The Impact of Coronavirus on Business
Whilst we are all still shell shocked by the speed of the developments from the outbreak of the Coronavirus, we would like to begin with sending a message to all our customers:
stay healthy and safe: yourself, your family and your friends.
As disruptions are/ would be certain and this will affect your business revenue, your supply chain and travel we would like to support you as much as possible and offer our help and support, to make sure that you and your business will be prepared for the road ahead.
Adversity brings out the best in us, we are challenged to be innovative and creative.
Manage your cash. Examine every pound you are thinking of spending, it may need to last you longer than before. Can your business last for 3 months on the cash you have? If you don't have enough cash on hand what expenses can you cut? Can you increase your sales? Are you efficient with collecting money owed? Don't forget your software (Xero, QuickBooks) can be set up to send regular invoice reminders - we can help to set it up! Re-examine your sales forecasts. Your most optimistic sales forecasts may not happen, your realistic projection may need further adjustment to allow for the periods of very low trading. How about approaching new markets, new customers, brainstorming new ideas, resulting in more sales? If you have sales budgets (& spend budgets/ cashflows) that you would like us to have a look and scrutinise do let us know. If you haven't had time to even start on your budgets - now is the time to sit down and thoroughly look at your sales and expenses. We will offer advice, we work with you and we know your business! Marketing conundrum! Get back to basics. Shoestring marketing NOW should be your motto. Spend more time, be more creative - dust off your LinkedIn profile, go back to Facebook posts, update your Google business page and slash your marketing budget (you may need it in months' time to pay your employees!) Control employee expenses. Travel expenses are likely to drop considerably, make sure other expenses don't creep up on you! Employment issues.Seek professional advice from the Federation of Small Business, ACAS and Government website to ensure you are fully compliant with all the rules and regulations. It could be a good time to take full advantage of tools available for remote working, teleworking, videoconferencing.
Lastly, don't forget there were additional measures introduced in the Budget 2020 as a support for those affected by COVID-19, main points below: In response to the global outbreak of Covid-19, the UK Government introduced a raft of measures in the budget to support businesses experiencing increases in costs or financial disruptions. Measures include:
Refund for businesses and employers required to access Statutory Sick Pay (SSP)
A 100 per cent Business Rates retail discount for one year and expanded to include leisure and hospitality sectors
Additional £2.2 billion funding support for those small businesses that pay little or no Business Rates because of Small Business Rate Relief (SBBR)
A new temporary Coronavirus Business Interruption Loan Scheme
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service
You can find out about this support in more detail on the Government website. Please contact us with any questions, queries - we will try our best to support you and your business in these difficult times.