The importance of planning ahead for your business in the midst of the current UK climatecreative77
You will have no doubt seen the headlines and news reports over the last few weeks regarding the fuel crisis, increasing gas prices, the shortage of HGV drivers and the “looming” winter ahead.
The general consensus was that actually much of the fuel issue seemed to be driven by media reporting and people then responding to this in ways they feel they have some control, e.g. stocking up on fuel and pasta, and quite possibly loo roll again!
However, there is a serious message in all this. Events will always take place that are out of our control, but we can control how we act and plan for the future and this is what we are advising our clients to do at the moment.
Now is a good time for you to take some time to reflect on where your business is and what could happen in the next few months and plan ahead for a range of scenarios.
Cash flow and business planning in these uncertain times may appear difficult but there are some practical steps you can make to take back some control. These include:
- Review your budgets and set realistic and achievable targets for the remainder of 2021.
- If you can, get your employees involved in a discussion of likely trading conditions and get their input on reducing costs and maintaining revenues. Often those on the “shop floor” have the best ideas for this.
- Review and create a flow chart of the main processes in your business (e.g. Sales processing, order fulfilment, shipping etc.), if there are going to be any likely challenges in each step and what you can do if there is.
- Put extra effort into making sure your relationships with your customers is solid.
- Review your list of products and services and eliminate those that are unprofitable or not core products/services.
- Finally – get all employees together and explain the business strategy and get their support and understanding – this is crucial to its success!
If you have any concerns you wish to discuss or would just like some advice we have a range of tools on our website in our Resource Centre or call the team on 01472 287387 to arrange to have a chat.