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MANAGING ‘BLACK SWAN’ EVENTS


by Helen Armstrong Partner, Beever and Struthers We’re more than


Businesses often ask how to plan for ‘known unknowns’ or ‘black swan’ events, such as Covid-19 and how to manage them once they’ve happened.


Thinking up worse case scenarios based on past events can help planning. Those that anticipated events similar to swine flu, bird flu or SARS will have had a good start on managing Covid-19.


When managing the impact, focus on what matters. Keep the business going, so you can resume normal service when the all clear sounds.


For Covid-19 management, factors to consider include:


• Taking advantage of government schemes to protect jobs, offer loans, defer tax and VAT payments, provide grants and extend accounts deadlines. We have collated all the latest advice and guidance at bit.ly/bascovid


• Ensure your staff take advantage of support available for financial


worries, wellbeing or at-home exercise. A Beever and Struthers client specialising in mental health has reported a 350 per cent increase in referrals since lockdown started.


• Remember you’re still a team. Working from home means a loss of social interaction and using unfamiliar technology. Keep in touch with your people, and not just on work matters.


• Cyber risk is rising with ransomware and phishing attacks and fake websites from fraudsters pretending to be HMRC, the World Health Organisation and the government. Remind your staff to be extra vigilant.


• Tell your customers you’re supporting your staff and protecting your business. Keeping them engaged will keep their loyalty.


• Prepare for the media. Business reputation can be won or lost by how well you handle a crisis.


REACT AND RETHINK by Mark Sykes


Partner, BDODrive


Covid-19 has had a devastating impact not only on the way we work but also on the way we do business.


It is highly likely that we will enter a recessionary period, taking time for the economy to bounce back. However, in order to emerge from this situation stronger and more resilient, we must think beyond statistics and focus on actions individual businesses can take.


React! Many companies have acted decisively, making use of government support to buy time, protect jobs and reduce operating costs.


However, many have rushed to the remedies without thinking about strategy. In addition to protecting cash, it is also important to build strategies around people, customers, suppliers and other key assets.


The best responses are to develop clear communication channels to give a clear source of truth, revise decision making processes to enable timely decision making, and install your own COBRA team to plan your come back.


Rethink!


Once the economic cycle has completed, the challenges businesses face will be more than merely the physical conditions.


What does a post Covid-19 world look like? What new opportunities might this present? What problems were created which you can address? What historic activities are no longer relevant? Which bits of your business were resilient to change? What does the physical return to work look like? How do you re-engage with customers, suppliers and staff?


The duration of the recovery is likely to remain uncertain for some time. Asking these questions now and throughout the process will help ensure you don’t miss the real opportunities coming out of this crisis and will help you lead your business back into recovery.


BDO, working with Boost, has funded workshops to help business owners think about building future growth and increasing business resilience. Contact mark.sykes@bdo.co.uk for more information.


LANCASHIREBUSINESSVIEW.CO.UK


Impacted by coronavirus?


Our free #AskForHelp business support service is here to help.


You’re not alone in this. an accountancy firm.


What does it take to be better? Not just a little better, but award winning better?


At Beever and Struthers, we have a simple theory. We believe that offering exceptional support and considered advice leads to better accounting and business outcomes. We exist to achieve better things for our clients, adopting an equitable business approach for both local businesses and global organisations. There’s nothing new in this. After all, we’ve been doing it successfully for well over a century.


Contact us today. You’ll find that talking to us will be a far better use of your time.


www.beeverstruthers.co.uk


Manchester


Blackburn Birmingham London


www.beeverstruthers.co.uk 01254 686 600


51


RISK MANAGEMENT


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