How Do Businesses Bounce Back Post-Pandemic?
8/07/2020 - MJB Avanti
Here, MJB Avanti Director, Victoria Sharp, discusses how businesses have coped with the Covid-19 pandemic, and how MJB Avanti can assist with restructuring your company finances.
There is no doubt that the Coronavirus pandemic has divided businesses. Those with strong digital infrastructure and online presence were able to make swift decisions and switch their business to remote working quickly, while those in industries such as high street-based retail, hospitality and tourism have been exposed. Businesses who have strict cash control measures were also able to sidestep some of the pitfalls that their lesser counterparts fell into.
The last few months have shown us that resilience and pure good fortune – being in the right place at the time – have allowed some businesses to survive and we’ve even some clients thrive such as those sectors facilitating those who continued to work from home with software, equipment, and support. As the Country begins to open for business again, we have to ask what is next for business owners and how do they plan for it?
This really is a great time to look at your business and either fix the flaws that have hampered you during the pandemic or seek growth opportunities. Either may need you to look at your financial position, as you consider purchasing equipment that will make your business sustainable or implementing a strong marketing campaign to get you back to market.
Your first priority may simply be opening the door to your customers while mitigating risk, but what happens next?
- How has the need of your clients changed, and how can you meet it?
- What has changed in your industry, where do you sit against your competition?
- Is this a time to look at your supply chain, maybe you’re able to be less dependent on third parties?
- What processes are you now able to streamline? How much time did you waste pre-pandemic in meetings that can be answered in an email?
Once you’ve looked at key areas of your business, you can start to plan for growing following a pandemic, this is where MJB Avanti come in.
With over 20 years’ experience, your local Accountant has the expertise and tools to help you understand your financial position in this dynamic period of transition.
Avoid becoming a cashflow casualty
The last thing that you should do as a business owner is shy away from your financial position. Cashflow, if it is not monitored, can quickly drain away and leave you with a drip, rather than a river. Unfortunately, for many business start-ups cashflow can quickly be neglected and by the time there is a problem, it is already too late.
Monitor it closely and ensure that you have sufficient working capital within your business to cover your outgoings. You need to plan ahead for your outgoings, so that you are not searching the sofa when those bills come in.
Monitoring comes from up to date bookwork (showing your ‘actual’ figures) and we also recommend a 12-week rolling Cashflow Forecast, which is a great, easy way to ensure you know what is due to be paid/when and what income you need to cover this. It allows you to see the regular costs, as well as those unexpected outgoings.
How can MJB Avanti help you to bounce back?
- We can look at areas which are financially exposed and help you to stop the leak.
- With access to trusted business partners, we can assist in securing finance, HR and even business coaching to achieve your post-pandemic goals.
- We can provide a cashflow forecast that helps you to plan today for the unknowns tomorrow.
We’re more than your accountant, as your financial partner, we move you and your business forward.
In these very difficult times, MJB Avanti are offering all new clients a free financial review of their business to include a consideration of forecasting and cash flow management.
For futher information contact MJB Avanti on 01473 558866 / [email protected]
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