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The year of 2020 will always go down as the year that business nearly collapsed, hospitality suffering an almost never-ending on slow off opening closing and then conditional serving. There was no part of the business or personal life, that wasn’t affected and so as we move into a Christmas what families will be apart and businesses not knowing what the future will bring it’s important not to see despair where potential opportunities may be.
The retail sector is another one which has been hit harshly with Big brands falling foul of institutionalised decision making and becoming a slave to long leaseholds, where new and agile retailers have been able to capitalise on the changing market to an online format. You must ask yourself whether this was something that was always going to happen and their Covid it’s just expediated this, where big brands may have had a five-year plan to convert to an online platform this all happened in five months.
The businesses that were able to pivot quickly are some of the greatest success stories and no doubt will be quoted in the future about how an agile company should be. The critical elements to having an agile business are creating short term plans that form part other bigger picture, if you have a plan that is the bigger picture, then time will not be on your side, and it’s time on this occasion in 2020 that was the Achilles heel of many a big company.
A vital key to short term planning is having control and understanding in the patterns of your management accounting information; many companies produce many detailed figures however the expertise is in how you review these accounting figures so that you can see ways that can tell you and predict how the future will affect your business.
Our Accountant team in London, East Grinstead and Brighton have the ability to create such management accounts alongside meranti consulting who can then use these figures Ann patterns to work with you creating a number of short term business plans that dovetail together to create the agile business that is needed for this market.
If you need an Accountant Brighton , Accountant East Grinstead or Accountant London then click on the links for direct contact information.
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Merranti Accounting has produced a detailed book on all the current schemes in the UK from the Government for their COVD response: Click here for your copy.