Difficult times can strike a business at any time, and the recent Coronavirus affected many businesses in many different ways. Now business owners are looking to the future, and many things appear as they were. Dreams of a post pandemic ‘fresh start’ flowing from a new normal could be easily forgotten though as the day job becomes all-consuming again.
We believe it is vital for long term health and sustainability of both the business and its owners that these dreams are not side-lined but developed. The problem with this is that the road to recovery is likely to be bumpy, with challenges along the way.
Where should you start?
Our advice is to focus on areas that make your business more resilient to external economic shocks.
- Create a thirteen week cash flow forecast so that you understand the cash pressure the business might be under.
- Learn where you might have cash locked up on your balance sheet and explore ways to access it.
- Understand how your business is performing by checking your profit and loss reports are accurate and giving you the information you need.
- Make time to understand the present and think about the future by automating the basic financial transaction processing.
- If you employ people ensure you have the correct paperwork in place and the right conditions to help your team thrive.
As a rebuild and restructure client you would be enrolled on our “rebuild and recovery” programme. This is a business development course designed to help you get your business back up to full strength.
Rebuild and Recover Programme
The first stage of the programme is for our coaching team to undertake a business diagnostic. This review of your business focuses on five areas and lays the foundations for the following five sessions.
- How does the business manage its cash?
- What level of cash is needed for the business to operate on a day to day basis?
- What regular information is being used to check on performance?
- How robust is the system that records financial transactions?
- What systems and procedures are in place to manage employees?
We will work with you to create an action plan, and our team will keep close to you even after the programme has finished with regular catch ups to check on your progress over the next six months. It’s our commitment to you and your business.
We’ll also take care of annual compliance work ensuring that your focus can remain on the recovery process.
For this we will:-
- Provide you with a dedicated member of our team who will be your day to day contact
- Help you set up Xero and provide training
- Meet with you four times a year to see how things are going
- Arrange a consultation with our personal financial wealth advisor
- Prepare annual accounts
- Prepare annual tax returns
If you would like to talk this through with one of our senior accountants please get in touch now by calling 01522 815100.