Where to start with planning your business recovery

Right now, it’s ‘business unusual’ as businesses reopen after COVID-19 and adapt to an unfamiliar environment. And it’s critical, as a small business owner, that you have a plan to ensure that your business has the best chance of recovering and getting to a new ‘business as usual’.

There’s a natural order in which to reinvent your business.  With business continuity planning, we asked you to put the oxygen mask on yourself first.

Business recovery planning is no different.

Remember that the business is there to serve you, not the other way round.  You should not be a slave to your business.

So, step one is to put your shareholder or owner hat on and define what you need to get from your business.  Can you make savings in your personal spending to reduce the cashflow strain on the business?

No doubt you’ve made savings during lockdown – can these savings continue?

Updating your personal budget is best done using a template so that you don’t miss any expenses.  An easy way to do it is to simply look at your bank statements online to see what you typically spend in a month.

Of course, you need to be realistic too as lockdown was very different as spending opportunities were very limited so make sure you go back 3-4 months to review your expenses.

Keen to get started on your personal budget but don’t have a template?

If you have any queries or get stuck using our template, get in touch with us.

And for an outline of the Business Recovery Planning process, register for our free webinar at 11am next Wednesday, 3 June by clicking here.

Paul Burke
Paul Burke
Paul is a Business Finance and Growth Coach for motivated small and medium (SME) business owners who are ready to find their freedom. A 30 year veteran accountant and fellow of CPA Australia, Paul has a Diploma of Management, trained as a Gazelles International Certified Coach, is a successful business owner, family man, committed community volunteer and freedom finder. Paul knows how to sustain and grow a business that supports lifestyle goals. He understands why you started your business. What you hope to achieve. What you’re struggling with. He’s a font of accounting, finance and business growth wisdom who’ll support you every step of the way to help you achieve your goals in business, and life.

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