Lead from the front
Take leadership and set an example for your employees and customers. Being transparent with both can be very valuable during a time of crisis. Honesty and strong communication will go a long way in helping your business survive.
Review your cashflow
Cash is going to be king over the next few months. Many businesses will struggle for cash right now and, whilst they would be profitable after this is over, many will run out of cash and won’t make it through. So, ask yourself what is not needed to free up some extra cash in the meantime and create a simple cashflow for the next 3-6 months.
Get financial support from the Government
Thankfully, the Government have offered a lot of financial support to get businesses through this crisis. For example, the coronavirus job retention scheme to fund wages, loans, grants, payment deferrals and business rates holidays. Get as much help as you can,
Get set up for remote working
A lot of us are adjusting to working from home. Technology has made this more convenient but make sure you and your team have everything they need. Remember security – make sure your server is secure and laptops are encrypted.
It’s important in these circumstances to stay connected. Making sure that everyone in the team is okay and knows what they are doing should be an immediate priority. We’re using Microsoft Teams and Zoom for video meetings but don’t forget the phone. Speak to your customers – it’s all about relationships and showing you care.
Take stock and review
Don’t sit back and wait for the worst. Instead, take a look at your current systems, processes, and marketing. Are you doing everything you could be doing? Or is it time to try that idea you once had but never actually implemented. Use this as a chance to reassess and stay ahead of your market.
Move to cloud software
These few months are going to increase the importance of technology and cloud software more than ever – paper is becoming a thing of the past! We’re a Xero Gold Partner and QuickBooks Elite Advisor, so we can help you move your accounts over!
Train and Develop
There’s plenty of time for you and your staff and even you to brush up on some skills. Everyday might seem like a Netflix day – but make use of this time the best you can! What can you learn that will strengthen your business for the future?
Market, market, market
Many businesses are likely to stop marketing as it’s becoming harder to make a sale. But we think it’s time to step your marketing up! Review what you have and consider what you could add to your existing activities. People have more time than ever, so reach out and communicate with your audience and remain front of mind. It will help secure future income for your business.
Would you like to meet?
If you think we sound like the right Liverpool accountants for you, we’d love to meet up. Please pop your details below and we’ll get in touch.