“Business as usual?”

Today we are expecting to hear the widely-trailed latest easing of lockdown - that, broadly speaking, attempts to “fully open” the economy. Whatever you think of the politics or wisdom of this process, does it signal “business as usual”?

The simple answer is no. All businesses are going to be operating in a very different environment that goes well beyond the most visible PHE signage. All businesses are therefore going to need to adapt to survive - both in how they interact with their lifeblood customer base and, of course, the associated income.

It is very tempting to be overly optimistic at this time, but we must resist that temptation. Some businesses will have already closed their doors and some will suffer a slower, lingering demise - unable to generate sufficient cash in the short to medium term. However, as we have said in previous blogs, we must work hard to preserve and gradually enhance as many businesses as we can.

Cash is king; any temptation to put off change whilst benefiting from recent government support (grants/ furlough/ low interest loans) must be resisted. This is unquestionably the right time to thoroughly examine the business from top to bottom, whilst carefully managing every penny.

At the same time, balancing the preservation of cash with essential investment will be a very important task. There is no doubt that the old adage that you have to “spend to accumulate” will be potentially vital, ranging from strategic acquisition, through to a realignment of marketing spend.

At Sense, we offer 3 different programmes to suit all businesses to help business owners through these challenging times and you can contact us at any time here.