Careful financial planning, staying on top of changes to business rules and keeping a close eye on the economy are the key drivers to success and growth in 2016, attendees at a seminar in Wolverhampton heard.
More than 40 businesses from Wolverhampton and the Black Country took advantage of the free event to get up to date advice in a bid to help their organisations prosper this year.
Hosted by law firm FBC Manby Bowdler in partnership with Lloyds Bank and Muras Baker Jones Chartered Accountants, experts from each organisation gave presentations at the breakfast event that was hosted by the Black Country Growth Hub at the Business Solutions Centre on the Wolverhampton Science Park.
Rhys Herbert, senior economist at Lloyds Banks, gave a cautious forecast on the future of the economy.
“Stock markets have fallen sharply in the first few weeks of 2016 and the oil price has continued to decline,” he said.
“Economic fundamentals do not justify these moves. While China is a downside risk to global growth overall we continue to expect stronger growth in 2016 than in 2015.”
Jenny Marks, Tax Director from Muras Baker Jones, dispensed advice on how changes to dividend taxation could affect individuals and alternative profit extraction options while corporate lawyer David Preece from FBC Manby Bowdler focused on changes to company administration and reporting requirements.
James Sage, Head of Corporate at FBC Manby Bowdler, who hosted the seminar, said: “This free seminar was part of our joint commitment to helping businesses in Wolverhampton and the Black Country to develop and grow in 2016.
“It can be hard to keep on top of the legal and financial changes that can affect your business and to know how the international economy could affect your organisation in the year to come.
“This event was designed to provide a snapshot of the current situation for businesses and equip them with the knowledge they need to thrive. We’re delighted so many organisations attended and learned from the experts.”