PUT your feet up.

Not perhaps the advice you would expect from an accountant, but you might find it is the best business advice you have ever had.

Many business people are so busy dealing with the countless problems that seem to crop up every day that they never have time to think about strategy.

My view, based on over thirty years of advising clients and of seeing some businesses grow and others decline, is that taking a day away occasionally to stop and think can pay dividends.

What kind of thing should you think about?

If you have business borrowings you should ask yourself what would happen if interest rates were to rise. While the new Bank of England Governor has indicated that he does not expect that to happen soon, he has also expressed concerns that many borrowers will not be able to cope with the higher repayments they will face when rates do rise (as they will at some point).

You should know the extra cost you would have to bear for each percentage point rise.

You should also ask yourself how strong your relationship with your bank is.

Many people do not realise that an overdraft is generally repayable on demand (until it actually happens).

What about your customers?

Is your marketing effective in bringing you more of the customers you really want and if not, where should you re-focus your efforts?

For many businesses (including mine) existing clients and customers are the greatest source of new work, but they need to know that you would like them to recommend you.

A web presence is also essential these days.

Are all of your sales lines equally profitable?

If they are not then you should ask whether you can concentrate on the most profitable lines and drop the least profitable lines.

It sounds obvious, but many businesses have never actually analysed their sales and profitability or thought about changing what they do.

Are all of your costs under control and are you getting the best prices?

Are your selling prices competitive?

Will you need (or be able) to sell your business one day and if so, when and how?

A day with your feet up thinking about these questions is likely to be a day well spent.

Better still, talk it all through with your accountant who will have been through this process many times and who will have a wealth of experience to contribute.

*Paul Aplin OBE is a tax partner with A C Mole & Sons and chairman of the Technical Committee of the Institute of Chartered Accountants in England & Wales Tax Faculty; you can follow him on Twitter @PaulAplinOnTax. He and fellow tax partners Amanda Gunter and Paul Kingdom can be contacted on 01823 624450.