Survival of your business may depend upon the decisions you make during the next three months. We want to do all that we can to ensure your business does survive, and wherever possibly does thrive.
The reason for this stark warning is that a number of factors will occur during the next three months that will damage many businesses directly or indirectly.
[A] The direct impacts include the on-going trading restrictions on certain sectors, the ending of favourable business loans, expiry of grants (including Furlough), repayment of deferred VAT liabilities, requirement to restart payment of business rates, insolvencies increasing, increased wage costs from 6th April when the National Minimum Wage and National Living Wage must increase, and the additional bureaucracy cause by our departure from the EU.
[B] he indirect impacts flow from the direct impacts because those businesses that fail, or just scale back, as a consequence could be your customers or your suppliers. Even if you run a well-managed business, it is reasonable to expect more bad debts, slower payment of invoices, increased demand for lower prices, and some disruption to your supply chain.
1. We want to work with you to prepare an action plan that will guide you through this turmoil.
2. We can help you to review every financial aspect of your business, including pricing and profit margins.
3. Identify your best customers that you must keep at all costs.
4. Weed out those customers who are costing you profit and are draining the morale of your team.
5. Streamline your information processes and reporting.
Where necessary, help you to locate lower cost sources of business finance, and key services (utilities, insurance, IT support, etc).
6. Together we will prepare a budget and review process that will keep your income and expenditure under tight control.
7. We will prepare clear cash-flow forecasts that will alert you to upcoming issues, but also will allow you to take advantage of some opportunities that will inevitably appear. Who knows how things will turn out, but this exercise prepares you in advance and makes it much more likely that you will be ready and able to adapt.
Talk to us. We really want to help you, your family, and your business.