5 tips to remodel your business plan
Take a step back from the day-to-day details of managing your business and use these five actionable strategies to remodel your business plan in the pandemic age.
Assess your financial health
- Start with the hard numbers. Update your profit and loss or cash flow statements to determine how to get money coming in the door, instead of going out.
- Refresh your forecasts (sales, direct costs, and operating expenses). Create a budget that you can track monthly with the plan versus actual analysis.
- Now you can see where you are running into trouble; you can review your options and consider the extent to reduce your expenses and convert your sales into cash.
Re-evaluate your business and tax planning
- If you have not already performed a business valuation, now is the time to call in the professionals to identify any company-specific issues that increase or decrease your value and provide tax re-structuring opportunities.
u If your business's value has declined, it might be an idea to consider a re-freeze of any estate transactions. Conversely, if the value has increased, you might consider a capital gains strip.
Contact a member of our tax team today to discuss which tax planning strategy is appropriate for your circumstances.
Get government relief
- The $40,000 Canada Emergency Business Account (CEBA) provides interest-free loans that are forgivable up to $10,000 when paid back by December 31, 2022.
- The Canada Emergency Wage Subsidy (CEWS) helps qualifying businesses retain employees on their payroll with a wage subsidy as high as 85%.
- The Canada Emergency Commercial Rent Assistance (CECRA) provides a forgivable loan worth 50% of your small business rent value each month.
Consider technology adoption
- Be ready to adopt an omnichannel strategy so you can meet your customers wherever they are online.
- Recalibrate ways of working to support remote access for employees.
- Consider strengthening your virtual private network connectivity and cybersecurity resources.
Contact BDO
If you are a mid-market business owner from the manufacturing, technology, retail, real estate, or private equity sector looking to remodel your business, we want to hear from you!