This week Christine Convy, Director of Dunedin Advisory specialists in restructuring and recovery of businesses presented a webinar to company delegates discussing ‘Surviving Covid-19’ in collaboration with Business Gateway Fife.
Some of the key messages highlighted from the presentation featuring over 90 points include:
- No business will come through the pandemic unscathed and even the strongest need to adapt and change
- Reflect on your Business Model – no point following previous business plan without fundamental change
- Evaluate core business, products/services now and post Covid
- Put spare capacity/resources to good use now
- Capitalise on R & D reliefs where possible
- Business protection mechanisms – now and in the future
- Be careful not to use up all cash reserves just to stand still
- Use all support available
- Review, negotiate and vary existing commitments
- Consider very carefully before taking on loans
- Evaluate the prospects of return on investment on current and restructured models
- Identify surplus assets that can be sold and/or refinanced
- Maintain necessary expenditure – ie insurances and accreditations
- Communicate with all stakeholder groups
- Be careful with redundancies/consider training/skill change
- Maintain business financials/prepare cashflows weekly, monthly, 6 monthly and beyond
- Consider strength of customers/suppliers – now and in the future
- Consider when deferred payments will fall due – ability to pay or delay inevitable that should be addressed now
- Ways to invest in the business
- The future sales pipeline
- The relevance of taking out a BIL/ESBL
Christine’s summing up…
‘The options are endless and those businesses that constructively challenge their business model and make fundamental strategic decisions will be stronger moving out of Covid – don’t just hope things will revert to normal and will sort themselves out.
None of us know what the new normal will really look like.’
Dunedin Advisory are offering up to one half day free consultancy to Scottish businesses until 30 June 2020. To take up this offer or receive a copy of the presentation please contact Linda Grant [email protected] or submit your details on our website https://www.dunedinadvisory.com/business-solutions
