COVID-19: Red Light, Green Light, Go!

Greg Callan


COVID-19: Red Light, Green Light, Go!

 

For all our information around COVID-19 visit www.frenchduncan.co.uk/covid-19.

This is the third in a series of blogs by our Head of Entrepreneurial Services, Greg Callan, through hte COVID-19 period. Previous ones are: Cash is Reality and The Next Normal.

 

Red Light, Green Light, Go!

 

We are standing by the door waiting for the green light! Go Go Go

We are out of the plane hoping the parachute opens fully and are in the hiatus between the jump and the landing.

All a bit dramatic but the assistance provided by the government has provided businesses with a parachute which has allowed them to survive this intense period of lockdown and given them the possibility of having a business which will have a long term future.

There comes a point during the parachute jump where the attention moves from admiring the view to considering the ground which is rapidly approaching! I think many business owners are now at that stage. There’s the hard landing, discarding the parachute and finally assessing the landscape on which they have landed.

There has been lots of talk about “getting back to normal” the “new normal” or even the “next normal”. But what are the key elements that business owners need to consider, when they look forward and what lessons can be learned from the recent experience.

  • What lessons can be learned from the furlough period?
  • Who stepped up?
  • What do we need to change ?
  • How do we operate effectively over the next year?

Furlough Period

As businesses emerge from a period of having a reduced workforce, owners will have to consider whether the basis of operation pre- COVID is the right model going forward. Efficiencies have been forced on businesses and some will remain as the preferred way forward.

Who Stepped up?

Periods of crisis shine a light on the skill set of the management team and highlight ability which previously may not have been apparent. There will be winners and losers from this experience. But a distinction must be made between “business as usual” and who will help lead the business forward on this new landscape.

Change

Change in business is often a slow process which is often as much about self-preservation as what’s best for the future of the business. The current experience will I think lead to an acceleration of positive change and make “difficult decisions” a bit less daunting and easier to deliver.

Focus on the medium term

There is a realisation that it is going to be a long haul to get business back to an acceptable level of certainty to allow long term strategic planning to take place. So the focus must be on establishing a strong foundation in the medium term, on which to base this long term strategy.

So in my view, when businesses land from this parachute jump, their focus should be on:

  • A management team with a common outlook and the skill set which looks to forward needs and less to past glories.
  • A plan to consolidate the finances of the business to deal with the uncertainties ahead
  • The technology and appropriate staff to deliver an efficient product/service.

For more information about preparing for the COVID-19 world, you may also like this blog about preparing to re-open.

Click here to see Greg's profile and contact details.

 

Contact details:

At French Duncan we have a lot of experience in grant funding and loan agreements, so will be able to help you through our dedicated teams covering Corporate Advisory, Business Restructuring, Corporate Taxation & HR Services.

Whilst some of our staff are currently working from home, all of the above can be contacted on their email addresses or on 0141 221 2984.

 

Other COVID-19 Information:

For all our help, support and information around COVID-19 / Coronavirus visit www.frenchduncan.co.uk/covid-19, where you can link to articles deferring HMRC payments, tax and business rates, debt assistance & restructuring and much more.

 

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