"What changes will you need to make to loan repayment schedules, payroll, supplier contracts and more in order to make sure your cashflow is still adequate?"
The Government’s raft of measures for businesses in these testing times represents the biggest support programme in memory and will no doubt have been absolutely crucial for the survival of many. But it’s important to think of the longer-term impacts of these measures, in particular, what changes will you need to make to loan repayment schedules, payroll, supplier contracts and more in order to make sure your cashflow is still adequate in the coming months? Deferrals and repayment holidays are not permanent and, if not properly planned for, can cause further headaches down the line.
Another consideration may well be how the behaviour of your funders, investors or other stakeholders has strengthened – or weakened – your relationship with them. Our alliances are only as strong as how they fare in times of crisis, and it may be that it’s time to reconsider some of your working relationships to ensure you’ve got support you can rely on in future. Once again, open communication is paramount.
Similarly, the current situation has made many families consider how robust their family governance is to manage risks and make investment decisions about the family’s wealth. Perhaps now is the time to either create, or update, a Family Constitution or structure a Family Council to better protect the family wealth and (re)design those contingency mechanisms that will help both at present and in the future.