Navigating the pandemic

Bondholder Mazars has created a Covid-19 Leadership Hub to help businesses navigate the pandemic and adapt for the future.

In recognition that business leaders are likely facing a set of unique challenges posed by the Covid-19 pandemic, Mazars is helping reduce the impact for businesses by offering practical information and advice to support them through these difficult times.

It has identified three critical phases, each with its own unique challenges in relation to various aspects of business, including; cash flow, operations, people, processes, and production. These three phases are:

1. Response – taking immediate action to protect the business, people and cash flow;

2. Adapt – reviewing processes, overheads and staffing as well as finances for post-lockdown life. What can businesses do now to thrive longer term?

3. Recover and Transform – looking to the future, how can the business evolve and what changes are needed to get there?

Focusing currently on the ‘Adapt’ phase, as businesses move out of the initial phase of the pandemic, there are a variety of challenges businesses face, one of which is preparing to bring back furloughed staff back (or ‘reboard’ them).

Mazars’ experts advise that, when bringing furlough staff back into the business, consideration needs to be given to when and how this happens, whether it will be on a full or part-time basis, on-site or working remotely. This will all have an impact on how processes, premises, technology and sales are managed. They recognise that reboarding takes careful planning and consideration, and often some outside perspective, which is where they can help.

The company is offering in-depth workshops led by its Business Consulting Team, tailored to a business’s needs. At the end of the workshop and consultation process, Mazars delivers a comprehensive report, outlining options on future structures and improvements, including a step by step plan for implementing these. It will benchmark the company against market leaders and give insights and tools to help close the gap.

Find out more about how Mazars can help you with reboarding through the workshops here.

Advisors at Mazars are tailoring solutions to suit each business’s specific needs and circumstance. Its Covid-19 support services include:

• Statutory audits: providing clarity and peace of mind to help businesses understand their financial position and performance;

• Finance outsourcing including bookkeeping, payroll and credit control: providing external support so business leaders can focus on the core business while they regroup and plan for the future;

• Corporate and Income Tax planning: offering pragmatic solutions and information on changes to regulations and new laws relevant to the business;

• Personal financial planning: practical advice and guidance on how to adjust assets to protect personal savings and investments.

If you would like to know more about any of the above topics or services discussed, contact Mazars here.