Coronavirus puts a pause on various business operations. With a competent chartered accountant on board, you won’t have trouble finding the right business strategy.
Various countries are going through a curb to stop the spread. It leaves the companies struggling to stay afloat during this economic downturn.
How to keep your Business Afloat During the Corona Outbreak
Many businesses wonder how to survive, but the best way to tackle the challenges is to shift your perspective. If operations stop, other aspects need attention.
Manage day-to-day setbacks by maintaining your cash flow management. Create recovery strategies if you want to stay strong in the long run. With that in mind, the tips below are some ideas different sectors can keep on working amidst the COVID-19 outbreak:
Tip #1: Focus on your Online Strategy
Digital marketing is crucial for businesses. These days it’s the only way of survival as companies need the internet to stay relevant and attract new customers.
Focus on SEO, email marketing, social media marketing for better brand awareness. Even when your company is part of the government’s list of “non-essential” businesses.
It’s also the time to improve your customer experience. Update your website or boost engagement with your target market.
Tip #2: Manage Your Cash Flow
Maintain your cash flow is crucial to make sure your business survives. Work on the right strategies to keep your business afloat. With cash in your hand, our chartered accountants in London make sure that you’re investing in the right opportunity.
Beyond the cash flow, you also need to handle the new tax measures set by the government – from tax deferral to support businesses during the pandemic to stricter consequences for those with tax delays. It’s the best time to manage your debts too, along with planning on outlays regarding your trading stock and equipment.
Hiring a freelance accountant should help you with the requirements for government assistance packages, including other perks such as budgeting to cash flow management.
Tip #3: Evaluate Your Supply Chain
Businesses may be out of order, but as society is slowly easing up, you need to review your supply chain and ensure it can still deliver your needs. Whether you’re an essential business or not, looking for temporary alternative suppliers that can provide supplies is crucial to your cash flow.
In addition to alternative supplies, you can also communicate with like-minded businesses to check whether they have surplus supplies they are willing to sell to your company. Keeping an open line of communication – from your team, suppliers, to customers – is key.
Maximizing Productivity During this Temporary “Pause” For Different Business Sectors
Re-evaluate your business and find new solutions to stay afloat is critical for any owner. It’s even more important if you want to gain a competitive advantage during this tough time.
Keep in mind that the situation is only temporary, so it’s best to use this “half-time” productively and come out of the crisis as a winner.
Part of the biggest responsibility is to keep your cash flow running smoothly, which you can do by consulting with outsourced chartered accountants to get your books in check. Speaking of which, if you’re looking to consult with chartered accountants in London, get in touch with us today! We’re happy to help.