Planning for what’s next in business has never been as important. With the economic, personal and professional challenges which we all faced during 2020, it was a demanding year like no other.
Businesses have transformed what they do and how they do it at a record pace. The pandemic has accelerated changes across the whole business spectrum with organisations rethinking how they operate in respect of changing customer, employee and regulatory demands. We have seen technology and digital infrastructure projects delivered in a matter of weeks to support agile working, projects that were probably on an IT roadmap but scheduled for delivery over a number of years. We have seen consumer demand change significantly by necessity when brick and mortar retail operations were closed and by preference as consumers have embraced online shopping. As a result supply chains have been transformed. We have seen pressure on cashflow and funding with new financial support products introduced on a weekly basis.
Looking ahead, businesses will need to continue to adapt if they are to survive and thrive. Working with legal and professional experts across our group, we have collected a range of insight, tools and guidance to help organisations to build resilience over the months ahead, to survive the challenges which the pandemic will continue to create and to thrive in the new environment beyond COVID.
Building a resilient balance sheet
In 2021, businesses will need to get leaner and fitter to overcome the challenges and grasp the opportunities on the horizon.
Businesses faced a perfect storm as the first wave of support for the economy was due to end last autumn. Then in mid-September the Chancellor gave us a partial, and temporary, reprieve. SEISS has been extended to April next year. The prohibition on landlord forfeiture has been extended to 31 March 2021, as has the prohibition on COVID-related winding up petitions and business support loan scheme deadlines. Repayment of CBILS loans has been extended up to 10 years. Deferred VAT is now repayable over a longer period.
Take a look at some highlights
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Business after Brexit
On 31st December 2020 the Brexit transition period came to an end. Are you prepared for how this will impact your business?
Fundamental changes are required to the way that you manage your workforce, international distribution networks and regulatory compliance. From changes to the immigration system to restrictions on how personal data can be transferred, action will be required to prepare for business after Brexit.
Take a look at some highlights
Preparing your workforce
Whilst we all hope for a return to ‘normal’ soon, there is an expectation that the ‘new normal’ will look rather different.
With every challenge there comes an opportunity, and this may be the case for organisations who wish to look forward and develop innovative strategies for an agile workforce and embed working practices which ensure the safety, good health, productivity and engagement of their people.