The country has now entered the third coronavirus lockdown and, whilst the end now appears to be in sight, the affects on business and personal finances have been (and continue to be) significant. Everyone has had to find new ways of working and embrace technology.
At Brailey Hicks we are fully operational and we believe it is appropriate to avoid personal face to face meetings wherever possible at the moment but we are always available on the various video conferencing applications such as Zoom, FaceTime and Teams. We do still occasionally have to meet face to face where absolutely necessary but we ensure strict social distancing measures are in place.
All our staff are working from home and have effective home offices so we can continue to provide invaluable advice to people and businesses who are struggling financially at these times. There are various sources of assistance online but if you or your business is struggling to balance the books it is often best to talk it through with an expert. At Brailey Hicks we do not charge for advice and there are normally options available which you may not be aware of.
We always advise discussing the detail of your circumstances but there are some basics which apply to nearly every business in these times.
Forecasting
It is often difficult to predict levels of turnover and costs and all the more so now. But you need to know what needs to be done to avoid the cash running out. If you get to the end of the month and find you cant pay your staff, your business could collapse overnight. But if this is foreseen a few weeks or months beforehand there is often something that can be done to save the business.
Prioritise costs
Identify your critical supplies and costs and ensure these are given priority. Consider any costs which can be put off and/or cancelled. Even if your turnover and sales are struggling there is nearly always some cost cutting that can be achieved.
Find a way to keep afloat
If you had a good business before coronavirus, you are likely to have one afterwards too. The vaccine is being rolled out and hopes are high for a return to "normality" in the coming months. For good businesses which are temporarily affected by the coronavirus restrictions it is very much a case of finding a way to survive until business can resume in a more "normal" way.
Keep an open mind
Many of the measures which have been enforced upon us may become normal working practices. Look for opportunities to increase income or mitigate costs and new practices which could enhance your business after coronavirus, such as the use of technology and remote working procedures.
Keep good records of decisions and advice received
The world is changing fast and it is often dificult to remember your reasoning in detail as time moves on. Decisions you make today could look unwise or reckless tomorrow. It is easy to look back critically with 20:20 hindsight. It is therefore very important to keep contemporaneous notes to record the reasons for decisions and why they benefit the business and creditors.
Take professional advice
Trading during these difficult times is perilous. It is important to take appropriate professional advice to ensure you meet your responsibilities and mitigate any liabilities as a director or proprietor.
For independent professional advice in plain English contact Brailey Hicks and speak to one of our experts.
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