Businesses around the world are taking a hit to the gut due to the Covid-19 crisis – and maybe yours is, too. While we understand that right now is an all-round tough time, we want you to look at things differently.
What if a pandemic is the perfect time to re-look at your business’s finances?
What if now is the best time to get your accounting into better shape?
Think of it this way: when the economic tide turns your business needs to be ready to grow. The Covid-19 crisis is not a time to panic – it’s a time to fix what’s not working, and get financially fit so that you can hit the ground running.
Here are a few things you should keep in mind. Ready, set, grow…
Get financially fit
Gyms may be closed but now is the time to get fit and lean – financially speaking. Take a hard look at your business’s financials and get rid of any unnecessary costs. This might mean you’ll have to trim down. Do you need physical office space, or can your whole team work remotely? Do you need a telecoms system, or will cheaper VOIP do?
It’s a good time to make sure that your team is working as efficiently as possible – look into online productivity tools, time tracking, and the number of meetings you have. Financial fitness also means that your business is agile – if you come across an opportunity, are you in the best possible financial shape to grab it?
Get your house in order
With operations slowed down, it’s the perfect time to deal with the boring stuff: like that paperwork you keep putting off until “next quarter”.
Or perhaps you need a hybrid approach: if you have a finance department, outsource what you can and keep the rest for a more affordable bookkeeper, or take on some of the straightforward financial tasks yourself and outsource the rest. Alternatively you can hold onto your accountants and outsource your more complex CFO work.
Now’s also the time to choose a finance and accounting set-up that’s flexible enough to plug and play when things get better (and trust us, things will improve).
Get onto technology
Technology is your friend – in 2020 you shouldn’t be getting your fingers black with carbon-copy invoices (if you are, now is definitely the time to look at other options).
There’s a lot of accounting software to choose from, and it can be difficult to know what’s right for your business. But the right choices will help your business be more resilient and flexible in the future. Moving to accountants who are not only affordable but who also work remotely on the cloud (like us) is a step in the right direction.
Fix your business’s finances and get financially fit now, so you can get ahead of the competition post-pandemic. Contact us; we’re here to help.