Hopefully all of your businesses are back up and running relatively smoothly. Your priorities are likely to include continually making sure your business is Covid-safe and dealing with a big ‘catch up’ to keep all of your clients happy.
I understand that some of you will have been affected by the Government U-Turn in what can open or what services can be offered. After a lot of hard work to get up and running, a few hours notice is devastating emotionally and financially.
With such uncertainty, the next few months will present a difficult time for many, so how do you make sure you Survive and Thrive?
Here is some guidance to help you prepare and support your business growth:
- Preservation of cash is key. Make sure you have a short-term cash management strategy. That could include ensuring you claim the second Self -employment income support grant if you are eligible or other government support, available from August.
- Monitor your debtors to ensure you are paid on time. Consider how you invoice your customers; some may be happy paying in advance, paying a deposit or paying at the point of sale.
- Review your customers – compare pre-lockdown with now, have you lost any clients; who is buying from you – use this information to your advantage to help you plan ahead.
- Review your prices, if you have had to incur additional costs for PPE then can you factor this into a price increase? Some customers may happily pay a bit more if you explain the reason.
- Understand your supply chain – can you envisage a shortage in supply that will affect your business? Again use this information to help you plan ahead.
- Keep your accounting records up to date to fully understand your position and enable you to make good comparisons and aid decision making for the future. Furthermore, prepare budgets and forecasts to really give your business some focus.
For further advice on this or any other matter contact me; I am always happy to help or point you in the right direction.