Navigating the pandemic: 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.
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.
CHALLENGES
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:
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:
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.
The Government’s Coronavirus Jobs Retention Scheme (CJRS) was introduced to help employers keep staff on their payroll, covering most of their salaries and reducing the risk of mass redundancies. Reboarding is the process of bringing your furloughed staff back to work, as the Covid-19 lockdown restrictions start to ease.
As a business leader, you may already be reviewing working capital and cash flow projections, running scenarios on profit and loss, balance sheets and cash flows with various degrees of interruption. It is important to review regularly to manage liquidity risk.
We understand that at this time, your business will be facing a number of unique challenges and that your time will be at a premium. You will most likely need to prioritise managing costs and adjusting operations to cope with a reduced workforce, while striving to survive and adapt.
We understand the importance of financial planning for you as an individual, and the impact that Covid-19 could have on your personal wealth – both now and longer-term.
n the first weeks of this pandemic, many businesses concentrated on cash management, making sure they took advantage of all available government funding.
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