Coronavirus is changing business: It’s a new world out there, what is happening in yours?
As many businesses prepare to re-open after a period of reflection, it’s time to welcome and embrace a new world.
There has been an intense period of adjustment over the last 11 weeks or so by everyone to ensure businesses survive and staff retain their positions. The Government have reached out by offering financial support in the form of The Coronavirus Job Retention Scheme for employers, the Self-Employed Income Support Scheme for the self-employed and the ability to reclaim Statutory Sick Pay. We’ve also been given the opportunity to defer imminent VAT liabilities and Self-Assessment payments of Income Tax in July; various grants and loans are also on offer – The Bounce Back loan is interest free for the first 12 months.
The uncertainty we’ve all been feeling presents a unique opportunity. As the Government increasingly relax the restrictions and businesses re-open, don’t go back to what you were doing before. Properly re-assess your business plan and your core values, pursue new market opportunities and embrace different ways of working in this new world that can help your business thrive, not just survive.
Our clients have made the most of this time to review how their businesses are run. New ways of running every day activities are emerging, cash-flow and costs are being challenged and opportunities to diversify business activities are being identified to ensure business continuity throughout the Coronavirus outbreak and beyond.
Many of us do not normally have the time to look into changing processes and creating new business strategies; the Coronavirus has forced businesses to step back, review their operations and think imaginatively as to how their business can move forward in a different world.
Technology and collaborative ‘socially distanced’ teamwork has been a blessing in many ways. Businesses have ported more of their activities online to ensure continuity and service but always having real-time financial information available to monitor cash flow strictly and re-visit budgets for the up and coming year is invaluable.
As our world returns to some form of normality, we should embrace change and explore new opportunities to continue to grow in this forever changing world.
If you would like to discuss your plans in our new world, call Alex in our Business Services department on 01223 810100.