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?