Building a successful business is a marathon, not a sprint. This is especially true in the post-Covid
world where businesses are struggling to stay afloat in an environment where a vaccine is being
rolled out and economies are still reeling.

Kevin Johns, managing director of leading Midlands accountancy firm Prime Accountants Group,
discusses a few basic building blocks that you would need to stay alert and ahead of the game.

“With the current state of a depressed economy, many business owners feel as though there is no
need to plan ahead. Some have the idea to just endure these uncertain times as best as possible,
hoping for a brighter future,” said Kevin.

“On the contrary, planning is a must. When the economic recovery inevitably starts, long-term
growth will be a by-product of effective planning. Doing nothing or making haphazard business
decisions may result in survival but won’t necessarily guarantee growth and succession.

“The last year may have instigated or even forced a change in business purpose for many. It is
important to look back and learn from it, review and re-evaluate your businesses current position
and implement a plan that will help you grow and succeed in the post-pandemic world.”

Commenting on what business leaders need to be looking at, Kevin added: “Now more than ever, it
is imperative that business leaders look at efficiency improvement strategies.

“Cost-cutting, while needed in the last year, can sometimes be a short cut towards closing down.
Instead, businesses now need to look at how can they embrace technology and the internet better
and use these platforms to drive business growth.

“It took the pandemic for many of us to understand the benefits of platforms like Zoom and
Microsoft Teams. Take this learning and research, dig deep and understand what else is out there
that could help you and your business grow and move into other markets effectively.

“Effectively managing your business’s financial performance is another key factor to consider today.
Plan what you think is going to happen and then allocate your cashflow accordingly. It seems simple
and may come as a surprise but that’s where most businesses fall short today.

“Cashflow is essential and while it is fantastic to have a budget at the start of the year, it needs to be
used wisely and reviewed regularly to ensure that concerns are addressed and you are making all
the right moves to secure higher profits.

“Accounting today is easier than ever before with the advent of technology and its supporting
software applications. The likes of Sage, Xero and Quick Books has meant that you can interact with
your bank statements on the move, empowering you to take control of your finances.

“Ask any great entrepreneur what the most important success factor in selling a branded product is
and most often the answer will be – the brand itself. But look deeper and what’s possibly more
important is keeping a watchful eye of your margins, and it isn’t rocket science as to why!

“Ultimately, companies that maintain and improve profit margins have more scope to grow teams,
increase marketing, improving technology – the list goes on.”

The economic downturn resulting from coronavirus has also led to several businesses closing down
their head offices. However, Kevin believes that leaders need to instead look at implementing agile
and flexible working where possible, which can further innovation and drive success.

“There is no doubt that the way forward is agile working and the need for businesses to be more
flexible hasn’t never been more real. However, people by nature are social beings and thrive when
working together face-to-face.

“I strongly believe that a lack of close contact can stifle innovation and so I urge business leaders
everywhere to revaluate their decision to close down offices and instead implement a flexible
working culture that strikes a balance between working from home and in the office.

“As important as planning, is also the need to focus on our employees today. Empowering our
workforce with the right knowledge and equipment they need cannot just help grow a business but
will ensure sustained growth and business succession as we step into the future.”

For more information about Prime Accountants Group, visit www.primeaccountants.co.uk or search
for Prime Accountants Group on LinkedIn.