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The rise of the Covid-preneur - news article image

The rise of the Covid-preneur

9 May 2022

2 minute read

Unlocking opportunity from uncertainty 

Amidst the challenges that the pandemic has bought, many opportunities have unfolded. The number of business start-ups has for example, reached new records as entrepreneurial-minded individuals have seen an opportunity to strike out on their own. 

Dubbed ‘Covid-preneurs’ or ‘Lockdown-preneurs’ many have realised the benefits of an improved work/life balance and have taken back control of their career path and/or have developed products and services from hobbies they are passionate about. 

However, having a great idea for a business does not necessarily mean the business will be great. To achieve this planning, monitoring and flexing the business model will be necessary. 

An old accountants’ adage is ‘it always takes longer and costs more’. 

This is true to an extent but there are ways to mitigate such delays and costs. Many entrepreneurs will form a company but have not prepared a business plan or cashflow forecast even if your plans are not fully developed, having something on paper (or in the Cloud) concentrates the mind and sets broad milestones to work towards. 

When starting a business, there will invariably be growing pains and times where there are challenges to cashflow and having a plan and forecasts are crucial to obtaining funding on a normal commercial basis. We have noticed banks have become increasingly more stringent in their lending criteria and I met a commercial bank manager a few days ago who confirmed that lending, including temporary overdrafts, are not considered without a plan and cashflow forecast. 

At Shaw Gibbs we work with entrepreneurial businesses from start-up to sale and retirement, focussing on being a trusted advisor and have expert knowledge in outsourced solutions. This includes assisting with plans and forecasts, monitoring with management information and regular meeting and providing fully flexible outsourced service solutions to meet your business’s specific needs.

The rise of the Covid-preneur - news article image

Author:

Peter Watts

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