As we are now all aware, the Government has offered businesses a package of support during the current crisis. Packages include sick pay, business rates, tax and insurance as well as the Coronavirus Business Interruption Loan Scheme. Cynics amongst us say that the only aspect that these offerings have in common is that they are all difficult to access, along with the uncertainty as to precisely when any payments will be made.
Welcome as the Government’s help may be, there are some steps which businesses can take to help protect themselves both now and in the future. So, what should you be focusing on?
Whilst the Government has said that it is too early to contemplate relaxing the lockdown, there are some predictions which can be made about businesses once the lockdown is lifted.
Undoubtedly, a business’s cash flow will be critical to its ongoing success and survival. We can support you in determining which of your customers can pay and when.
Once the cycle is complete, you will be in a far better position to grasp what cash you will receive and when you will get it. It goes without saying that this will be imperative to the health of your enterprise both currently and in the future.
As ever, please contact me if you have any questions which you would like to discuss.
Best wishes and stay well,
Yuill + Kyle
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