Time to plan
Up to the lock-down, most business owners were fully engaged in running their businesses and chasing new sales opportunities. The opportunity to take time out to consider longer-term issues: expanding your business, planning for a business exit or retirement, were fanciful strategies that may have crossed our minds in the second before we slept or when stretched out on a beach towel.
In the present lock-down hiatus perhaps we have an opportunity to find space for this sort of planning?
Clearly, the Coronavirus outbreak has had a global effect – we are all in the same boat – so we are not looking at local changes in isolation. The world markets for the exchange of goods and services have been severely challenged and disrupted, accordingly, the world post COVID-19 is likely to be different to what we have come to expect in the past.
Taking time out now, while there is time, may be a productive use of our grey cells.
The questions we need to ask could include:
- How could we tap into the emerging online market and adapt our services and product ranges to better suit this approach?
- What financial effect is the present hiatus having on our Balance Sheets?
- What will our business forecasts look like if we factor in a slow or fast exit from lock-down?
- Do we need to seek out new capital to plug any hole left by weeks of reduced or no activity?
- What opportunities are there to restructure to cope with the new economic realities?
- And beyond COVID-19 related disruption, how will our impending exit from the EU add to this mix?
If you are interested in this process we can help. Please call any time to discuss your options. None of us will be exempt from the challenges ahead.
Source: Other | 06-05-2020