Companies in East Anglia future-proof their businesses for life after lockdown
PUBLISHED: 04:43 08 June 2020
Firms across East Anglia need a host of measures in place to cope with a changed world as they emerge from lockdown, business support experts warn.
Battened-down firms reviving their business’s fortunes after a prolonged coronavirus closure period face enormous challenges, from a collapse in customer demand, problems sourcing stock and heavy regulation – to surviving a looming economic recession.
But they can help keep their businesses buoyant by taking action now, according to financial and insurance experts.
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Andrew Diver, head of tax at Beatons Group chartered accountants, said the key to success was ensuring financial security.
“From furloughing to bounceback loans and grant schemes to recovery of statutory sick pay, there has been a minefield of new legislative measures that have been put in place very rapidly to assist businesses,” he said.
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“Accountants have been overwhelmed in recent months helping businesses navigate these changes, but any successful business owner understands the importance of managing every penny. The likelihood is that we are heading for the biggest recession this country has seen in a very long time so our top piece of advice right now is to get your head around your finances for the short and long term,” the Ipswich-based financial expert warned.
Insurance broker PolicyBee warned that employers seeking new insurance or a good deal at renewal would find it tough as the industry becomes more risk-averse.
“The world has changed in recent weeks and the way we do business has changed with it. With change comes new risk,” said head of customer service Kerri-Anne Hockley.
“Even though there is uncertainty, our advice would be to stick to best practice. Keep up to date with government guidance and action as appropriate for your circumstances. Being able to evidence you have done as much as possible to mitigate any risks is going to put you in good stead for the future.
“Over the past few months, we, as a society have, rightly so, become risk-averse and so has the insurance market.
Worryingly, under-insuring to keep costs low was becoming commonplace, she said. The Ipswich broker advised firms to seek out a broker rather than relying on comparison sites or going direct to one insurer.
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