The Journey out of Lockdown / Part 1: Financial Recovery & Pandemic Pivots RECAP

In the first part of our Journey out of Lockdown series we attack NUMBERS!

Alison Wong is the founder of White Doe, supporting hospitality businesses on business and financial strategy from launch until they're ready for a full-time Finance Director/CFO.

Alison joined us for a LIVE session to talk through some of the key financial points we need to be looking at as a business, as we embark on our journey out of lockdown.

If you would like to speak to Alison further, please feel free to connect with her via the SERVICES section, so she is aware of your L.O.R. Patronage.

Click the video above to watch and listen to the full session, and below you will find a recap of what we covered.

1) Understanding how much cash you've actually got and having a plan for any deferred debt (rent, VAT, PAYE etc.) that you've got

Cash is king - there's no two ways about it. Virtually every business will be reopening with some form of deferred debt, be that rent, VAT or PAYE. Make sure there is a plan agreed on how to pay this back and also know what your business targets need to be in order to stay afloat AND repay these debts.

Bottom line - it's about having a clear picture of your actual financial situation, which means you can commit to repayment plans with your eyes wide open.

2) Deciding on your pandemic pivots

Pandemic pivots may have worked well during the pandemic, but with your operations reopening and more consumer choice, does it still make sense?

3) Set your business up for success when it reopens

Between deferred debt and loss profits from the pandemic, every business should focus on squeezing every £ of profit out of its sales when it reopens. Things to do now to put yourself in the position to do that.