Urgent business support during the Coronavirus / COVID-19 Crisis

Like you, we are feeling the impact to our work, families and friends. UK Business Advisors (UKBA) have contingency plans in place and are we already remote working and communicating via phone and video calls to support our clients.

As premier advisors to UK Small and Medium sized businesses, we are ready to play our part to help our clients and the wider business community during these difficult times. We remain confident that businesses that show decisive leadership can survive and bounce back.

The government has announced, and will continue to announce, financial support for businesses and individuals. For official guidance from the government please see: Coronavirus (COVID-19): UK government response  and COVID-19: support for business.

 

If not already in place, every business should create contingency action plans. This is essential to ensure the survival of your business.

UK Business Advisors have activated our nationwide network of experienced advisors to help business owners and directors plan what is needed. Even with government grants, business rates relief or emergency loan support there will be difficult decisions to be made quickly. We can provide initial support and share our experience for free over the phone or by video call.

At a minimum you should consider actioning the following:

 

1. Conserve Cash

   • Talk to HMRC about delaying VAT(*) & PAYE payments and accessing Time To Pay for tax. (*) New – For all businesses, VAT deferral will apply from 20 March 2020 until 30 June 2020.

   • Talk to your funders: Banks and other funders.

   • New – Apply for the Coronavirus Business Interruption Loan Scheme .

   • Talk to your key suppliers. Agree extended payment terms and stick to them.

   • Review purchasing methods and suppliers to reduce costs and supply risks.

   • If eligible plan for the Business Rates holiday and the cash grants for retail, hospitality and leisure businesses.

2. Employees

   • TALK with your staff – explain what you know. Communicate, Communicate and Communicate.

   • Where possible enable staff to work from home.

   • Consider unilateral short term/part time working.

   • Consider temporary reductions in salaries and benefits (subject to contracts) for staff.

   • New – Apply for the Coronavirus Job Retention Scheme (to cover up to 80% of the salaries of furloughed workers).

3. Customers

   • Talk to your customers.

   • Tell them honestly what your challenges are.

   • Ask for faster payments (especially from government or public sector).

4. Think Laterally

   • What can your business do different to serve your customers?

   • Can you divert resources to offer alternative services or products?

UK Business Advisors can help by supporting you with advice on business contingency planning, forecasting, strategy, turnaround, restructuring, HR, procurement strategy and other key challenges.

Contact us via the Web form at www.ukba.co.uk/contact-urgent-support and we will get back to you as soon as possible.  

 

Gordon Carmichael
Chair UK Business Advisors