Until the pandemic is brought under control – as a result of the global vaccination initiatives – we are unlikely to experience a rapid return to economic normality.
For many practitioners and their clients the next six months will feel like the last third of a marathon run; watch out for the wall…
Those businesses that are not terminally affected by COVID disruption need to hold their nerve. Most of us will have to settle for flat-lining during this period or planning for manageable losses; but can we be cautiously optimistic once the COVID finishing line is reached?
The end of lockdown
Interestingly, the Bank of England seems to be bullish about the post lock-down period. They expect a bounce-back as consumers cast off their COVID caution and press the expenditure button.
It will be interesting to see if demand exceeds supply and if this activity fuels inflation.
What is clear is that there is an enormous, pent-up desire to be sociable again: to go out for a meal, visit the local for a drink and go on holiday.
Business owners should be planning now for this upturn. Where will they source supplies, re-engage staff or organise cashflow to cope with the increase in funding this will require.
Advisers will need to dust off their “over-trading” notes and point clients towards banks and other institutions that can provide much needed capital.
The end of the “end is nigh” is nigh…
It is probably too soon to declare “I can see the light at the end of the tunnel”, but surely it is not too soon to plan for that eventuality?
Practitioners need to seize this moment and think seriously how they can support clients when the brakes start to come off.
Returning to our marathon analogy, practitioners need to provide the water stations, where clients can receive much needed support to sustain their journey to the finish line. They also need to plan for the next race, and the time to do this is now.
The term hit the ground running is appropriate here. When our economy opens up opportunity will open it’s eyes, for many, for the first time in over 18 months. We should be training clients to be prepared, to be pathfinders, to take advantage of relaxed trading conditions when they arise.
Accessible resources for practitioners
Landmark is not exempt from the challenges COVID has and is presenting. We are actively supplying low-cost, high-value resources to UK firms that are reaching out and supporting their clients during this critical time. We call this service Fee Builder. Find out more here>>