There is no doubt that the businesses that plan for restarting their business after lockdown restrictions are lifted are the ones that are most likely to thrive and to return to growth quicker. So it is of huge importance that they get ahead of the curve and plan a solid and workable Covid recovery strategy.
Returning Your Business To Pre-Covid Levels
There are many questions that company directors should be asking themselves in order to be able to return their business to the level it was at before the pandemic hit our shores and everything changed so dramatically.
One major change which is going to happen sooner or later is that the furlough scheme is going to be withdrawn by the Chancellor Rishi Sunak, whether that be a gradual process or a sudden pulling of the rug from under everyone we are not clear, but it is going to happen sooner rather than later because the cost to the governments budget is simply not sustainable for any length of time. Businesses must be bracing themselves for this and have plans in place as to their next move when this happens.
Financial Projections & Cash Flow Forecasts
Assessing financial projections and cash flow forecasts will help to give businesses a rapid health check so they will be able to work out if they will be able to bounce back quickly or if they should expect slower growth and a gradual recovery over a period of time. If a business can show that they have workable financial projections the banks are much more likely to support them and work with them.
One word of caution, if you are tempted to chase suppliers and customers for payments I would hold back a little, everyone is in the same boat and being too demanding right now could result in losing long term loyalty which will come back to bite you at a later date.
Speak To Your Accountant As Soon As Possible
Businesses need to be speaking to their accountants now, gaining information and advice on how to manage their finances in these unprecedented times and checking they have accessed the necessary public and private funding which is available.
We are here to help you with this if you don`t have a designated accountant. For help and advice please get in touch with our designated team of accountants by ringing 028 3752 2909.