The speed and economic impact coronavirus (COVID-19) has had on businesses has brought to light the importance of having robust financial stress testing and forecasting in place. It is important for business owners to understand their position and keep doing so, to assist with planning and management. A well-constructed forward looking forecast will help with decision making and assist with any difficult situations.
Once this forward looking approach has been developed, it is important to ensure it is agile to account for the continually changing circumstances around coronavirus (COVID-19). This will help management think about actions to mitigate shortfalls and pinch points with cash flow.
The importance of planning and forecasting based on different scenarios won’t allow you to see into the future but it will increase the resilience of your plans during these uncertain times.
Our experts at Queensgate Management have been supporting East Midlands businesses for more than 10 years. If your business needs help with financial forecasting please contact us on 07917 373432 or email firstname.lastname@example.org for a free consultation.