With the stricter Covid-19 controls across Northern Ireland and the Republic of Ireland, it’s time for everyone and every business to reassess. Everyone individually can take steps to isolate from the disease. We must also take steps to insulate from the economic impact.
For all businesses, no matter if you are located in Derry, Kerry, or anywhere between Cork and Belfast, Dublin and Galway, are the initial Covid-19 steps and measures that were implemented after Lockdown1, available, repeatable and fit for purpose for the second phase? Are they scalable and adaptable for the medium to long term?
Our team is here to help you manage your business through the crisis, re-emerge in a healthier position and prepare for any similar event in the near or distant future.
Review the following short questionnaire and if you can hand on heart say, you have made considerations for them all, well done, you are ahead of the curve.
However, if you have any focus areas or items you would like to revisit, please contact us.
- Are fully aware of the various Government Support Schemes available to SMEs, and have successfully followed them to completion?
- Have implemented effective actions to speed up incoming cash, to slow down expenditure and have a transparent cash flow reporting and accurate forecasting mechanism in place?
- Have reviewed the supply chain, identified improvement options and acted accordingly to materialise some or all of them?
- Understand negotiable expenses and overheads and have managed to reduce cost or make cost scalable to revenue?
- Business processes are waste and bottle neck free? We run a lean operation?
- Opportunities to increase our working capital were identified and converted?
- A high standard suite of health and safety measures, compliant with government advice and enabling a safe environment for both, employees and customers have been introduced?
- An effective and efficient business continuation and people succession plan has been implemented that will help to minimise the negative impact of a similar event in the future?
- An accurate, periodic and timely management reporting pack is available that enables us to make agile informative decisions at any time?
- A centralised governance process ensures the management and monitoring of all the above?
If you have answered one or more of these business essential questions with “maybe”, “not sure” or “no”, please contact the team at ACRA for an initial conversation.
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