What can we take from lockdown?

The last few months have been a tough time for most of us. Having to shut down, or switch to an entirely digital, remote working model was a stressful experience for us all. Whether it enabled us to explore new ideas or dive into fresh thinking regarding work or home life, there have been a few things we can take from this experience in lockdown.

Teams are now used to home-working, video meetings, online conversations with clients and customers, and many of us began to see positives of this low-impact, remote working approach.

So, are there things you can hang on to for the return to working life?

More time with family – Most of us have had far more time to spend with families, partners or friends, depending on our living situations. Although enforced time together may have added a few strains, the extra time with nearest and dearest, even if through a video call, is something we are all grateful for – and should aim to continue.

More exercise / mental health time – Although I’m no fitness fanatic, I have enjoyed being able to step out in to my garden when the weather is nice to enjoy the fresh air and have time away from my desk – which is something that rarely happens when I’m in the office. We know exercise is good for both our physical and mental wellbeing, and being able to fit in a gym session, run or walk was always tricky. The quieter pace has allowed those of us to do these things – so it is important, for those who wish to, to keep it in our daily schedules going forward.

Future planning – Working on a business, rather than in a business was why we all became business owners, right? In lockdown, we have had far more time available to think through our core goals, what our next move should be and what our ‘post-coronavirus strategy’ should be. Even though there has been a stop in sales and revenue, it’s something every business owner needs to work on. You need a plan to get you through and if you haven’t done this already – we can help.

Getting in control of your financial model – Huge drops in revenue has meant a lot of worry when it comes to cashflow. We have been helping clients to re-evaluate a financial model with our targeted webinars and 1-2-1 strategy meetings, ensuring we are pointing out the most important things that need to be focused on right now. Looking at costs, debts and potential revenue streams allows you to see how you can reduce cash outflows and boost cash inflows. Reporting on these specific metrics will continue to support your business decisions.

None of us really know exactly what the new normal is going to look like, but we can certainly aim to be ready for a different kind of business reality.

Next week, I’ll be running a new webinar for those of you who wish to take the next step in starting to build your business, ready for a return. Please look out for further communications on when to join!

Managing Director, Xebra Accounting