Josie Broadstock is owner of Altum HR. In her latest column she looks to a post-coronavirus world.

THE unpredictability brought on by Covid 19 has skewed our personal and business plans. What might have been robust financial planning and projection last February will look very different now.

We would encourage businesses and their employees to use this time to reflect and adjust their plans.

Our latest free downloadable Toolkit 6, ‘Financial Planning and Protecting Your Wealth’ has been written on our behalf by Libertas Wealth Management to help you sail the choppy waters as we get back to (the new) normal.

Libertas is a friendly, family run, independent financial planning firm, based in Stretton. Libertas work with both private individuals and businesses to deliver comprehensive financial planning.

Here are their five top tips to keep you and your business financially healthy during lockdown.

1 Keep a healthy cash reserve

Whether it’s business or personal cashflow, this rule always stands true. Cash reserves allow you to steady the ship no matter what happens and allows the flexibility to make the best choices.

2 Short-term budgeting

Budgeting, cashflow forecasting and keeping up to date management accounts are always good practice. Do check that direct debits which you don’t really use, or need, are cancelled. Review your utility providers along with telephony and IT. Also look at commercial mortgage and finance arrangements. If the business has suffered because of covid-19, speak to lenders early about payment holidays to boost cashflow.

3 Keep in mind your long-term goals and projections

This is often difficult to do in times like this, but it is vitally important. Long-term plans should be built around requirements in the short, medium and long-term, to ensure that your assets are working in such a way that risk is minimised. Building assets is a hugely important part of the business.

These are not only traditional assets such as cash at the bank, property and equipment, but also digital assets such as brochures, customer contact strategies, and your own IP. It is easy to panic about falling revenues, but it is worth remembering the impact to the business in being proactive now.

4 Utilise Government Support

It’s there for a reason. Although the coronavirus situation is unprecedented, the UK government has provided support to allow as many of the businesses in the UK as well as the population to come through this challenging time. If you would like more information, contact Libertas.

5 Stay fit, Healthy and in a good frame of mind

This is vital. It’s a basic message but look after your physical and mental health and eat healthily.

Do download the Toolkit, there is lots more valuable help in there.

Remember if we can help at Altum HR just get in touch. Likewise our colleagues at Libertas Wealth Management are just a call away.

Thanks, and keep well,