We are in lockdown, the days are short and it seems to continuously be raining. However, for the first time in what feels like forever, there is light at the end of the tunnel with announcements about vaccines, improved testing and economic forecasts.
Nevertheless, how are all of these positives going to help you as business owners. Nordens’ Chairman Mark Norden shares his thoughts on what to expect in the near future and how businesses can put themselves in the best possible position.
How long will the restrictions affect business?
If we look back at the first Lockdown, the severe restrictions continued for longer than we initially expected and this was followed by lower level restrictions. However, all of the restrictions affected our ability to run businesses.
In all likelihood, any vaccine will not have been sufficiently distributed to substantially reduce restrictions before March or April 2021.
When are we going to wake up from daydreaming?
Do you want to allow yourself to be a victim of the restrictions and just passively wait for them to end before running your business “normally”, or do you want to stand up and be counted and make it work properly now?
Regardless of my beliefs as to whether the lockdown and other restrictions are necessary, its important that you appreciate I am not suggesting anyone should break the law.
Our businesses are too important to us, to just stay in passive mode. We need them for our income, to provide a roof over our heads and put food on our tables, for our families.
Don’t hibernate for the winter!
During lockdown, too many business owners just accepted their fate by taking it easy in the sunshine, gardening, relying on furlough and taking mortgage repayment holidays. Basically, putting their company in to hibernation.
At the same time, I also saw other business owners being extremely proactive, working out how to pivot their businesses to offer a different type of service, being creative with their marketing and really taking the opportunity to move their business forward.
Wake Up From The Day Dream
I totally accept that in the current economic conditions, it’s extremely difficult for millions of people. We all need to wake up from this dream and take control of our businesses.
Even with the improved economic forecasts showing predicted growth for 2021 at 5%, unemployment is going to rise steadily to levels not seen since the 1970s. Insolvency practitioners are getting themselves ready for high levels of business failures over the coming months.
If you lose your business, what are you going to do, with high levels of unemployment and business failure. The answer could be re-establishing a smaller version of what you already have, however scaling back can have detrimental effects.
You may think I sound a bit negative, but that’s because it’s so important for us all to wake up, be positive, and do something about it now! So the big question is, what else should you do?
Research successful competitors and businesses in other sectors, to see what they are doing and determine how you can take influence on what makes them so successful.
We have all seen the examples of restaurants during lockdown offering a takeaway and delivery service. I recently went to a well known local restaurant, who were turning over more than they ever had done. This was a great to see and was done by creating more sittings during the day with shorter sitting times, so that even with restricted tables, they have created more custom using limited resources.
To conclude, I really believe that if you are going to stand up for your business and create the life you deserve, you need a change in mindset. Why wait for a future event, make it happen now!
If you require any more information on what help you can get during lockdown or anything accounting related for that matter, please don’t hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.