Post-COVID19, where are we now? Where are YOU now?

Paige Collins, Director at Warren House Chartered Accountants (WHA) offers some valuable advice on the “new normal”. If you run a business, it may be time for a review.

Here at WHA, we’re pleased to see that the iron-clad restraints that have so dramatically affected our lives during the COVID-19 pandemic are slowly being released. And what a relief it is.

With shops, bars, and restaurants now open, there’s a sense that things really are improving – and long may it continue. Travel restrictions are being lifted in stages. And cinemas, hotels, and theatres are welcoming people in, albeit with certain safety controls. It’s not perfect yet, however, and there is talk of further lockdowns as we move into winter. As the last 18 months have proved beyond a doubt, life is completely unpredictable. But we are staying as positive as we can.

The time to take stock is now

Talking of unpredictability, your enterprise may have experienced a dramatic downturn, stayed constant, or even had its best year yet. We are acutely aware that some sectors have dramatically fallen off a cliff – think hospitality and events, yet some have boomed – e-commerce businesses, for example. This random luck-of-the-draw situation has been unsettling. Are you in recovery mode? Or even in growth mode?

Forward-thinking companies have pivoted or re-focused their services, but not all have been able to do this. We have been able to work with a number of companies to help them remodel their business during the pandemic.

So, you may wish to restore structure and certainty – as much as you can, that is. And now could be a good time.

Change, or contingency?

It is a given that you can’t control external events, but it’s more than possible to put a Plan B in place, or a contingency scheme to cover for unforeseen eventualities.

You may even be contemplating a change of direction; COVID-19 has given you a different perspective on life and you’d like to alter the course. Maybe nothing has changed, but you would like to find a way for you to have time to enjoy the fun things in life. A strategy to enable you to create a good work-life balance is well worth formulating a plan for.

Whatever your situation, and wherever you are with your business, information is power. And, considered advice from a place of experience never goes amiss. In our opinion, a viable strategy that you can put into action and actually measure could make all the difference.

The WHA distinction

We’re Chartered Accountants, but our role goes beyond tax returns and compliance. We also help business owners like you to plan. Your financial security and that of your family lies in your hands. How would a blueprint created solely for your business sit with you? Extremely useful? We think so. A documented strategy to see you through the following months and years could help you face what is yet to come with renewed energy and confidence.

How can we help?

We draw on the insights we’ve gained not only from technology but also by working with our long-term clients. Everything that happens in business helps us to develop our knowledge and skills.

WHA will examine your company, not just the figures – although they are essential, of course. We would like to think that we are good listeners, so share as much with us as you can. You will find us empathetic and fully engaged with your operation. Your success is important to us, so we will fact-find across a broad spectrum of disciplines.

We will review the following:

Your financial situation.

Yes, as mentioned above, we will need to determine how your business has been affected – however that may be. The hard numbers relating to sales, profits, and cash flow are an important indicator of your financial health. Other aspects are essential, too: if you’ve had to lay people off or cut down on your marketing budget you’ll need to factor these into your updated strategy.

Your current business plan – if you have one.

And, your business goals, to make sure that they’re still realistic. They may need some fine-tuning. For example, there may be some new trends that you can adopt and find some exciting new opportunities. Perhaps your operation has revealed some weaknesses that you weren’t aware of, and on the positive side, a few hitherto unknown strengths.

Consider these questions…

What do you sell currently?

An obvious question, but now could be a good time to expand your service offering. Or change it, even, post-COVID. What do you need for that to happen?

Perhaps you’re looking to take on new suppliers, and to change your route to market. There may even be a gap in that all-important market that you can fill.

At WHA we have the experience to lead you through the process.

How do you sell it (or them)?

An expansion from the above point, and a major sticking point for many businesses. Sales and marketing are THE most vital parts of any organisation. Without income, you’re haemorrhaging money, and the outlook won’t be good.

So, let’s discuss in more detail:

  • Your target market, or markets. This is crucial in helping you understand in-depth why people buy from you.
  • Your competitors. What are they up to? What do they do differently to you? If you think you’ve lost business to them – or you know that you have, we’ll examine how and why.
  • Your Unique Selling Point (USP). You are distinct, aren’t you?
  • Sales growth. You’ll need to factor in all eventualities if growth isn’t as robust as you would like it to be.
  • Are you charging enough to make a healthy profit?

Consider also:

  • Profit extraction. Either through salary, dividends, or pension contributions.

We can also advise you on what to outsource, and what’s worth keeping in-house. The opportunity cost of doing everything yourself could be astonishingly expensive in the long run, and you may not end up with the best results.

Lastly, one of the most elemental, even fundamental parts of any business: your staff. High performers come with a price but could generate equally high levels of income. Many consider that a successful business is one that runs without you, so delegating to the right people is a basic part of healthy growth.

So, are you ready for a world post-COVID? If you’re a business owner in need of some inspiration and expertise, WHA can help. We’re here to help you reach your life goals through meeting and even exceeding your business objectives. Work with us for a 1-year, 2-year, and 5-year plan.

Life looks and feels different now. Let’s make it the best it can be in your business, for your family, and for you.

You can’t change the direction of the wind, but you can change the angle of the sail.