Manage your business cashflow during and after lockdown
This is obviously a worrying time for all businesses but particularly small businesses.
I am feeling the effects of COVID-19 in my own business, being that I work for a lot of construction companies who can't open and therefore can't invoice for work.
I am lucky enough to be able to continue the majority of work from home but I am starting to suffer with a bit of cabin fever!
Back to the small businesses though;
The government furlough scheme is something that can really help your business and employees, so be sure to check if you can claim https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
This can ensure you retain your staff for when we come out the otherside.
There are many other ways to smooth your cashflow over this period by reviewing non-essential costs and looking at time to pay agreements with HMRC https://www.gov.uk/difficulties-paying-hmrc.
Although never in a situation such as this and the corona virus, I have worked with many businesses who are facing temporary cash flow difficulties and guided them through and ensured the tight controls were maintained to maximise profit and pre-empt future issues with cashflow forecast reports and processes to ensure accurate data.
It is possible to ride this out in a lot of cases if you know where to look for help.
If you are struggling to manage your business through this difficult time then there is plenty of help out there for you. I am happy to advise and assist you.
Stay safe and healthy.