Uncertainty is one of the key issues facing businesses currently. As business owners, we have all faced probably one of the most challenging years of our working lives, and it looks like it will continue over the next few months. As a country, we are in a much better place than we were last year. With the vaccination programme being so successful, there is definitely light at the end of the tunnel.
We can all take steps to try to mitigate the risks of uncertainty that face us. Firstly concentrate on what you can control. When many local restaurants were forced to close their doors they turned to take aways and deliveries. Apply this attitude in the future.
A true entrepreneurial spirit, sheer drive, hard work and determination to succeed helped many business turn the lockdown into a positive step for their businesses. Many quickly developing their online and social media presence, reaching out to customers they would not previously have reached and moving their businesses forward for the better, at a pace never previously achieved. As we come out of this pandemic – don’t lose this spirit – keep that mindset to continue the progress.
Ensure your business is in the best possible place. Make sure you review your costs to keep them to a minimum, that your staffing is at the right levels for each part of your business and in the right numbers, are you able to negotiate better supplier terms, are your sales where you need them to be.
Make sure you plan for the unforeseen, this last year has taught us that we need back up plans for when things don’t quite happen as expected. Make sure you have a clear strategy to deal with all eventualities.
Finally manage your cashflow, know what cash you have and what cash you expect to have over the next 6 – 12 months. Our blog from January gives you plenty of ideas of how to tackle this
As always, if there is anything Saint & Co can do to assist, even if it’s just for a chat, please contact us.
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