As the government gradually starts to ease the lockdown measures many businesses are planning to re-open but there is still an enormous level of uncertainty. Businesses are having to plan for their long and short term future but without any knowledge of what the future really looks like.
Most businesses have now furloughed employees, received government backed funding through loans and grants while many liabilities to HMRC have been deferred. These financial measures have helped businesses survive the first effects of the pandemic but what now? Businesses now need to deal with social distancing, using PPE, materially altering working environments and generally rethinking and planning operations.
There are not many businesses which wont have to change and adapting a business will have a cost. However it is not as simple as that. The goalposts are changing and a business which had already adapted to cope with the "two meter rule" will now be considering the "meter plus rule". There is no way of predicting how the post coronavirus era will develop but that does not make planning impossible - it just makes it more difficult.
At Brailey Hicks we work closely with many other professionals and we have already helped several businesses with this sort of strategic planning. We have strong relationships with funders, investors and financial directors, as well as solicitors and accountants who, if necessary, can assist to plan, fund and operate newly modelled businesses into the post coronavirus era.
The key to successful strategic planning is to get the relevant advice and assistance at the earliest opportunity but even businesses that appear to have left it too late should not give up before fully talking the position through and considering all the options. There are several insolvency and restructuring alternatives available already and the legislation included in the Corporate Insolvency and Governance Bill will be in force very soon. This Bill will be a significant shake up to insolvency law and is specifically designed to assist businesses to survive, protect jobs and help the economy recover from COVID 19. The main points of the Bill are considered here.
Most successful people would agree that no one is brilliant at everything and that taking advice and receiving help with weaknesses allows you to focus on your strengths. If you feel we or one of our partners could provide some assistance, please get in touch sooner rather than later. There are always more options available when we speak to businesses sooner.
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