Preparing for the post-pandemic business world
Ruth Duncan, Maxwell Davies Director
Since early March we’ve all been tight rope walking, hoping to re-emerge unscathed physically, mentally and economically (as much as possible). While the government is making plans for the economic restart and recovery, businesses must also gear up for the post-COVID world. For many, it might feel like starting up again; so it’s essential to know what recovery may look like and hit the ground running.
Cash flow projections & long-term planning
The summer months will likely be the hardest for the cash flow for many businesses.
With more details on the lockdown easing pouring in, looking at the hard numbers, setting up realistic goals and playing with many scenarios now will allow SME owners for longer-term business planning. They should also get a sense of what the recovery may look like for them. And if, or when, financial problems could strike.
Plans under constant reviews
As we head deeper into this period of economic uncertainty, adjusting to a “new normal” might take some time, innovative thinking, and money. By reviewing business plans and models, negotiating terms with customers, suppliers, and cutting non-essential expenses, business owners can prevent an avalanche of bills that could potentially stifle their existence.
Seeking advice & rebuilding a shockproof future
With COVID disrupting every aspect of the economy, it will be impossible to prevent all business casualties.
Those facing financial problems should not hesitate to seek advice from licensed professionals and reputable sources now. With many business rescue tools available in the insolvency toolbox, it may mean a difference between business survival and business closure. It will also allow for contingency planning for the next emergency.
If you have any questions about business rescue procedures, need help with understanding your options or planning your future, please contact us for free impartial advice on 📞0800 118 2948.
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