While access to most of this support is not yet immediately available there are things you can be doing in the meantime to plan ahead and understand what you need
- Basic cash inflow/outflow estimate for next 3 months (6 months ideally); both personal and business (keep them separate). We have some templates for this we can share with you if you email us at firstname.lastname@example.org , think about; what income (if any) might the business receive (include any wages grants, council grants, new loan income as well as any potential trading income)? what costs are still needing to be paid out each month, even if the business isn’t trading? On the personal estimate; what monthly income and outgoings will you have, how can you minimise this, what is the monthly shortfall between the two.
- If you need help/advice about this, please get in touch. Sometimes, the financial fear can be made worse by not knowing/understanding your financial position – it’s also easier to plan when it’s noted down and you can see all your figures on one sheet.
- Without the figures you cannot make clear decisions
- If you’re still trading, work out your breakeven sales point – the amount of sales you need to make (daily/weekly/monthly) to cover all costs; this is something your book keeper or us can help you to work out.
- Review your list of products and service and eliminate those that are unprofitable or not core products/services
- Review your customer debtor list and chase up overdue invoices (if appropriate)
- Offer existing debtors extended payment terms and/or discounts
- Agree extended payment terms with all suppliers in advance
- If renting property – can you ask for a rent holiday or deferral
- Likewise, for any loans – can you agree a payment holiday
- If you feel your business is not viable, talk to us and we can run through the options.
Above all, stay strong! Remember your health and welfare is more important than anything else just now. We will help you every step of the way and together we’ll beat this!