The COVID-19 outbreak has impacted and continues to impact businesses and individuals in a multitude of ways. With unclear economic conditions and the full duration of the pandemic unknown, it has made planning harder than ever. Below are some starting points to consider when looking at business recovery or response:
1. Gaining a clear view of your starting point
It is important to have a clear view of the company’s starting position. The financial plan rolled out for this year and the next 18 months should consider advice from the financial planning team and experts that take into consideration current market and financial trends, and acknowledge changes as a result of the pandemic.
2. Identifying key threats and opportunities
The pandemic has drastically disrupted how businesses and the market operate. The long-lasting and unpredictable impact following the pandemic means businesses need to be prepared for any new opportunities and risks to ensure its long term survival.
3. Developing a range of scenarios
Developing three or four scenarios for how the pandemic might impact your business, from best to the worst case should be explored. Rather than trying to be overly precise, it is more important to use conservative estimates and assumptions.
4. Establishing a direction to action
You will need to decide which scenarios make the most sense to pursue and create a detailed financial plan around them. This will allow you to make a more informed recovery or response action plan. This can range from focusing on restoring business operations as quickly as possible to shaping a whole new business.
Debt Free Australia is passionate about helping individuals and businesses get out of debt and prepare for a better financial future. Our highly-trained consultants can help you carefully consider all of your debt solution options. Please call us on our 24/7 toll-free hotline on 1800 676 598 to speak to one of our friendly and professional debt relief consultants.