The pandemic might have knocked many small businesses' plans and operations sideways but, with the right helping hand, 2021 can be the year of recovery. Managing Director Greg Bestwick explores.
Keeping the lights on
2020 presented small businesses with challenges of all shapes and sizes. Some were forced to close indefinitely and others managed to open intermittently, while many have found themselves investing in physical assets and processes that they’d never once considered before the onset of a global pandemic.
For most, day-to-day admin and accountancy needs might have been dropped or might be lagging behind. But that’s not through ignorance or malpractice: businesses have simply been trying to keep the lights on - for nearly 12 months.
Looking forward
While restrictions still exist and firms continue to struggle with regulations and limitations, we must all look forward. And the signs are tentatively positive. Vaccines are being rolled out at pace, treatments are becoming more effective, and the world is realising that this might simply be another virus that we learn to live with. Looking forward, 2021 might just be a year of recovery.
Partnering to add value
How will that recovery begin? For small businesses supplying pent-up demand, focus will be vital. Especially vital will be a focus on what small business owners do best: knowing their customers’ needs and spending as much time as possible serving them. At the same time, admin and financial matters might continue to be relegated to second place - but they don’t need to be.
It might seem counterintuitive for businesses with stressed cash balances to outsource to a service provider, but this is a time when the right partner can truly assist and add value. And that partner will go beyond the accountancy basics, helping to streamline operations, monitor business performance and generate efficiencies.
How can we help the recovery?
Our team works with small businesses across a range of sectors, giving us insights into the financial and operational needs of many business owners and managers. As we look ahead to 2021, we’ll be supporting our clients to focus on their customers and their core responsibilities by offering a variety of services:
- Easing the time-consuming burden of day-to-day bookkeeping;
- Enabling effective forward planning with tailored management reporting;
- Providing retained expertise in a Virtual Finance Director capacity;
- Preparation of company tax returns and GST reviews;
- General reporting, payroll and administrative support; and
- Assisting relevant clients with company secretarial requirements including the new annual confirmation process.
Whatever the sector, size or shape, all businesses will be eager to open up, serve customers and recover - and do it all soon. Working with an accountancy partner can ease any overwhelming feelings, add long-term value and enable businesses to move forward with what they do best while recovering from an extremely challenging period.
To find out more about our services and how we could support your business, contact Greg Bestwick for an informal chat: