The past 19 months has taught us that the unexpected can and will happen.
With the unexpected has come challenges for businesses. How can we prepare for a challenge when the future is uncertain and all necessary information is not readily available? For many people, Covid-19 has changed priorities around what is important and the methods of connecting with Businesses is evolving.
Businesses are required to adapt to situations quickly and this includes undertaking tasks such as:
- Understanding the full impact of Covid-19 crisis on your business
- Identify risks and strategies available to mitigate these risks
- Identify areas to reduce personal spending to minimise the pressure on your business
- Set realistic targets to maximise cashflow and profitability
- Understand your new minimum viable sales levels
- Develop a plan to maximise opportunities and address your most critical challenges
- Understand Government support entitlements
- Considering tax obligations for a locked down workforce I.e. home office set ups, reimbursing employees, Fringe Benefit Tax on motor vehicles
- Adapting technology where required to enable teams to collaborate and service consumers desires where presence or travel is not permitted.
The most successful businesses pre-plan around risk management to ensure that they know what to do when challenges present themselves and a response plan is thought out.
There is an African proverb that states “Smooth seas do not make skillful sailors”. It’s the challenges in our life that shape us into something more superior and resilient.
“When written in Chinese, the word ‘Crisis’ is composed of two characters. One represents danger and the other represents opportunity.”
Business Recovery Planning requires you to reconsider all aspects of your business to ensure its best chance of recovery.
Combine your expertise with ours to make the best possible plan at this critical time. We will work with you to develop a concise Business Recovery Plan and clarify the future direction of your business.