These tough times are a good time to plan
Many businesses, including farming businesses, are currently operating hand-to-mouth and fighting every day to survive.
For many business owners the thought of spending time on the long-term strategic direction might seem like an investment they just can’t afford to make. I would argue however, that now is exactly the time that business owners need to lift themselves out of their day-to-day activities and really consider the future for their business.
The reality is that not all businesses suffer to the same extent during a downturn. While many businesses do suffer (and sadly go under) there are others that will not only survive but indeed thrive during tougher times. It is also clear that there will be an end to this downturn and businesses that come out of the other end of this crisis with strong foundations and a clear plan for the future will be the ones best placed to take advantage of the opportunities the recovery will present.
We would challenge every business owner to ask themselves if they really have a clear strategy for the future – even if it’s just “I can’t go through this again so I want to find a way out!” Then at least you have a goal to work towards.
Paul Brown, tax partner at WR Partners.
