Swings + Roundabouts Autumn 2021

New Year is a great time for reflecting on the year just gone, and for planning ahead for the future. Whether you are a formal strategic planner or more of the beer- beach-and-barbecue type, you should definitely take some time out, with your team, to think over the lessons of 2020, and to set some goals for 2021. Hopefully you were all aware of the COVID-19 Business Continuity Support assistance, provided by the government last year? This was free funding for small businesses facing COVID-related hardship, so that they could access professional advice in designated areas, such as planning, marketing, and business BUSINESS RESILIENCY AND SURVIVING THE COVID-19 SQUEEZE BY PHIL SALES resilience. Over the last six months, I have been working with a number of business owners to identify opportunities arising out of the pandemic, and to future-proof their businesses against further shocks. Not surprisingly, the primary concerns for many of these businesses have been around cashflow and financial viability, so I thought that it might be helpful to share some broad ideas with you, as you develop your own business resiliency strategy. My first piece of advice is always to talk to your accountant, as soon as possible. Your accountant knows your business, and can talk to you about cashflow, forecasting, financing, and managing IRD. A really good accountant may even be able to guide you through planning and restructuring options, if necessary. If your business is sound, but just short of cash or in need of an upgrade, then don’t be too surprised if a really switched-on accountant suggests that you take out a loan as a financing option. Interest rates are so low at the moment that it might be a viable solution, provided that you have a good cashflow forecast and a sound asset base. It is also worthwhile considering a business mentor. Business Mentors New Zealand (www.businessmentors.org.nz/ ) will March 2021 { 24 }