Monthly Archives: May 2020

A few tips for these challenging times

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I thought it would be useful to give some tips to help your business weather these strange times. We have been in lockdown for several weeks now so you may well be looking at how your business may begin to move back to business as usual – or as close to usual business as the easing of lockdown measures will allow.

It is more important than ever to keep on top of your cash flow. Try to do a cash flow forecast (you can download a free guide on forecasting from my website) and predict when critical dips in your bank balance might happen.

It is worth remembering that a ramp up in business out of lockdown will often mean a further dip in your finances. For example, you may need to buy stock or fully fund staff before sales increase.

Claim as many of the government aid measures as you can. 

If you are in retail, hospitality or leisure you should already have applied for the £10k or £25k grant and rates relief. If you have not already done so make sure you apply for this aid.

If you are a VAT payer you can defer all VAT payments due between 20 March and 30 June for VAT returns ending February, March and April. You must submit a VAT return as usual but cancel any automatic payments so the money due isn’t taken. If you are a net VAT reclaimer just carry on as usual.

If you have had to cease, or reduce, trading for the duration you will probably know about the job retention scheme. The portal is now fully functioning so get your claim in as soon as you can. Remember furloughed staff are not allowed to do ANY work for you whilst they are furloughed. However, the government are talking about an adjustment to the scheme to allow for a phased return to work of furloughed staff.

There are three government backed loan schemes available so check them out to see if they are appropriate to your circumstances: the business interruption scheme; the coronavirus future fund; and the Coronovirus bounce back loan (you cannot apply for this loan if you have already taken advantage of the business interruption scheme loan).

It’s the little things

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With our world turned upside down, little things can make a big difference to those around us.

It is easy to become so absorbed in our own lives that the we forget to spare a thought for others.

However, a positive to come out of the Coronavirus lockdown has been an increased sense of community. As we are constantly being told, “we are all in it together”.

Some things we have found ourselves doing are not really the way we Brits do things. The clap for key workers is an example. Who would have thought even two months ago that every Thursday we would all be outside our houses clapping?

But the funny thing is that every one in my street seems to enjoy the opportunity to come together and give thanks to people most of us don’t even know. We are just grateful that they are there.

Acts of kindness are springing up all across the country. The number of voluteers putting their names down to help the NHS alone has been overwhelming.

We all want to do our bit to help everyone get through this crisis as best as we can.

Like many of you, my family have been shopping for an elderly neighbour who, until recently we did not really know, but hopefully will get to know better over the coming weeks – all be it from a distance!

As business owners we need to do our bit to help our staff, suppliers and customers weather the storm.

Many businesses are struggling to cope with having to furlough staff, shift their working pattens or even shut down completely until lockdown is lifted. No business will remain unaffected by these unprecedented circumstances.

Some businesses will not survive without help – whether it is financial or practical. If we can look to help wherever we can, we might make the difference between a business failing or surviving.

I am trying to support local businesses wherever possible. It might be as simple as picking up the phone to shoot the breeze with a supplier or customer, or offer support – even the printing of this newsletter is helping a local business. 

If we can help with the little things, and the big things if we can, there is a chance that we may all come through this threat to our local (and national) economy relatively in tact. 

It will take all of us doing our bit to weather this storm. Good Luck everyone!