town, and the way people worked. It was a ‘magnificent’ addition to the Reading skyline.


*The Haines Watts Wealth Survey is based on interviews with 514 owners of UK businesses, which are at least two years old, have a turnover of between £1 million and £50m and have between 10 and 249 employees. The study was conducted in 2016. The survey findings can be found at hwca.com/for-love-or-money


THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2016


businessmag.co.uk


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