Making sure your business is ready for the road ahead

A Guest blog by Graham Morgan, Business Expert.

Wales has recently exited its second nationwide lockdown of 2020. The Welsh Government’s decision to go for a short sharp ‘circuit break’ was based on increasing trends in Covid infection rates across all parts of the country. Certainly not as severe as the lockdown of March, April and May, given many businesses continued trading, but there are huge swathes of family owned businesses that have been impacted in one way or other.

The impact on the Welsh economy

The media in Wales placed a £500m impact on the Welsh economy and this will without doubt feed through to businesses in all parts of Wales. This at a time when many family businesses were just getting some momentum, consistency and continuity after re-opening in June, July and August after the last lockdown.

On the horizon ahead there will be further impacts in some form or other connected to the UK’s departure from the European Union. Attempting to get some context around possible opportunities or threats for your business does now become important.

Autumn in Wales is a very special time. A series of key events creating a springboard for the run into Christmas festive activities that have always got the tills ringing. Sadly winter 2020 is likely to be a much different experience to many over the last 75 years.

Early indications are that the first weekend since lockdown has had mixed results across different businesses and as importantly the sectors they operate in and serve. So far, there seems to have been a lethargy for many folks getting back out and embracing retail therapy and socialising in the bars and restaurants. Possibly the enthusiasm dampened by poor weather.

Take action now with this business audit

If you run or own a business, taking action is a necessity! It needs to happen whatever sector you operate in. So what does business advice, support and guidance mean in reality?

• Check if a market still exists for your products or your services by reviewing market intelligence.
• Has customer buying behaviour changed?
• How accessible are you digitally? Is your website doing what it should within your marketing planning?
• Can you sell online?
• Have you accumulated some cash from the various schemes that have been available to anchor business support in 2020?
• Have you undertaken a ‘deep dive’ review of all your costs and identified efficiencies and savings?
• Have your raw material costs increased?
• Do YOU need to increase YOUR PRICES?

This simple audit will maximise your chances of success going forward and enhance the prospects for business survival in these challenging times.

Having a short term budget and cashflow projection will cement the all-important financial aspect of your business. To arrange to speak with one of our Business Consultants about advice for your business, please click here.

For more blogs by Business Butler, please click here.