How cloud-based is your business? Don’t Lose focus on your business in this pandemic (COVID 19). Understand how your business system processes work and incorporate cloud based system for continuity, while you take charge of your business from home staying safe from the pandemic.
The pandemic has impacted heavily on the global economy and as such, has some business implications that could affect many businesses that cannot appropriately face the crises.
Be more analytical in making business decisions now; don’t be hasty… remember this a phase, what comes after it is what matters, how do you achieve sustainability for your business when the storm is over, from the comfort of your home? A business certainly has a role to play here to stay in business later, the best that can happen to a business to start implementing best practices that helpful to the business.
However, commitment to healthy work style should be paramount now, your staff health and safety is very important, thus, abiding by all health guidelines for prevention. As you take precautions to stay safe and healthy for yourself, don’t forget you need more to sustain life than just stay inactive hoping things will work out for good. Seek for professional opinion of what could be great for your business in this difficult moment. We all have to stay alive… both now and later… that’s what matters.
Build your business relationship with all stakeholders, good communication and trust, capacity and skill building (personnel training), improvement on control environment such as adequacy of internal control, internal audit functions, risk management to address crisis impact, governance and compliance. The best time to plan is now, as you integrate your home business.
According to visualcapitalist site, “given the near shutdown of many economies, the IMF is forecasting a global recession … Separately, the U.N. estimates COVID-19 could cause up to a $2 trillion shortfall in global income”.
However, on the brighter side, some analysts are forecasting a recovery as early as possible. A variety of factors such as government stimulus, consumer confidence, the number of cases and application of vaccines, would play the best part for a better tomorrow.
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Do You Need Accounting Help?
Consistent up to date and cleaning of accounting records for sound business decision making, may be posing some difficulties when you are preoccupied with other business functions. Is it time to consider independent professionals because of certain technical complications that could occur along the line? It could also be daunting, time-consuming procedures. Not recording correctly and poor monitoring can cause complications and confusion.
We @Fritznoble assist our clients on the best available options that suit their businesses...Reach out/ Outsource With Us… If Accounting works are bothering you, then it’s time you outsourced your accounting and bookkeeping requirements, this will help you concentrate more on core competencies of your business; with a team of professionals to help.
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