Navigating the pandemic: response
PHASE 1 - RESPONSE
We have identified three key phases we believe you, as a business leader, will have to navigate during and after this pandemic.
COVID-19 CRISIS RESPONSE AND SUPPORT
During the initial response phase, your focus as a business leader will be on managing your cash flow and protecting your people.
There are a number of Government schemes worth exploring; we are here to help you understand them and guide you through the application process.
- Cash flow
- Managing overheads
- People management
- Production planning
If your business income has taken a serious hit, managing your cash flow and overheads quickly becomes your most important task. You might have money coming in, but is it arriving soon enough?
More than two thirds of the respondents in our survey felt that the Government’s measures are not enough to get SMEs the finances they need in time to meet their most pressing cash flow needs.
Managing your teams and planning is tough when staff are working from home or are furloughed – especially when there is still demand for your products and services.
GOVERNMENT FUNDING FOR YOUR BUSINESS
The Government has introduced various funding and financial relief schemes for businesses affected by Coronavirus:
- Specific Covid-19 financing, including CBILS and CLBIS: loans for businesses with a turnover of up to £45M, and over £45m respectively.
- Coronavirus Job Retention Scheme: lets you claim a percentage of an employee’s wages while they are on furlough.
- HMRC Time to Pay: an agreement that suspends debt collection and gives you longer to pay your tax bill.
- VAT Deferral: allows you to defer a VAT payment to a later date without paying interest or penalties.
HOW CAN WE HELP YOUR BUSINESS THROUGH COVID-19?
It is important to take action to help your business weather the storm. However, if you’re feeling overwhelmed and pressured to react quickly to protect your cash flow, we can offer a helping hand.
We can support you through this phase and the key decisions you need to make, including:
- CJRS and Flexible Furlough
- CBILS and other funding submissions
- CJRS workshops (who to furlough and how-to bring people back into the business)
- Employee Payroll including Statutory Sick Pay
- Business Tax Deferrals including Time to Pay
BUSINESS SUPPORT AND ADVICE TO HELP YOU THROUGH
We’re here for you and we’re working hard to keep you informed on everything you need to know on business funding, CJRS, outsourced services and more.
If you would like to like to get in touch about any issues impacting you at this time, please contact us here.