Clients often reach out to us at RightWay when they come across cash flow issues. Often we...
As the COVID-19 situation is changing so quickly we're keen to keep you updated on what those changes mean for you and your business. We've put together some of our own resources, links to some useful websites and information, and where and how to get any support you need for your business.
Please reach out if you have any questions or concerns about your business situation - our team are here to help you.
Are you getting advice and support from your accountant or business advisor through COVID-19? You should be! There's a lot that you can be doing to be proactive right now. We urge you to reach out and get some specialist advice so you can navigate the next few months, and beyond.
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We recommend that you review your business cash flow forecast for the next few months and consider how much headroom you need if incoming cash drops. Check out our cash flow guide. This has some practical actions you can be doing now.
Clean-slate business planning
The COVID-19 pandemic is providing business owners with a unique opportunity that they wouldn’t have had in their normal operating situation. Stepping away from the day-to-day running of a business may seem impossible when business is running as usual, but with this enforced lockdown it is giving owners and managers the chance to not only reflect on their own performance, but look at key areas for business improvement. Read how you can put together a plan here.
Business continuity plan
Now is a good time to look at how you address challenges in your business strategically, so you've got a plan to navigate any disruption. To ensure the long-term sustainability of your business, you should have a plan to ensure you can still conduct business during such times. Xero have some guides and templates here.
People and staff
You may be wondering whether redundancies need to occur in your business, or at the very least, a reduction in hours worked by your employees, please get an HR expert to give you advice as there can be significant financial implications for employers who fail to follow the correct process. Our HR team have a great blog on how to work through change here.