It’s clear that as small businesses we have some worrying and uncertain times ahead, I am making this post to make it clear to you our clients that we are here to fully support you during these difficult times.
Yesterday Rishi Sunak announced a new rescue package for businesses which had lots of positive actions, such as making available grants, business loans for small and medium sized businesses, business rates reliefs and a 3 month relief on mortgage payments. It is encouraging to see the government taking steps to support businesses during these times. If you have any questions on how these steps could help your business we are happy to help and you can find more detailed information through the link below:
Action points – what can you do?
Although no one can be certain what effect the current situation will have on businesses, we have put together a list of action points that we believe may help with the running of your business:
Working from home – as you are aware the government has suggested working from home where possible, this is the safest way to ensure the well being of staff, however we understand that this is not possible for all businesses, where this is not possible please take necessary precautions to minimise the spread of infection. We understand that working remotely has its own challenges and we are happy to help our clients adapt.
Government support – as mentioned, the government is putting in place a rescue package for businesses, which includes a number of grants and reliefs, you should check to see which your business will qualify for. At present the fine details of how to claim these grants and reliefs have not yet been announced, but we will be making sure that we keep up to date with all relevant information as it is announced and will provide support on a client specific basis.
Cash Flow – one of the biggest challenges we may face as business owners is being able to maintain a positive cash flow during these months. Some of the ways you may be able to help improve your cashflow and that of your fellow business owners are as follows:
Although it may be difficult try and meet your payment terms and pay your suppliers promptly, where possible take advantage of early settlement options as this will also save you money. Encourage your clients to do the same by offering discounts for early repayment.
Ensure your invoicing and billing is done promptly once work is carried out, this will encourage prompt payment which will help you meet your supplier deadlines at the end of the month.
Review Bank Account – Look closely at your business account and remove any unnecessary costs which may have been overlooked.
How long will this last?
Once again no one can be certain how long these conditions will last, we advise you to plan thoroughly for the month ahead pay close attention to cash flow and ensure your staff are fully supported.
Going forward expect this to last for at least the next 3-4 months however we understand it is very difficult to plan this far given the uncertainty of the economic conditions.
We are here for you!
As our valued clients we understand that these are difficult times, and we want you to know that you have our full support. If you have any queries or would like any help please do not hesitate to contact us we will be doing all we can to provide support and ensure we all succeed through these challenging conditions.
All of the team at – A Wilson Accounting