Helping Your Business Survive Covid-19

The damage inflicted on small businesses by restrictions imposed by the Government as a consequence of Covid-19 is almost beyond comprehension. For many reading this, what has taken years and so much hard work to build has been almost destroyed in just a few months. However, the main victim is not the business, it is you the owner and your family who are already suffering the consequences that you had no control over. Despite the seismic damage you and your business have suffered, there are many opportunities that you can take advantage of that will help you survive.

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Help for small businesses and self-employed

As you may well know there are various support schemes and packages provided by the Government including:

  • Bounce-back loans
  • Tax holidays
  • Paying employees
  • Self-employed grants

Note: Please note that applications for bounce-back loans will end on 31st January 2021, applications will not be accepted thereafter.

You can get more information on the above Government schemes here

 

How can we help your business survive Covid-19?

The above support packages only go to some length of helping your business. Whilst they do provide some support, they still fall way short for many and in some cases there is no support at-all.

Furthermore, many of these schemes have a time limit and that time limit will not last throughout 2021. Businesses need time to recover from the devastation caused in 2020 by the Pandemic and this is not achieved in just a few months!

More breathing space?

If you are confident that your business is going to recover and just need a stable plan for 2021, we may be able to help you.

Looking after your cashflow

Having a stable plan means having the most vital ingredient – cash! You do not want to be fire-fighting week-to-week, month-to-month when the likes of HMRC and creditors start to assume things are back to ‘normal’. So it is essential that you start preparing everything NOW and before unwelcome guests start knocking on your door!

Reducing creditor payments and other debts

It may be tax debt, business rates pre-pandemic, or bank loans that you will be or already are struggling to pay. Well, these can be reduced to a level you can afford to pay that will enable your business to have a reasonable cash-flow.

Will my landlord not try to forfeit my lease?

You have every reason to ask this question, especially when there is a clause in your lease saying that it could be terminated if you enter into a formal arrangement. BUT, the landscape has changed significantly in recent times and this is not just down to the Pandemic.  Many household business names like House of Fraser have recently been in the news with reports of them negotiating reductions in their rental payments in order to continue occupying business premises. NOW, we understand you are not on the scale of House of Fraser, however and firstly, we would not suggest proposing to your landlord a reduction in the rent you pay, secondly, any such arrangement would be in the interest of your landlord so that you can pay your rent and thirdly, the environment for commercial premises has changed significantly as a result of the huge challenges faced by high street businesses due to the shift in online shopping and of course, the Pandemic that has affected risk appetite. With this in mind, what right-minded landlord would want to risk having empty premises for months, if not years?

Contact us now for a consultation

If you’re still reading then this means a consultation with us would make good sense. We can quickly help you ascertain what your business needs in order to survive and recover from the devastation caused by the Pandemic. We can send you easy-to-read online forms that will help you with assessing your business’s situation, so you won’t be required to answer a deluge of awkward questions over the phone!

Our main objective for you is to plan a road-map that can be put into action, enabling you and your business to take the initiative before somebody else does and you’re then playing catch-up!