It's been reported the Grocery Gazette that M&S CEO Stuart Machin has asked the government to create a “balanced budget” for retail businesses to help put the UK economy back on track.
Mr Mackin has called on the Chancellor, Jeremy Hunt to take pivotal action in the budget which will take place tomorrow.
Balancing a budget for a retail business in the UK involves keeping track of income and expenses and ensuring that expenses do not exceed income. Here are some steps to create a balanced budget for a retail business in the UK:
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Identify all sources of income: Start by identifying all sources of income, such as sales revenue, rental income, and interest income. Be realistic and conservative when estimating income, as it's better to underestimate than overestimate.
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Determine fixed and variable expenses: Fixed expenses are those that do not vary with sales volume, such as rent and salaries. Variable expenses, such as inventory and marketing expenses, are directly related to sales volume.
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Set spending limits: Determine spending limits for each expense category, based on your income projections and the historical performance of your business.
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Monitor expenses: Keep track of your expenses on a regular basis to ensure that they do not exceed your income. Use accounting software or spreadsheets to monitor your cash flow and stay on top of your finances.
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Adjust as needed: Be prepared to adjust your budget as needed, particularly if your income or expenses change unexpectedly.
It would seem that whilst the UK Retailers are keen to embrace the government’s initiatives to:
- balance the books,
- reassert its economic competency,
- and give the markets, businesses and consumers, the stability they want and need
but the UK supermarkets believe that there's still work to do here.
The first step that the UK government needs to take is to collaborate with the EU to make sure trade continues with an approach that takes into account the safety and high standards in the UK and EU food.
