On Tuesday September 1, we hosted a webinar looking at what the future of the economy holds, what to expect in the upcoming months and how you can protect your business.
Our panellists included UHY Hacker Young Partner Marie Pegram, UHY Audit Partner and Corporate Finance expert James Price and Harry Hellyer, Director of Equip Business, a specialist consulting firm that focus on business resilience and growth for SMEs.
The webinar covered the current economic environment, managing future uncertainty, protecting your business and mitigating risks and also business critical decisions.
“The COVID Shockwave has affected everyone and this recession is much more complex than normal. There’s a lot of uncertainty and risk, and businesses need to be on the front foot by looking at the opportunities on the other side.” Harry Hellyer, Director of Equip Business.
“I have a feeling many business owners are sticking their head in the sand right now, and that’s not the right answer. It’s not a time to duck big decisions, and if analysis shows that they need to scale the business back, whether that’s through closing premises or job losses as a consequence. It’s unpalatable of course, but the foremost thing is the survival of the business, because if the business goes down then ALL of the jobs go with it.” James Price, Partner at UHY
James Price also emphasises the importance of creating cash flow forecasts right now “Businesses need to model the financials carefully, considering multiple scenarios, and identify likely cash pinch points over the next 12-18 months. They should look to create as much financial headroom as possible – perhaps by applying for the Government backed CBILS loan – but they must act quickly.”
The webinar provided many practical tips to help businesses protect themselves through these uncertain times. You can watch the recording of the webinar here.