I am struck by the number of Shorts' most successful clients who are using the current lockdown to review their existing business strategy. They are principally focussing on the steps needed to ensure they are ready to take full advantage of the future restart of the economy (whenever that eventually comes).
The following is a list of the most common areas that these entrepreneurs are giving consideration to right now:
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Reviewing their route to market. Perhaps adapting this to be able to sell direct to the public/end user where possible.
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Thinking about what assets they can turn into cash quickly post lockdown and their stock profiles thereafter. (fast turn-around being the key)
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Introducing new products or services (or maybe even packaging up existing ones) that they think will be more in demand post COVID.
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Looking at complimentary markets where barriers to entry are low.
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Really thinking about their staff and whether they have the rights skills for the future. This could mean online training now or maybe even recruitment of key staff when restrictions are lifted.
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Automating more of their processes to improve efficiency/cut lead times/improve customer experience.
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Investing in their websites/branding/messaging as more new business than ever will be coming through this channel.
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Taking all of the above and putting this into a fully costed and comprehensive business plan. Where need be, they are then talking to their bank about CIBLS or other funding to ensure they have the financial firepower to cope not just with lockdown but with the restart as well.
Together with various business partners, we have put together a series of articles to cover some of the above topics in more detail which we will release over the next few days. These will hopefully allow you to prepare to accelerate your own recovery, as and when the lockdown restrictions are loosened.
If you'd like to speak to a member of our team about your post COVID-19 strategy and preparations for the time when restrictions are lifted, then please arrange your free consultation.
Please be assured that we are ready to help.
Other useful links:
Andy Irvine
Andy looks after many of our larger corporate clients for whom he closely monitors their accounting and taxation requirements. Drawing on extensive experience gained from working for a ‘Big 4’ firm, Andy is ideally placed to manage and supervise larger assignments. As a Chartered Tax Adviser he actively identifies tax planning opportunities for clients and has considerable experience in leading due diligence assignments. As a member of the Association of Independent Medical Accountants (AISMA), Andy is well qualified to deal with the accounting, finance, taxation, practice management and pension issues affecting doctors today.
View my articlesTags: Business Taxes, Covid-19
