As the UK Government prepares to put the UK under lockdown and tackle the coronavirus, many business owners across the UK are now faced with assessing how the pandemic will affect their staff, customers and suppliers.
But with so much information being published, and new legislation being passed every day, it’s no surprise that many business owners are feeling overwhelmed and unsure of what steps they need to take.
The team at Think Business Loans, has put together a series of blog posts to help business owners prepare key areas of their company during the pandemic:
Last night, Prime Minister Boris Johnson announced that all shops selling non-essential goods will be forced to close in order to prevent the spread of Covid-19. This includes businesses that do not provide essential items or fulfil any medical or care needs.
With customers now unable to enter stores, businesses will now have to identify a new way to reach their customer base and inform them of any changes that will be made in both the short and long term.
The closure of businesses will negatively affect business profits. Our lending managers advise business owners to forecast their profit and loss (P&L) for the next three/four months based on best- and worst-case scenarios so that they have sight of the potential impact. When forecasting, make sure to ask yourself:
- Can you reduce the cost of sale and increase your gross profit?
- Can any of your regular fixed costs be reduced/put on hold?
Cashflow will also be a big issue for businesses. That’s why we recommend forecasting your cash for the next three/four months and measure the timing of money going in and out of your account.
We understand that the next few months are going to be difficult for small to medium enterprises. That’s why we’ve outlines all the funding options available to businesses on our Covid-19 page, with the option to call us if you require any advice or information regarding funding.
In order to protect your staff, ensure you have taken the right steps to ensure remote working and offer the support they need to successfully fulfil their roles. For many businesses impacted by the new government regulations, it’s vital to know where you stand in terms of paying staff during closure.
At Think Business Loans, we have over 250 lenders on our panel who are working with the Coronavirus Business Interruption Loan Scheme. Our team are able to offer expert advice to ensure you get the right funding you need to survive the health crisis.
If you would like more information on the funding available to you and your business, call our team today 0203 880 9880.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author