Covid-19 Regaining Momentum in Your Business
Businesses are back in the race to success, but is your business properly prepared for what is about to come, financially, commercially, practically? We are suffering information overload in so many areas - regulations, government guidelines, customer expectations, staff/HR, premises/equipment, insurance - but have you considered the following?
1. Support - have you claimed all the government support you can? Furlough, getting online and return to work grants?
2. Industry guidance - are you involved in forums and groups specific to your business? You might find that someone has already solved your problem!
3. Forecasting - Forecast your cashflow (actual cash received less cash paid) on a weekly basis for the next 3, 6, 9 months - be realistic, have the ability to flex these up and down based on how things are going.
4. Property - Agree upfront how reopening will affect your property rental, rates and insurance costs. Have you reclaimed 2019 rates? How will you implement social distancing?
5. Financing - Dealing with financial institutions/lenders/funders is challenging at the best of times - it's now even more important to have your forecasting in tip top shape. Forecast best case/worst case scenarios, consider how you will react to a possible second wave.
The forecasts need to be detailed - customer numbers, time spent in store, average customer spend, online sales, staff numbers, PPE costs. Be realistic about whether re-opening right now is the right decision, especially if you are a seasonal business. Explore with your bank deferral of loan repayments.
6. Irish rain review - have you considered COVID-19 and social distancing sticking around longer than the good weather? Outside queuing and retailing or transportation with the windows open will only be popular during the summer.
7. Post-COVID digital era - digital is even more important now, and how you have done business in the past will not necessarily carry you through - consider online browsing, cashless transactions, online customer reviews and how easy are you to find and transact with?
At Incrementum we are uniquely equipped to guide you, as a small-medium sized business, through all the challenges and opportunities in the "new normal" - some are obvious and you are no doubt tackling - others perhaps not - that's where we come in! For businesses who may not have the skills to forecast accurately in-house in a way which means the model can be used over and over, Incrementum will bridge the gap and provide an initial Cashflow Model, followed by regular catch-ups to ensure that the model is providing the information your business needs.
Call us today for a confidential conversation about Regaining AND Increasing Momentum in YOUR Business!