Do you have a business recovery plan?

The relaxation of the COVID-19 protocols is good news for business, but… What’s your plan now? Do you have a recovery plan?

We are continuing to experience the ongoing impacts of the lockdown, however welcome relief is on the horizon.

By now you have likely put your business hibernation plans into action and are continuing to grapple with the endless daily updates, moving goal posts, and ongoing capital and funding requirements.

Most sectors of the economy are really starting to feel the pinch, and we’ve seen an increase in calls seeking support to work through step 2 below – which we see as the Review and Recovery stage.

At RSM, our central goal as a firm remains the same, which is:

To help you emerge from this crisis with as little impact as possible on your business and personal finances.

To do this, we cannot stress how important it is to continue to review and monitor your position; pressure test your strategies; and seek external support, feedback and advice.

During step two, review and recovery, you are likely to be:

contemplating viability
assessing the risks
weighing the options

If your business model is fundamentally strong and likely to be viable longer term, you would be looking at strategies to position and improve your business for when normal returns (or whatever normal looks like for your specific industry and business).

If, however, you have concerns about ongoing viability, it is critical that you reach out early. We can work to limit your losses, review your risk and asset protection strategies, and generally seek to support your recovery.

Developing a recovery plan may be the most important thing you do in 2020

Your recovery plan should be achievable and comprehensive. It should include input from various specialists who are well placed to help you make informed, proactive and sensible financial decisions. It should cover both your business and personal or family position.

For you, success may mean making it through the next few months with your business intact or it may mean leveraging an opportunity to acquire struggling competitors or merging with a like-minded business. It may even mean winding up your business in such a way that you give yourself every opportunity to keep your family home.

Whatever success looks like for you, check out three steps you can take to review your new normal and develop your personal COVID-19 recovery plan to minimise the risk and maximise the opportunity.

We’re all here for you and we have been for almost 100 years

RSM has been helping businesses with their financial affairs for almost 100 years – from regional and remote Australia right through to our capital cities. We survived the great depression and every economic slump since – and all of our financial experts are passionate about helping you do the same.

We are well placed to help you develop and implement your COVID-19 Recovery Plan offering a unified experience with our specialists all working together, across specialisations, drawing on centuries of combined experience, to support you. For a friendly chat on how to get started, contact your local RSM office.