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Mitch Hahn
CEO - Nordens
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At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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02085300720
enquiries@nordens.co.uk
The Retreat, 406 Roding Lane South, Woodford Green, IG8 8EY
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The Government are talking about a potential second lockdown. As much as we don’t want it to happen and we are not sure it even will, we need to make sure that you, our clients are prepared for this should this happen. We have been there for you every single day since the start of the pandemic – when we went into a national lockdown, we provided plenty of free advice and even completed ALL furlough claims at our cost, and we don’t plan on going anywhere!!
Please note, that if you will need any kind of finance banks WILL require up to date accounts, management accounts and cash flow forecasts at a minimum so PLEASE GET ALL YOUR INFORMATION IN TO US AS SOON AS POSSIBLE, so we can get your affairs up to date and in order.
We have put together everything you need to consider right now to prepare your business, should another lockdown happen. If you need ANY kind of support, our team are here to support you the whole way!
Consider and improve your cashflow – Cashflow forecasts
This is probably the most important thing to do!! Keeping the cash flowing is always important for a business and even more so during a crisis. Local lockdowns could see businesses facing recurring temporary shutdowns, experiencing a fluctuation in demand at different times of the year alike seasonal businesses. For these types of businesses, it is critical to ensure they have the cash reserves required to continue operating during the “off-season”. Get our free template HERE to complete weekly and/or monthly cashflow forecasts.
Businesses should explore how they can minimise outgoing payments, whilst maximising cash coming into the business. Some key considerations are:
Securing additional finance during a second lockdown
The government has introduced a raft of temporary measures to support businesses, including the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS), but it’s unknown whether this type of support will be available in the event of a second lockdown. Our Corporate finance division have raised over £5 million during the last lockdown and are here to help you attain any finance necessary, but now is the time to look at your options.
One way to protect your business from failing if there’s a second wave of the pandemic, is to seek additional financing as a pre-emptive measure. Depending on the type of business you run, and its industry, there may be a range of options open to you to increase your working capital reserves.
Selling assets of value that aren’t essential to your business, or using them as part of a sale and lease back arrangement, can generate a lump sum of cash to protect your business from failure during a second lockdown. Professional assistance is vital during these unprecedented times, however, and with many businesses failing due to coronavirus, a potential second wave could cause further significant financial damage to many organisations.
Nordens have won the Global Turnaround Advisory award for the last two years running and are one of the UK’s leading rescue and recovery firms. We offer free same-day consultations in complete confidence – so please contact us for reliable independent advice.
Understand the new customer needs and communicate with your clients
Communicating effectively with your customers has been and will continue to be a key consideration during the pandemic. In the event of a temporary local lockdown, you will need to respond quickly and ensure your clients are aware of any last-minute changes that have had to take place within your operation.
In addition, it is crucial for businesses to understand how the pandemic has shifted customer values to be able to restructure their marketing approach, adapt their messaging and successfully reach their target market. We can help you with an in-depth guide to marketing your business during a pandemic, please let us know if you require this!
Assess the risks in your supply chain
Undeniably the coronavirus lockdown had a considerable impact on supply chains on a global scale, which in many cases halted production entirely or increased lead times. Businesses should review the risks that a new lockdown could pose to their supply chains and take appropriate actions to alleviate the impact.
In the event of a second wave on an international level, supplies from outside the UK could once again be difficult to source. Business could therefore consider shifting to alternative local suppliers or even explore opportunities to design and develop parts in-house which would minimise risk in the event of a localised lockdown. Businesses will also need to establish a plan on how to best manage and communicate with suppliers if another lockdown takes place. For example, if a local lockdown is enforced, and your business is required to close again you may need to freeze or cancel certain orders. It will be important to know your suppliers’ policies to avoid additional costs and ensure you have the cash flow required to continue operating.
Review and strengthen your systems and IT infrastructure
When lockdown was enforced in mid-March, most businesses around the globe had to shift their workforce to remote working. However, at the time, it was considered a temporary solution. If localised lockdowns become the norm, businesses should seek to review and optimise their IT systems to support the long-term sustainability of working remotely.
Equally important to upgrading your systems will be staff training. Businesses should further invest in training their workforce on how to best use the systems implemented to work more efficiently and increase productivity. Moreover, when reviewing systems, businesses should remember to consider cyber-security and ensure they educate staff on becoming more cyber-crime aware.
Businesses in sectors such as manufacturing can also consider opportunities to automate processes and procedures on the shop floor. Manufacturing SMEs interested in implementing technology software or hardware can make use of Nordens digital transformation division and can assist you should you require any assistance becoming more digital and automating your systems and processes.
Upskill and cross train the workforce
During the past few months, businesses will have developed a good understanding of which business functions were the most impacted by the pandemic and subsequent lockdown and required additional support. To ensure business continuity, employers should look to cross train the workforce to maximise flexibility and be able to redeploy staff as needed in the event of another lockdown.
To better understand the skills and experience within your team, businesses can conduct various skills audits. These visual tools enables leaders to identify skill gaps as well as areas where critical work is reliant on a single person and could pose a risk to the business if a leave of absence was required (e.g. need to self-isolate due to experiencing coronavirus symptoms or instructed to do so by the NHS Test and Trace service due to having had close contact with someone who tested positive).
Support staff mental health
Employee mental health and wellbeing should be at the forefront of all conversations relating to planning and preparing for a new lockdown. If businesses are required to shut once again and employees are called to fully return to remote working this could significantly impact their mental health. Returning to a new lockdown could feel like taking a step backwards and could be demoralising and a source of anxiety for your employees.
Nordens can provide you with a wealth of information to help you manage employee mental health during this period and includes a library of local, national and international support services.
Company Voluntary Arrangement
A Company Voluntary Arrangement is one of the possible exit routes from company administration, but can also be undertaken in its own right. A CVA is a legally binding agreement that allows your company to make one repayment each month, and this is then distributed to creditors that voted in favour of the CVA.
Eligibility depends on the viability and makeup of your company – whether you own assets of value, for example, or your cash flows were relatively predictable before the pandemic – and if it’s deemed viable for the long-term by a licensed insolvency practitioner (IP).
Company Voluntary Arrangements generally last for five years – during this time your creditors cannot contact you or take legal action, and all interest and charges on your debts are frozen.
Our award winning business turnaround team can give you ANY information you need to know about this.
Should you require assistance preparing your business, contact us on 02085300720 or email businessdevelopment@nordens.co.uk We’re here to help. Look out for our next article with more lockdown preparation business support.
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews
Director - Metro Bank
Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.
Co-Founder - Chicmi Limited
Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.
Director - Rose Opticians
I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation
Founder & Director - Physio LDN
Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.
Principal - Pauline Quirke Academy
Great accountants, always available to offer advice. The team have transformed my business.
Founder - Dataphone
Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.
Director - Linekers
Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!
Founder - Foundation Sports Limited
A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.
Managing Director - Prime Time Boilers
I have been with Nordens for many years now and they are a great accountants.
Founder - Vivid Finishes
We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.
Managing Director - AMD Interior Architecture
Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.
Director - Forma London
Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.
In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Mark Norden
Founder
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
At Nordens, we're committed to keeping our clients updated on all things business strategy and news. Each week we update our newsletter subscribers on what really matters in the big bad world of business. That way, you can stay one step ahead!
Call: 0208 530 0720
Email: enquiries@nordens.co.uk
Interested In Nordens? Give us a call on 0208 530 0720 or or request a direct call back anytime between 8:00am to 6:00pm!
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Nordens is a trading name of Nordens Limited, a limited company registered in England under company number 04709951. Our registered office is: The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.
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