Recession Proof Your Business

Watch our latest Nordens TV video with our CEO Mitch Hahn, discussing how. COVID-19 has had a major impact on the economy with lots of businesses being hit hard. During lockdown and to date, we have tried to help as many business owners a possible – we have launched a contact plan where we check in with our clients A LOT more often, we have run furlough for all our clients AT OUR COST, and of course as you probably know we have run free webinars and sent out daily content to keep you all updated with what is happening together with giving free advice.

 

Whether your business has been affected of not this video applies to you…

 

Figures that have been released this month confirming that the UK is now officially in a recession, however, believe it or not – this also means there are opportunities…In the last recession companies such as UBER/Whatsapp seized these opportunities and look what happened to them…

 

In this quick video Mitch discusses 7 simple steps you can do STRAIGHT AWAY to start the process in recession proofing your business…and what do to seize opportunities.

Make your vision crystal clear – Your vision is your ultimate goal, it should be big and bold and your dream of what an ideal world will look like when your business is successful, this is as important as ever as having a clear and meaningful vision will motivate you persevere when times are tough.

 

Once vision is crystal clear, you HAVE to set goals around your vision – Although your vision is essentially your ultimate goal, it is rarely small enough to achieve straight way so you need create stepping stones towards your vision and ensure you stay motivated and not get deflated. You set goals, which must be SMART to give you the best chance of success. For those of you that don’t know – SMART means SPECIFIC, MEASURABLE, ATTAINABLE, REALISTIC AND TIMELY.

 

Stress test your business model – Times are clearly different now than pre COVID. You need to analyse every aspect of your business model to ensure it is still viable in a post COVID world. How does your business model shape up in the new world we are living in?

 

 

Prepare and regularly review your cashflow forecasts – Probably one of the most important things. Your financial forecasts, are one of your most valuable tools right now, as they will allow you to set targets and milestones, and understand where you are likely to feel a cash pinch so you can do something about it and make a decision before it is too late.

 

A lot of business owners have contacted me over the last few months panicking that their businesses can’t and won’t survive the period we have gone through and the period we are in which is NOT good for anyoness mental health…but once we have put the cash flow forecasts together, it turns out that their situation was never as bad as they thought and they had a lot more time than they thought which lead them to not just survive, but create opportunities and look after their mental health.

 

Finance is available in a wide variety at present with the CBILS, Bounce back loans, and you have so many options that you probably are not aware of. So even if you feel you may not be eligible, get in touch with us and we can analyse your position.

 

 

Speak to your customers  – It is amazing how many businesses do not spend time speaking with their customers, they are arguably the most valuable source of information, and will help you with the stress testing of your business model. Find out how their attitudes and tendencies have changed, and you may just be able to adapt your offering to something even more impressive than before.

 

 

Be open and honest with your team – It is not a time for burying your head in the sand. It is more important than ever you and your team are aligned and pulling in the right direction, so openness and honestly now will be repaid many times over in the long run (remember they will have their own pressures too, so knowing that you are by their side and doing what you can to sustain the businesses and therefore their future, will be appreciated. If you do not have staff, that doesn’t mean you do not have a team… customers/suppliers/consultants/family are all part of your team!

 

Innovate and seize opportunities – Throughout COVID we have seen a multitude of success stories, businesses who had their backs against the wall and came out fighting, pivoting and launching a new improved offering that resonated with the new times we are living in. You have probably done so much of the hard work, starting a business from scratch, and that came from an idea, so it is now a perfect time to get creative again and come up with new and exciting ways to move your business forward, whether that is offering a new pricing structure, a completely new product or service, or combining with another businesses to create a complimentary offering,

 

it is time for you to get creative again….!!

 

Contact us for further information on 02085300720 or email businessdevelopment@nordens.co.uk

 

 

We specialise in business support, from financial forecasts to visually setting out the roadmap for goals achievement, to helping owners develop the right mindset to achieve success. We help business owners on their journey from start up all the way through to exit and have a team of specialists who can act as your external sound board, something we have found crucial to achieve success.

 

If you would like ANY support, whether it be to recession proof your business or how to help you thrive through this period and seize opportunities, please get in touch with us as we are offering free consultations.

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews

<
Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

Read more reviews on Trust Pilot

Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

Read more reviews on Trust Pilot

Simon Rose

Director - Rose Opticians

I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

Read more reviews on Trust Pilot

Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

Read more reviews on Trust Pilot

James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

Read more reviews on Trust Pilot

Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

Read more reviews on Trust Pilot

Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

Read more reviews on Trust Pilot

Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

Read more reviews on Trust Pilot

Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

Read more reviews on Trust Pilot

Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

Read more reviews on Trust Pilot

Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

Read more reviews on Trust Pilot

James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

Read more reviews on Trust Pilot

>
Latest News

We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.

How Do I Know…
Taking on debt finance is not something that should be done without considering all your options available. With the number of lenders and lending products on the market, it can be a little overwhelming... that's where we come ...
Latest Government Updates
Yesterday the government announced it will significantly increase the generosity and reach of its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in the difficult months to come, sup...
Nordens TV

We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.

Recession Proof Your Business
Watch our latest Nordens TV video with our CEO Mitch Hahn, discussing how. COVID-19 has had a major impact on the economy with lots of businesses being hit hard. During lockdown and to date, we have tried to help as many busine...
Starting A Business? Watch…
With furlough and government support coming to an end, according to some data I read this morning, 1 in 3 UK businesses are due to make redundancies which is just HUGE. In the private sector a wapping 38% and 16% in the public ...
  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

Mark Norden Signature

Mark Norden
Founder

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!