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IFAC publishes Small Business Continuity Checklist

18 May 2020: the International Federation of Accountants has produced a checklist to support small businesses across the world to survive and thrive post-COVID-19. Rachel Underhill, ICAEW Senior Business Strategy Manager, reports.

At times like these, international cooperation and the sharing of ideas has never been so important. The challenges small businesses are facing will have distinct similarities, regardless of where they are in the world. Cash remains a key topic, along with keeping staff safe, scenario planning and protecting future demand.

In the International Federation of Accountants’ (IFAC) checklist, which can be downloaded in full here, these items are split into two sections: Financial Management Tasks and Strategic Management Tasks. 

The Financial Management Tasks look to assess the current position, forecast for the future and understand where liquidity can be improved through the reduction of short-term obligations whilst keeping an eye on longer-term obligations. 

The Strategic Management Tasks highlight key operational and procedural items, with a focus on communication. Considerations of pivoting business models to digital-first, and maintaining the customer base, are also explored. The view is to get through the current firefighting in a way that supports growth on the other side.

The survival of small businesses will be crucial for the world’s economic recovery, and IFAC has a range of resources to support small businesses and those advising them. The role of the trusted advisor at times like these is crucial, and by working together we can support this recovery across the world.

You can download the full version of IFAC’s Small Business Continuity Checklist checklist here.