A virus that also has a heavy burden on businesses and a global economy that continues to trudge along. Some doing better than others but self-employed and small businesses have been hit especially hard by cash-flow challenges and sharp decreases in revenue. It’s abundantly clear as we emerge from the ‘great lockdown’ that demand across the board will increase. We will face challenging times with costs of supplies increasing. In addition, there will be additional demands put on the supply chain.
Recent figures show that ‘Three in 10 SMEs are mulling job cuts’ (link https://www.irishtimes.com/business/economy/three-in-10-smes-are-mulling-job-cuts-says-acca-ireland-1.449301). Clearly, in that context, accounting and finance professionals have an unusual mandate in their client engagements this year.
To continue contributing value, no matter what comes next it’s key to recognise how the customer landscape has changed. There has indeed been a negative fallout from COVID-19 and it has not been equal or fair. Now is the time to be tuned in to the specific nuances of your customers’ needs and the environments they operate in. By doing your due diligence, you can be far more proactive in the solutions you bring when re-opening. You can also be proactive when growing or maintaining your business through these challenging times.
As a business owner, you may have faced significant layoffs and furloughs, mandatory business closures, changes to remuneration plans. We at can help you through these potential minefields. We work with employment law expert Christine Traynor, Solicitor. She will consult with you and offer advice in advance of you making any important employment changes.
For all your Bookkeeping needs and payroll advice please contact Orbano.ie.