Whilst we cannot predict the date of a return to normality, but there are some practical steps you can take to minimise potential disruption to your business and maximise opportunities for recovery:
- Review your Budgets and set realistic and achievable targets for the remainder of 2021.
- Review and flow chart the main processes in your business (e.g. Sales processing, order fulfilment, shipping etc.) and challenge the need for each step.
- Encourage team members to suggest ways to streamline and simplify processes (e.g. sit down and brainstorm about efficiencies and cost reduction).
- Put extra effort into making sure your relationships with your regular and long-standing customers are solid.
- Review your list of products and services and eliminate those that are unprofitable or not core products/services.
- Use the current lockdown as an opportunity to reflect on the exceptional challenges you have faced as a result of Covid-19 over the last 12 months. What were your most significant accomplishments? Have you encountered any setbacks or disappointments? Consider what you have learned from your experiences to improve your prospects for later on in 2021.
- Your final task is to set yourself and the business some specific goals for recovery. Make sure to keep them visible and share them.
Please talk to us about cash flow planning for the next six months, we can work together to produce estimates for a variety of scenarios.