Business planning to confront the impact of COVID-19

Business planning to confront the impact of COVID-19

του | Μαρ 19, 2020 |

Neil Hughes sets important steps that a businesses can do to navigate the challenges ahead, ensuring that they mitigate the negative impact of coronavirus on their operations

  • Obtain professional Advice
  • Recast their Budget for 2020
  • Observe and control their Cashflow
  • Construct a worst case scenario business model ( 100 days of business inactivity) considering:
    • Creditors
    • Staff
  • Understand the position of the company and what is required to breakeven
  • Understand the numbers/ budgets / operations of their business

Some of the businesses were in a very good shape coming into the crisis and acted very quickly but there are several businesses were vulnerable coming into the crisis and they are the most who are going to struggle the most and they are the ones who may require a scheme with their creditors and need the protection of an Examiner.  

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Accounting, audit, tax and consulting – the life of your business. Hughes Blake is the Republic of Ireland representative of Integra International, a global association of independent accounting firms.