The Coronavirus pandemic has had a colossal impact on the economy, leaving many businesses wondering if they will be able to survive. However, Douglas Home & Co, one of Scotland’s leading providers of Chartered Accountancy and Tax Advisory services, has developed a new scheme to help businesses manage the impact of Covid-19.
They have created a six-step rescue package, designed to help businesses recover from the hit of Covid-19 to many industries. The package is designed to give immediate business planning advice for a simple fixed fee depending on the company size. The process begins with an initial remote consultation, discussing the specific impact that Coronavirus has had on the business and whether they would benefit from the Resilience Plan. Provided that it is suitable for the company, this is followed by an agreed engagement of the resilience plan.
The next step in the process involves conducting a detailed analysis of the business’s background, including their 12-month cashflow projections and an appraisal of their strengths, weaknesses, opportunities and threats (SWOT). Then a draft plan is created including cash flow projections, cash low points and suggestions for possible means of improving them, identification of major areas of concern and possible responses, a summary SWOT analysis and an assessment of potential opportunities for improvement or diversification.
Once the initial analysis and draft plan have been delivered, the final stages of the 6-step plan involve discussing and adapting the plan with the business’s trusted Douglas Home & Co advisor, and producing a finalised resilience plan that is tailored to their business and circumstances.
Douglas Home & Co have created this plan to quickly get to the root of a company’s needs in a smooth and straightforward manner. Ultimately, this plan will enable many businesses that are currently struggling to get their financial plan back on track and build resilience to aid their recovery.
For more information on beginning your business resilience plan, contact Mike Johnston on mikej@dhco.co.uk or call 01573 225082.
