18
Mar

Time to think.

 

One of the unforeseen outcomes of the current situation is that business owners may have more time to think about the business.  Here are some thoughts to consider.

 

Review your spending plans

This would be a good time to review the business income and outgoings to match purchases with income receipts to avoid deficits. Try and distinguish the spending that is absolutely essential as opposed to the general wish list. Postpone spending where possible and plan to cover only the essential items in the short term.

Keep the bank and other lenders informed.

Banks and other lenders have indicated they will take a sympathetic approach to difficulties caused by the Corona Virus. Communication is key.

If you need to increase your overdraft or delay a loan repayment speak to the bank/lender as early as possible. There are a number of options that may be available to you from a new or increased overdraft limit, to asset finance, credit cards or other forms of temporary finance.

Keep up to date.

Keep an eye on the business news so that you are aware of possible Government assistance. A huge program of grants and loans have been announced so check if they apply to you. HMRC have dedicated online helplines for businesses which give full details of the support available.

Follow these links for more details:
https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19#to-support-businesses-experiencing-increases-in-costs-or-financial-disruptions

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/guidance-for-employers-and-businesses-on-covid-19

If you feel you would like to discuss the options available or would just like a friendly chat and a bit of support and encouragement, please don’t hesitate to get in touch.