We are coming out of lockdown but is your business ready for it?
Many companies benefited from the Job Retention Scheme, taking a bounceback loan or deferring the VAT and other taxes.
But all these DEBTS need to be repaid now. Plus - the Furlough Scheme is coming to an end in September.
I am sharing here the steps you need to take today to stay on top of the game:
1. Revise your current financial position - How profitable your business is, how many projects you run, and the NOW situation.
2. Prepare cash flow forecast - at least 3 months, but 12 months is ideal. Include in your cash flow: Loan repayments, wages costs, tax repayments, and Director's wages as well as dividends
3. Work out your company's BRAKE EVEN point! - Can you cover all your overheads with current turnover?
4. Prepare a business plan - set up a goal and targets. Define and write down Key Performance Indicators.
5. Eliminate Waste - map the processes and eliminate all unnecessary work. Remember that WAITING, OVERPROCESSING, and DEFECTS - are all waste.
6. Plan for your own salary and dividends
7. Take time to exercise and relax. Don't feel guilty for a morning walk. YOUR TIME will improve efficiency and focus.
Be proactive and get it right the first time!
Is your business ready to come out of lockdown?
Contact us for help and support.