Well it came back and to be honest it’s been brutal for many businesses with the sustained loss of income we’ve had of late. To prepare, plan and trade it’s vitally important for the owner or the person in charge of the finances to get all over the cashflow and revenue – live and breathe it and have a worst case scenario plan. Have a budget, know who’s accountable for what. The only thing we know for sure right now is that there will be another disruption to business so we need to prepare and have systems in place and people who can run the systems remotely which may be required.
Review the numbers
We’re all about the numbers and strongly believe regular reviewing, especially in these times of uncertainty is paramount. And what do you do once you’ve reviewed the numbers? Review again! If we want different results we need to do things differently so what can we change and know what we can’t change.
Most businesses have sorted their remote working and how to operate remotely over the last 18 months but it is good to relook at this and make sure you and your team are working as effectively as possible, ask questions like do you need to increase the communication? It’s prudent for all of us to regularly check in on our fixed expenses (we’re looking at you on-line streaming services!!) as these can quickly add up. Labour is the biggest overhead to a company so a review of staff may be needed. Ask questions like, can we contract this piece of the business out or can we cut down workload in some areas to reduce the headcount?
Many businesses are asking what they can do to ensure they are as successful as possible once businesses can reopen. I’ve said it before and deep down you know the answer – have a plan! That’s the sure fire way to gain momentum as quickly as possible once we can reopen. Build up cash reserves where possible and get to know your customer and market backwards. And get a haircut!
Work with the right people
For those facing financial difficulties know you are not alone and my heart goes out to you. Talk to people, seek advice and lean on those you can trust. Be open with the bank or your financial institution early on as they often have many things they can do to help, don’t delay. Take the time to review the viability of the business – was it ever viable and if so what do we need to do to get back to that place? Be all over your forecasts and give or take accountability to follow through with changes.
We are absolutely here to help. We will work with the business to put in place plans, and forecasts to ensure cash will always be available to weather the storms. We’re obviously bias but honestly in these crazy times the best thing you can do to future proof yourself and your business is to find yourself an accountability partner – like Oxen!
Contact us today so discuss how we can help your business now and in years to come.