Does it feel like a mountain of decisions, challenges, more decisions, more challenges…
In a world before COVID-19, we ran our businesses with what felt like clear vision and the game plan. Now each week and day even a new issue, opportunity, threat or challenge arises for you the business owner to have to address and respond to.
- Do we apply for a CBILS or a BBL?
- Do we put staff on furlough, bring them back from furlough, or do we have to make redundancies
- We have surplus cash in the business bank, we are not earning interest so how can this asset be utilised effectively to make a return?
- Keeping trading is more complicated than freezing my business (or is it?)
- Is there an opportunity to re-evaluate and grow the business’ profit by restructuring
- Is the workplace COVID-secure.
- How are the staff working remotely engaged and functioning effectively
To trade today or not to trade today, that is the question.
However if you think back (pre-pandemic) in reality this is no different to the average day of a business owner, because the buck stops with you, all the decisions stop with you and the challenges are all part of the climb to the peak. COVID-19 is undoubtedly causing major disruption and distraction, so how do we return to the core of the business’ purpose?
Remember the why of starting your business, the vision you had for it on incorporation, the strategies for 2020 and then re-focus and keep going. “If you want to reach a goal, you must “see the reaching” in your own mind before you actually arrive at your goal.” – Zig Ziglar
For our 10 practical points or surviving a recession, including a simple to use downloadable cashflow management template, read here.
To re-enforce this further in a think-tank Zoom with local thought leaders today, it was pressed how financial forecasts, strong cashflow management and management reporting are going to be crucial to assist all business owners with business performance (if it’s bad you have to see it and monitor it to make it better!) and decision making for the next 24 months and beyond.
If management reporting is not currently in your business owner’s toolkit and you want to know HOW to start doing it, in-house or from us, we are here to help!
Keep being agile and brave.
We currently run a Tribe Club for our clients to share knowledge and work together. If this is something you are interested in finding out more about then please do get in touch here and we can fill you in![contact-form-7 404 "Not Found"]
6 November 2020