Your business recovery planNews Article: July 14, 2020 by Oaktree Accounting Uncategorized
As businesses emerge from Covid-19 restrictions, for many ‘Business as Usual’ has become ‘Business Unusual’. So, how do we navigate our way towards a sustainable new normal?
During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests.
Now we enter the recovery phase on the way to establishing the new normal. We’ve all learnt lockdown lessons. We’ve discovered risks in our business model that we may not have appreciated before, as well as opportunities that are there for the taking.
Now is the ideal time to document a clear Business Recovery Plan:
- Defining what you, as business as owners, want from the business; this includes cash drawings, your role, hours of work and holidays.
- Establishing your budget and break-even analysis to ensure you’re generating enough cash to cover all expenses including tax, personal expenses, loans and asset purchases.
- Determining your critical KPIs; the most important things you need to measure to track your progress towards achieving your targets.
- Identifying your opportunities and vulnerabilities; the factors that will most impact your business recovery.
- Determining how to manage your most critical challenges.
- Undertaking a risk analysis of each of your departments, e.g. product / service development, marketing, sales, human resources, finances, technology, etc.
- Identifying necessary finance requirements and what’s needed to apply.
- Establishing your 12-month and 90-day goals to ensure you’re clear on your priorities.
- Clarifying your actions to achieve those goals.
If you haven’t created your Business Recovery Plan, we can help facilitate this. You’ve got the smarts on your business, what’s working and what needs to change. Our expertise lies in stress testing the numbers and pulling everything into one concise plan of attack.
Contact Oaktree Accounting on 08 9495 4700 or email us at email@example.com