Coronavirus - 5 Considerations to Make for your Business

 
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Businesses and individuals are facing unprecedented challenges and uncertain times.

We are remote working and communicating via phone and video calls to support our clients and remain confident that businesses that show decisive leadership will survive and bounce back.

Keep watching: 

And take all the support – but beware of loans – look for grants and payment delays instead.
Create a contingency plan to ensure the survival of your business. Just think of the worst and decide now how you will deal with it, even with government grants, business rates relief or emergency loan support there will be difficult decisions to be made quickly.

The main thing is – do not be afraid – whatever threats you may receive. We’re all in this together and come out of it together
 
At a minimum you should consider actioning the following:

1. Conserve Cash    

  • Talk to HMRC about delaying VAT(*) & PAYE payments and accessing Time To Pay for tax. (*) New – For all businesses, VAT deferral will apply from 20 March 2020 until 30 June 2020.   

  • Talk to your key suppliers. Agree on extended payment terms and stick to them.    

  • Keep a cash float, whatever happens.


2. Employees       

  • TALK with your staff – explain what you know. Communicate, Communicate and Communicate.   

  • Be clear about what you can affordably pay them for 3 months.     

  • Advise them how to deal with their household bills, especially mortgage and rent payments.      

  • Tell them to be not afraid – everyone is in the same boat and landlords and mortgage companies cannot evict them.        

  • Where possible enable staff to work from home.


3. Customers       

  • Talk to your customers.       

  • Ask for faster payments (especially from government or public sector).     

  • Assure them you’ll keep critical supplies and services coming.   

  • Ask them what you can do for them.


4. Suppliers       

  • Be honest upfront about what you can afford to pay.        

  • Agree on an affordable long term payment plan.       

  • Be clear about what supplies and services you’ll need and when.        

  • Assure them that if they help you they’ll be repaid with loyalty in future.


5. Think Laterally        

  • What can your business do differently to serve your customers?    

  • Can you divert resources to offer alternative services or products?      

  • Can you share resources with other businesses?


To help our customers through this difficult period and build a future strategy for growth we are offering a free business review, an offer we are now extending to other SMEs. Use the link below to book a call if you want to take up the offer.  

Runagood Ltd