Winning the Corona Race
It’s trite and repetitive to say that we are in uncharted times, yet that’s the truth we must face.
A small percentage of businesses will do well out of the chaos of the Coronavirus, but the majority will have a very difficult time. If, as the Prime Minister suggests, that we will be in this current state for six months or longer it’s certain that at the end of this time we will have a depression and not a recession.
The national debt (at this moment $160 billion) will be carried forward and paid for by our taxes for many years, some analysts have (correctly I believe) compared the rescue plans of governments worldwide to the Marshall Plan after the Second World War, and if that is the case it will be generations of repayments. A positive is that Central Banks around the world have shown their propensity to work together to address the current issues.
This means that businesses will have to prepare themselves now to meet a different commercial world.
For those businesses that won’t benefit from the tragic events, it will require them to become as efficient as they can. This will mean to strategically look at what they do and how they do it and find an approach that will allow them to achieve their potential and find avenues to meet their customers’ needs. They will have to modernise operationally and technologically or get left behind!
Succession Plus has a set of tools that analyses the financial, operational and strategic aspects of a business and highlights where improvement can be made and what those improvements will mean to the business going forward. The implementation of what our review shows into practice is what allows the business to meet its goals and its chances of survival.
It is true that under normal circumstances we do the review and the implementation in order to bring the business to the point of sale. Many of you do not want to sell but circumstances will affect your profitability, cash flow, and future indeed in some cases that future may not be there or apparent.
We work with our clients to achieve their maximum potential, we each bring our knowledge to the table – that is our partnership with you to succeed through the difficult times as well as prosperous times.
Call us and chat to one of our advisers about how we could work together to ensure your future.