Tom O’Brien, Director of Lime Advisory, shares his views on the unprecedented times we are experiencing and how for some, it could create unique opportunities.
We are experiencing unprecedented times which are creating extremely tough market conditions for businesses in all sectors, with almost hourly emails, posts and updates from suppliers, customers and other third parties stating the measures taken to manage this crisis, and with the Government announcement closing gyms, pubs, cafes, restaurants to name a few.
If this decision has affected you, it may create a unique opportunity rarely afforded to any business owner – time to plan and put in place better processes and policies for the future. A chance to prepare for the bounce. Here are some examples:
- Automating your finance function with modern apps to be able to act on live data, I am a big fan of this and have seen the impact it can have on businesses
- When is the last time you checked your HR policies and employment contracts? These can be updated and refreshed to reflect the business you have now, not the business you had at the time
- It is often the first to be cut, but studies have shown that during the financial crash of 2009, businesses that kept a marketing presence and refreshed brand were quick to benefit from the upturn
- Are there accreditations that as a business you would benefit from?
With the time now afforded you, these matters can be addressed and you can be in the best position to move forward when the economy surges back. The economy will bounce back, so prepare for it, and start the period after the pandemic in a better prepared state than you entered it.
To this end, we are offering a free consultation to anyone who needs support, and if we can help we will. This is a time where people and businesses can help one another, and we would be delighted to help. Find the time in the chaos to reflect, and address issues you have never had time to before.
