Guides & Advice
Your guide to recovery and resilience
Your guide to recovery and resilience
Although we may not be going back to ‘normal’ any time soon, the UK is evolving and taking tentative steps towards an increase in economic activity and recovery.
To support businesses and people navigate their way out of lockdown, unlock their potential and make way for a brighter future, we have launched our guide to recovery and resilience.
From financial considerations, employees, leadership and premises, to supply chain implications, health and safety and protecting your private wealth, our guide highlights what organisations and individuals should consider when moving from survival mode towards one where you recover and thrive.
Whether a large corporate with a highly structured board, an SME or an owner-managed business, the financial viability of a business is key to its future success. Whilst organisations have gotten through the immediate situation, they should start making plans and consider utilising a range of financial measures in place to help them cope with what is likely to be a deep recession for many sectors across the UK. The main talking point before the coronavirus pandemic was Brexit and this has not gone away. Businesses need to prepare now for possible further challenges later in the year, once the current pandemic is under better management.
Managing a workforce of any size can have its challenges, let alone one that is recovering from a global crisis. Many businesses will have furloughed employees, or made the difficult decision to make a number of their workforce redundant. For those that haven’t, it’s highly likely they will still face having to make difficult choices, albeit further down the line. The knock-on effects of the COVID-19 outbreak have changed the way employers engage with, and effectively manage, their employees - the processes, policies and guidelines that worked previously may no longer be fit for purpose. As well as reviewing their current workforce and considering future recruitments needs, businesses need to look at their existing policies and assess whether current procedures are enough to support their recovery and allow them to thrive in the new working landscape.
Buildings, workspaces and leases
COVID-19 restrictions have had a massive impact on the commercial real estate market at every level, whether that is bringing some major projects to a halt or simply making it impossible to access and use premises. As the world and economy moves forward, owners and investors of real estate as well as occupying tenants, will have to consider the adjustments they need to make whilst the restrictions around social distancing continue. When businesses emerge from lockdown, they will need to find new ways to utilise their space and consider how to manage the cost of premises in these changed circumstances.
Suppliers and supply chain
A focus in recent years on minimising costs, reducing inventories and maximising asset utilisation has often resulted in a reduced ability to cope with disruption. Whilst the impact of the COVID-19 pandemic is unprecedented in modern times, disruption to the global economy is an increasing risk, whether due to political events such as US-China trade tensions, Brexit, or other events such as climate change. Now is the time for businesses to review their supplier network to ensure that their supply chain will hold up and allow them to get the products, parts and raw materials that they need to continue to trade and deliver revenue.
Private wealth, family businesses and family
The effects of COVID-19 will undoubtedly have a huge impact on our economy for years to come. We have already seen that the pandemic has led to an increase in people looking at how they may pass on their wealth to the next generation – and even more so for those that own family businesses. The uncertainty of what’s to come is understandably keeping many people awake at night but, whilst the scope of what our future may look like is still evolving, one aspect that can be controlled is putting measures and provisions in place to plan for the future and protect private wealth. As we all try to pick up from where we left off, there are plenty of opportunities out there for effective wealth planning that will make a real difference.
Compliance – Health and safety
Employers have clear duties under existing health and safety legislation, including protecting workers and others from the risk of COVID-19 infection in their workplace. The onus of demonstrating that everything reasonably practicable has been done falls to the employer, so to ensure businesses are demonstrating compliance with the law, they should follow government and industry-led guidance wherever possible.
Strong leadership is a cocktail of authenticity, collaboration, passion, compassion, and a great deal of bravery. We all know the best results occur when we are pushed out of our comfort zones and the ingredients are shaken up; and COVID-19 has done exactly that. With government guidance signalling the UK’s route out of lockdown, the time for positive leadership is now. It’s time to take control of what we can, and create an environment with enough certainty where people can feel safe enough to flourish centre stage.
Here to help
Our guide to recovery and resilience can be found on our coronavirus resource hub.
We are here to help you unlock the potential in your business. As business advisors, we will continue to provide you with expert insight at every opportunity, assisting you with the difficult decisions you are facing. We remain committed to supporting our clients and the community throughout this crisis, with the depth of experience, collaborative ethos and the creative know-how to lead positively to the future.
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