Your Business Recovery Plan

Written by
MBS Advisors
Published on
June 26, 2020

As we emerge from Covid-19 restrictions, for some ‘Business as Usual’ has become ‘Business Unusual’.

How do we navigate our way towards a sustainable new normal?

During lockdown, we focused on crisis management.  This meant activating relevant Government support packages and doing our best to make smart financial decisions.

Now we enter the recovery phase on the way to establishing the new normal. We’ve all learnt lockdown lessons. We’ve discovered risks in our business model that we may not have appreciated before, as well as opportunities that are there for the taking.

Now is the ideal time to document a clear Business Recovery Plan:

  • Define what you want from your business; includes cash drawings, your role, hours of work and holidays.
  • Establish your budget and break-even analysis to ensure you’re generating enough cash to cover all expenses including tax, personal expenses, loans and asset purchases.
  • Determine your critical KPIs; the most important things you need to measure to track your progress towards achieving your targets.
  • Identify your opportunities and vulnerabilities; the factors that will most impact your business recovery.
  • Determine how to manage your most critical challenges.
  • Undertake a risk analysis of each of your departments, e.g. product / service development, marketing, sales, human resources, finances, technology, etc.
  • Identify necessary finance requirements and what’s needed to apply.
  • Establish your 12-month and 90-day goals to ensure you’re clear on your priorities.
  • Clarify your actions to achieve those goals.

If you haven’t created your Business Recovery Plan, we can help facilitate this. You’ve got the smarts on your business, what’s working and what needs to change.

Our expertise lies in stress testing the numbers and pulling everything into one concise plan of attack.

Give us a call today.

Share this post
Blog

Explore our latest articles

Enjoy our latest news and blog posts

5 min read

Keeping up with Fringe Benefit Tax (FBT)

As an employer, if you provide fringe benefits to employees, or others associated with your business, you must generally pay fringe benefit tax (FBT) on the value of these benefits. So, when are you liable for FBT? Any time you provide non-cash benefits to your staff. The list is potentially...
5 min read

Finding the Balance

Looking for a little more work-life balance? Sometimes it seems impossible when you are in the thick of it. The following ideas might help provide some light at the end of the tunnel. Prioritise - Work often dictates to us, rather than the other way around. Create a list of all...
5 min read

Minimum Wage – Issues for farming businesses in New Zealand

All New Zealand employers should understand their obligations under the Minimum Wage Act. Farming businesses can face questions that may not arise for other employers. From 1 April 2022 the minimum wage rates increase. The rates for adult workers are: Hourly: $21.20 ($16.96 for Starting-out workers/Trainees) Daily (based on an...

Stay updated and sign up to our newsletter

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.