In addition to conducting a regular health check on your business to keep creditor threats at bay and to minimise risk exposure, it is just as vital to assess the mental wellbeing of your management team and conduct a financial health check. The detrimental consequences of the coronavirus pandemic on company finances are apparent across the country, however, the next step that you take is instrumental in facilitating a long-term recovery and rebuilding your business, brick by brick.
Restarting trade and rebuilding business health The business landscape across the North West is undergoing a transition period as SMEs turn their sights towards recovery, preparing for rebirth, as the country eases out of lockdown and hopes to embrace normality. As unprecedented trading conditions triggered by the Covid-19 pandemic push businesses into a state of deterioration, companies should now focus on replenishing operations and enriching business development initiatives. Performing business continuity planning from the get-go can help increase revenues and profits, alongside implementing a suitable turnaround solution under the guidance of a licensed insolvency practitioner, such as company restructuring or administration. Following the clean-up of business finances, your company is likely to be in a vulnerable state. During this tender period where the business is receptive, finetuning strategies and feeding your business with tailored expertise can help bolster your position.
Streamlining recovery through a partnered approach
We are delighted to announce that Begbies Traynor Group in Liverpool, spearheaded by Keith Tully (partner) and Jason Greenhalgh (partner), have teamed up with business coaching pioneers, ActionCOACH. Businesses across Liverpool and Merseyside are invited to access exclusive business coaching sessions provided by Begbies Traynor, in partnership with ActionCOACH. 42
As the coronavirus pandemic depletes cash reserves and hammers down on employee morale, company directors should not fall into the trap of taking a tunnelled approach when forecasting future performance targets. By tapping into a resource pool populated with the greatest minds across a wealth of industries, we can offer additional services, such as corporate finance and alternative funding to not only achieve but exceed your goals. Call our dedicated Merseyside Directors advice line on 0800 056 1059 for Covid-19 business turnaround and wellbeing solutions, open to all Liverpool Chamber of Commerce Members.
