Finance 18 January 2021

How to thrive (not just survive) in 2021

George Toumbev,  COO at Mettle
“Being financially sound in 2021 is all about managing uncertainty.”
Name:george Toumbev

Position and Company: COO at Mettle

Bio:george has over 20 years experience working in Financial Services and is currently Chief Operating Officer at Mettle.

Known for being a practical, outcome-focused leader who tells it how it is, George’s experience spans multiple functional areas, including Credit, Risk, Strategy and Operations. He has deep expertise in Private and Commercial Banking, having led strategy and product teams in both segments.

Outside of work, George is passionate about travel, great food and loves hitting the slopes with his snowboard when he can.

How can businesses best prepare for a financially sound 2021?

2020 was an incredibly difficult year for many small businesses, and we share their desire to get back to normality as quickly as possible. Financially, the news of another lockdown will undoubtedly disrupt and prolong the initial recovery that businesses had achieved toward the latter part of last year.

“Being financially sound in 2021 is all about managing uncertainty.”

While not always easy, preparing for disruption amid the changing landscape will stand businesses in good stead to adapt. To do this, businesses should look to build a simple as possible financial view of their business. This will help them to make decisions during turbulent times and avoid any nasty surprises.

One way that businesses can prepare themselves to financially navigate this year is to regularly review their outgoing expenses and to consider which are optional or avoidable. Having the ability to streamline business costs if needed will prepare businesses to weather the storm.

The best advice we can give is to arm yourself, and your business with the simplest and best value products and services you can get to keep on top of, and in control of your finances, whether that be to support you for tax preparation, or to simplify how you pay and get paid.

At Mettle, our customers lie at the heart of our product. Were constantly looking to collaborate with partners and integrate services that our customers will really value and use, helping them to solve problems that they may be facing financially.

What advice would you give businesses planning ahead to repay government loans, specifically BBLS, CBILS and CLBLS?

Planning is always key. A new year is the best time to evaluate your business? finances and prepare for the year ahead. Applications for relief loans during the pandemic have been extended until 31st March 2021 and businesses have the option to top up these loans if they need to do so.

“When looking at applying for and in repaying government loans, small businesses should consider their financial projections for the year.”