Proceed With Caution
Posted on 23rd August 2021 at 16:34
COVID-19 restrictions have finally been lifted by the UK Government which – whatever your personal stance on it – is a momentous occasion.
Everyone has a story from the past 18 months, good or bad, and will have grown personally and professionally as a result.
Anyone in business, in particular, has had the rollercoaster ride of their careers.
Entering the next phase of our route through the pandemic is an ideal time for every company owner or leader to regroup and reflect on what the future might hold.
Throughout the past 18 months, we’ve continued to hand-hold small and medium-sized businesses (SMEs), helping them to understand their current financialpositions, plot future strategies, source additional growth funding and, for some, manage the impacts of unprecedented sales success. Based on that insight, Director Darren Peacock shares his observations on things all firms should do to build back better.
“It’s been an unprecedented time, our generation’s wartime experience,” he said.
“Sectors like property development and rentals, and online vendors of things like exercise equipment, have absolutely flown; whereas others have really struggled and are almost going through a professional kind of grief process now, considering what it all means for their futures. Businesses in sectors like hospitality havehad to fight every step of the way.
“The only thing that’s really clear is that more uncertainty remains. There is still potential for further disruption, so it’s important to be prepared.”
Darren says SMEs emerging from the pandemic fall into three camps: those badly affected, those that have bundled through and others that have boomed. For any unsure which camp they’re in, he had this guidance: “You’ve been badly-affected if your turnover and income are down, you haven’t been able to access government support schemes and are having to re- assess the future viability of your business
“If you’ve just about managed to keep your nose above the waves, under your own steam or thanks to government grants and loans, you’re probably battle-scarred and realising how vulnerable you are to potential future events,” he explained.
“And if you’ve seen your sales of goods and services skyrocket, you’re booming, so well done! But is this sustainable, or do you now need to prepare for a potential drop back to more normal business levels?
“Whichever category your business fits into, you’re going to be operating in a new world order, where your customers’ needs have changed, everything is operating differently and some things, like importing and transporting goods, are going to be harder for a while.”
Arrange a free, no-obligation initial chat with Darren via email@example.com or 07739 615859.
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