Helping Businesses Through The Coronavirus Crisis

30th March 2020
Tracey Westell

“It’s Good to Talk”

Introduction

Loneliness, disconnect, and isolation are common problems in remote work life, especially for businesses who normally thrive in face-to-face interaction. Business owners should not suffer alone; the problems we are currently facing, and which we are likely to face for some time to come, are not going to go away. Therefore, we should seize the opportunity to start communicating with people via telephone, Skype, social media etc.

Best practice

For the last 20 years or more I have been heavily involved in a teaching/coaching/mentoring environment where one of the themes we always promote is best practice. Sharing ideas and experiences, ‘war stories’, failures that inspired success further down the line are all critical ways in which we can learn to overcome any difficulties we are experiencing.

You are not alone; there are other businesses who will be encountering the same issues you may have, perhaps to a greater degree. Look through your contacts, put a telephone call in to your suppliers and customers and even your competitors! Yes, that may sound controversial, but it pays to see how they may be coping, and you might be surprised to find that you might reciprocate with each other on tips and guidance.

Finances

If you are worried about the financial implications for your business, then contact your bank to see what additional help they can offer. For example, Lloyds have said they have introduced a £2 billion package to help minimise disruption to the operation of their small business customers. Their aim is to help businesses access additional finance and to manage the impact of interruptions to the supply chain or even the effect of employees being absent. No doubt other banks are offering similar support so make sure you contact them if you need support.

Also, check out the government website https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses, which has some really helpful news for businesses. which is being updated daily. This includes a package of measures to support businesses including:

  • a Coronavirus Job Retention Scheme
  • deferring VAT and Income Tax payments
  • a Self-employment Income Support Scheme
  • a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
  • a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
  • the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
  • a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • the HMRC Time To Pay Scheme

Keep calm (and safe) and carry on

Of course, it may be that you are in a situation where you can continue to operate with minimum disruption, which is great. If so, then let your customers know! Tell them they are at the heart of what you do and that you have taken precautions to maintain service and delivery levels

Pecunia offers a free 1 hour ‘health check’ for your company’s credit management procedures ranging from applications for a credit account through to risk assessment and cash collection. Feel free to contact Tracey on info@pecunia2016.co.uk for more details. Alternatively contact us through our website www.pecunia2016.co.uk

Kevin Artlett FCICM ACII

Director

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