The new tiered system of restrictions for England after 2 December 2020 should give businesses the certainty to plan and recover, according to innovative accountancy firm Davis Grant.
As the country begins to emerge from a national lockdown, the firm based in East London is calling on businesses to turn their attention to the future so that they can plan for the challenges ahead.
As part of this process, the firm recommends that businesses conduct a full review of their finances, including cash flow forecasting and financial modelling, to give themselves a clearer idea of their position in the weeks and months ahead.
“Confirmation of the new restrictions means that many businesses can now re-open,” said Davis Grant’s Director, Barry Chernoff. “This is a critical time of year for many sectors and so they need to make sure they have the resources to make the most of this busy trading period.
“Many companies are likely to be in a weaker position than previous years, due to the pandemic, and so they must make the most of the finances they have to rebuild and recover.”
Barry said that seeking out professional help from an accountant or trusted advisor could help companies to highlight weaknesses in their finances and plug gaps in their income with funding and the Government’s financial support measures.
He added: “Much of the South East is in Tier 2, which is fortunate for the majority of sectors, who will be able to re-open after a month without any business.
“Of course, there are some sectors, such as hospitality, that face a much more difficult situation and for them, it is particularly important that they get advice during this challenging period – it could be the difference between survival or failure.”
Davis Grant has been supporting a wide range of businesses during the pandemic, assisting owners to access funding and resources to help their company to survive and thrive. With the additional challenge of the end of the Brexit transition period at the end of the year, it is offering a helping hand to local businesses in distress.