COVID-19 has had a significant impact on businesses worldwide. Social distancing, on-site business and travel restrictions have all required businesses to rethink and redesign their workforces, workflows and revenue generating activities to adapt.

Strategic growth and planning for businesses remains crucial in order to gain success in a post-pandemic economy.

As we near the end of this pandemic, now is the right time for business owners to reflect on what they have experienced during COVID-19, and how these experiences will impact future business operations. Some questions to consider include:

  • Were there changes implemented during COVID-19 which improved the business’ revenue potential and profitability?
  • How has COVID-19 affected the business’ financial and human resources?

Business owners must take the time to consider what actions will be needed to ensure their company’s viability and growing success in a post-COVID 19 economy.  Depending on the nature of your business and the impact of the pandemic on your operations, you may be faced with some necessary and urgent next steps.

  • You might need to obtain new financing to address:
    • Debt consolidation and loan repayments
    • Replenishment inventory/supplies
    • Payout of unpaid wages/vacation
    • Payment of outstanding vendor balances
  • It is important to prepare financial forecasts to:
    • Determine your company’s ability to service short-term and long-term debts while sustaining on-going operational needs
    • Plan for the Canada Emergency Business Account (“CEBA”) loan repayment, such that the company can capitalize on the forgiveness of $10k-$20k of the loan amount
  • Staffing increases may need to be addressed and you may be considering reinstating staff who were laid-off. You may also need to increase your workforce and recruit new talent in anticipation of increased business volume.
  • Alternatively, staffing decreases may be necessary due to reduced need or improved business processes and efficiencies.
  • The physical location and presence of your business might need to change due to a reduction in overall workforce. Reconsidering location can also help in reducing costs if your workforce has a decreased on-site presence due to new remote-work processes put into place.

Now, more than ever, forward planning is of the utmost importance to ensure your business’ success.

FHB’s team of experienced professional staff can provide you with guidance on assessing your business’ operational, financial, and human resources needs post-pandemic. Our team can assist you with fully implementing any of the strategic actions referred to above, which will contribute to the future success of your business. We are ready to assist in the following areas:

  • Finance, Accounting & Taxation
    • Conducting a financial statement review or audit as a condition to obtain bank financing.
    • Preparing or reviewing financial forecasts to determine the level of financing required, with consideration of your company’s current and future obligations and ability to handle debt-servicing requirements.
    • Preparing and filing subsidy applications respecting wages on new hires under the Canada Recovery Hiring Program (CHRP).
    • Reviewing and improving your company’s existing internal control procedures, put in place to prevent error and fraud, including consultation on new or revised internal controls based on an increase or decrease in workforce, or an increase in remote working conditions.
    • Daily, weekly or monthly bookkeeping assistance including the reporting of financial results to management.
  • Business Consulting
    • Weekly, monthly, quarterly management consulting meetings to review/discuss financial performance and business initiatives.
    • Accounts receivable collections and on-going maintenance.
    • Analysis of building lease versus own scenarios, including both financial and operational implications for your business.
  • Human Resources
    • Employee reinstatement
    • Recruiting new talent
    • Preparing and updating employment agreements
    • Terminations, severance packages, and employer responsibilities on termination
    • Employee handbook additions/updates including, but not limited to:
      • Remote work policies
      • Information security policies
      • Sickness/illness policies
      • COVID-19 and vaccination policies

For many Winnipeg businesses, emerging from the pandemic offers a unique opportunity to consider some strategic adjustments to company operations. Planning ahead will give you the edge your company needs to succeed in the post-pandemic economy. Contact us to learn more about our full range of corporate consulting services.