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PRIVACY
Opinion

Seven things businesses need to do to get through the pandemic

Paul Slevin is a director, advisory and restructuring, of Quantuma Advisory

(Image: Shared Content Unit)

The pandemic and its economic fallout has put huge pressures on many businesses, with some battling to stay afloat.

Here Paul Slevin, a Cardiff-based director with Quantuma Advisory, outline seven practical steps businesses should take to help them navigate through the current challenges and being able to maximise the upside from a post-pandemic recovery.

Knowledge is key

Have monthly reports on thing likes turnover, costs and cash.

Do not rely on bank balance management.  Develop simple profit and lost and balance sheets and if in doubt seek help from your accountant. 

All too often we see directors and business owners who look at their order book, consider what the potential orders might be, check the bank account and assume that they are in control.

 This method may work for some and may have been a quick pointer in the past, but the waters are stormier now.  This does not recognise additional costs, loan repayments, unpaid debt, delayed lease or mortgage payments etc. 

Cashflows

Have a cashflow forecast that covers the short and medium term.  At this stage you should be looking at Q1, 2021, at the minimum.

Sensitise this to see at what level of sales or costs does cash become tight.