Efficient Financial Planning Needed In Uncertain Times

We were already heading into very choppy waters after Brexit, with so much uncertainty surrounding how leaving the European Union would pan out, including what trade deals would we be able to set up, what the new immigration rules would be and what changes would there be to employment law etc.

Coronavirus Sweeping The World

Now we have a whole new issue to worry about which has certainly put Brexit in the shade, at least for the time being. Coronavirus has swept through China and the Far East, and now it is very much here in Europe with Italy in virtual lockdown as more people are testing positive for this new virus.

Unless you manufacture hand sanitiser gel or toilet rolls it is unlikely that you will be rubbing your hands with glee over this phenomenon. Coronavirus is thought by many experts to be the biggest medical crisis for decades and it is forcing many countries to bring in strict measures to control the spread of it.

Schools Closing & Sporting Events Cancelled

Those measures have included asking people with any respiratory issues to self isolate themselves in case they have caught the virus, schools have closed down, travel has been restricted and sporting events have been cancelled.

To make matters worse in the last few days the financial markets have gone into a meltdown not seen since the last financial crash.

Businesses Need To Plan Ahead

All this of course is not good for business. Any uncertainty can cause panic and can lead to a very difficult period of trading. Which is why all businesses should now be planning ahead in order to negotiate these difficult times.

The most important thing to do is to have a business plan which is flexible and can adapt to various eventualities and issues. So that whatever happens you know exactly how to proceed to ensure the business stays solvent and if possible grows.

Businesses also need to know exactly where they are financially at any given time and be in control of all their incomings and outgoings.