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Welcome to WrightCFO's April 2020 Newsletter. If you missed the last instalment you can take a look here.

In March we looked at the current support and guidance available for businesses from the Government, and we continue to provide updates as they emerge via our social media platforms. For this instalment we wanted to provide some guidance relevant to how you can help yourself, your business and your clients.

We all seem to be living from day to day, both in our personal and business lives. Each day brings a new challenge and our ability to adapt so far has been admirable. The media is full of articles on how this is an excellent opportunity for businesses to evaluate and reinvent themselves. However, how do we actually achieve this while continuing to service existing contracts and maintain all other aspects of our functioning businesses predominantly from a home working environment?

We have considered this challenge and hope that the following content gives you some usable guidance. As always if you want to discuss anything in the Newsletter in more detail don't hesitate to get in touch.
"Communication Works For Those Who Work At It" 
There is one thing we all know, although sometimes forget; communication is key. This is something that has been brought to the forefront since self isolation and lockdown became terms that frequent our conversation. Just being able to see and communicate with another human, no matter how casually, is a luxury for many people, even if it occurs via a video call.

Communication is no less significant in business, and now more so than ever. In the words of Paul J. Meyer “Communication – the human connection – is the key to personal and career success.”.

We all need support to sustain our businesses. Below we have provided guidance on how you can bolster your business, your discipline and facilitate the best client support during the current crisis.

1. Networking

This is the perfect time to increase your professional network. There are literally millions of minds out there looking at how they can maintain and diversify their business to survive the coming weeks and months. While you may not have time to make personal contact, you can allocate time to increase your network on social media, and make sure you do not miss out on a gem that could make all the difference to how your business moves forward. Take a small amount of time each day to search social media and news channels for tips relevant to your discipline.

2. Pooling Resources

During this time we are fighting a common enemy. While we all have competitors we also have colleagues within our discipline and industry bodies than can provide support. It is always difficult to make time to communicate but the rewards can be the difference between success and failure, often with just one email or phone call. Many organisations and industry bodies are offering free support and training via webinars. Avail yourself of all opportunity, it will be time well spent.

3. Second Guessing

You clients are all feeling the squeeze, and you may have already experienced them reducing commissions or cancelling contracts altogether. Don't wait for them to tell you their concerns, make and maintain regular contact to ensure that you can aid them in any way, even if this means taking a reduced fee. If you can give them one thing less to worry about you may significantly increase your chances of being retained as a consultant or service provider. Make yourself indispensable. This is not only an investment in the present but in the future as well.
Professional Financial Support for Your Business

Professional financial support for your business can mean the difference between success and failure. It is however an area of business management that many organisations attempt to navigate alone. While there is no doubt that no one understands your vision better than you, achieving your full potential is reliant on your willingness to accept the right support.

Finance directors offer support through the day to day running of a business. They contribute to financial policy, business plans and marketing strategies. Your FD will work proactively to make recommendations for amendments to policy and procedure ahead of times of crisis. Additionally, when crisis occurs, they aid implementation of your policies and develop counteractive procedures.

Read our latest blog
A note from Sophie....
I find it miraculous what individuals can pull out of the bag, when the need arises. This pandemic we’re in, has seen resilience among people and businesses like I have never seen. Some people have lost loved ones, businesses are struggling, debt is rising, some are working while home schooling, and we all push our innovative and resilient selves onward. Well done to you all. I raise my glass. 
 
Stay safe. Stay in business. 
Copyright © 2019 WrightCFO Ltd, All rights reserved.

Email: sophie@wrightcfo.co.uk
Phone: 020 3151 7430.


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WrightCFO Ltd · 52 Sixth Cross Road · Twickenham, Middlesex TW2 5PD · United Kingdom

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