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The Accountants for Growth

Develop a financial plan to cope with impact of Coronavirus

Develop a financial plan to cope with impact of Coronavirus

Being prepared for and forewarned of the potential financial impact of the Coronavirus is essential for the survival of your business. This blog explains steps you can take to minimise your financial risk.

At this stage no one can predict with accuracy the financial impact of Coronavirus on businesses in the UK. However, one thing is for sure - it is likely to hurt the mobile and event caterers to a significant extent.

There is talk of the cancellation of major events, particularly where large groups of people gather together and this is bound to detrimentally impact on caterers.

So what should you do to assess the potential financial damage?

We would recommend that you prepare several financial forecast scenarios; in this way you can see how much your profits may be hit and then plan your remuneration strategy accordingly so tat your business does not run out of cash.

This is where we can help - using our Liveplan forecasting software we can generate the forecasts for you and based on this information discuss the best plan for your business.

If you do not have the resources or expertise to carry out this exercise contact us and we will be able to help and advise. Email us at [email protected]

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