The COVID-19 outbreak has impacted, and continues to impact, businesses in different ways, ranging from minimal to existential threat. Several scenarios exist for what the post-COVID19 “normal” will look like. The current experience has no doubt reshaped business practices and consumer behaviour, many of which will lead to some permanent changes. What those changes will be, time will tell.
Evaluating how you believe your market will operate post-COVID 19 will help you determine what products and services you should be offering – whether you continue with the same offerings, or need to adapt or pivot in line with expected changes in consumer preferences and behaviours.
An evaluation of how your business was operating before the crisis will help you take stock and understand your operations to give you a clear picture of where to start in the recovery process.
During the recovery phase many questions will be asked of the business so the team at Sage Business Group have put together a 13 part series of tips to assist you with your business recovery process. This week we focus on your financial position and financial health.
Don’t miss next week where we focus on your immediate cash flow commitments