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18.

June

2020.

7-point plan to get businesses back on track

P R E S S R E L E A S E

Ref: HWPR103 Date: 18th June 2020

7-point plan to get businesses back on track

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As Covid-19 lockdown eases and Staffordshire businesses get ready to reopen, a local accountant has drawn up a simple 7-point checklist to help firms get back on track.

From recovery to long-term resilience planning, Stafford-based Howards chartered certified accountants is encouraging businesses to follow a series of simple steps that will help them survive the difficult months ahead.

The measures will also help firms make the most of opportunities that will arise as the country emerges from lockdown:

Review products and services - make improvements, introduce new additions to the range and tap into new markets. Importantly, work out how best to harness the power of the internet.

Review working practices - assess whether staff could work part-time or routinely work from home. Could you operate from smaller premises? Weigh up the annual costs per desk against the potential impact on customer service.

Scenario planning - when difficulties arise, having a strategy will help you to weather the storm. Your accountant can provide invaluable insight for a business continuity plan.

Build up a cash reserve, working with your accountant or financial adviser to create a realistic savings plan.

Reduce outgoings - cut costs to keep revenue in the business.

Take advantage of grants or other incentives, including business tax credits and deferring tax payments.

Loans - understand your obligations and if you're experiencing difficulties paying, work with your lender and your accountant to agree a payment plan.

Managing director Matt Bailey says: "Few businesses have remained immune to the Coronavirus pandemic and now it's time to dust ourselves off and get things back on track.

"Whatever it takes, make sure you communicate regularly. As well as updating employees about measures to ensure their safety at work, keep suppliers and customers in the loop so they can appreciate how your new work practices might affect them."

HowardsChartered Certified Accountants providesa broad portfolio of services tobusinesses across Staffordshire, including strategic business planning.

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Caption: Howards Chartered Certified Accountants has drawn up a simple 7-point checklist to help businesses get back on track after lockdown.

About Howards

Howards was founded in 2005 following the merger of Barrington's and Wood & Co, two well-established and successful Stafford firms of accountants. The combined experience and areas of individual expertise that the company now enjoys has been passed on to its clients, who all benefit from Howards' deeper knowledge base and wider range of professional services. The senior team comprises managing director Matt Bailey, director and commercial and taxation specialist Ryan Hudson, office manager and group company secretary Joanne Austin, senior manager Nick Archer, accounts manager Clive Boult, payroll manager Karen Evans and managers Rachael Wilson, Joe Dimambro and Chris Glue.

Howards' social media platforms

Follow Howards on Twitter - @Howards_CA