In Focus Risk
Obviously, cash will always remain king in your business. You need to have robust forecasts focused on today’s reality, but, importantly, on tomorrow’s potential. Be prepared to visit these spreadsheets on a weekly basis and be disciplined about your cash position
Do not just rely on e-mail; pick up the
telephone to individuals, make sure your video calls are not always focused on work and, importantly, have a laugh together. Once we are given guidance on the
lockdown exit, we may find an element of home working and social distancing means that getting together as a team is not possible – start planning for this now and be mindful not to create team silos within your business. Now, more than ever, is the time to be united in company culture.
Product According to the government’s ONS fortnightly business survey on the impact of the crisis, 24% of businesses have paused or ceased trading temporarily with 75% continuing to trade. It is likely that you will have adapted
your product or service if there has been potential for this. But now, look to the future. In a world which is likely to rely more on digital infrastructure how will this affect you long term? While investment in research and
development might feel counter-intuitive, do not rule it out. There will be funding out there for innovation so, go back to basics and really look at your business offer to see if there might be a new direction for you.
Cash Finally, we get to the money. The reason this is my third point is that many of you I
June 2020
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know have done very little but focus on cash in the last six weeks. Pouring over spreadsheets, managing falling sales alongside cashflow forecasts, applying to furlough staff, arrange overdrafts – the list goes on. Obviously, cash will always remain king
in your business. You need to have robust forecasts focused on today’s reality, but, importantly, on tomorrow’s potential. Be prepared to visit these spreadsheets on a weekly basis and be disciplined about your cash position.
There is help available so, if you have
not already accessed external advice, do so without delay. Consider applying for a CBILS loan – or
the newly announced ‘bounce back loan’ –I strongly advise you to consider this. Cash in your hands now will clearly
give you choices and the best chance of long-term success and recovery for the future. Good luck and feel free to share your
stories and ideas with us as we all strive to navigate this new world together. CCR
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