What should businesses be doing during the coronavirus pandemic to protect themselves?
By Mr Bankruptcy
20th April 2020
Many businesses are learning to switch from business as normal to a day-to-day routine that’s managing change, repurposing resources and mitigating risks raised by Coronavirus. In my role as a debt advisor and adjustor I see a lot of what companies do, and fail to do, when it comes to keeping their finances healthy. So, to help adjust to current times here are some business tasks to be thinking about.
Areas of focus to help businesses
- Review your business plans: Revisit your business and financial plans and make adjustments to help ensure your business’s short term, and longer term, viability. It’s essential to reassess your situation in the current context to address the risks.
- Know what support is available: The Government has introduced an eye-watering range of measures from support with employee payrolls to deferring VAT payments. Some support are grants, some loans and some deferred payments, but research them all – they could be vital to ensure your business survives.
- Use online resources: Many organisationshave rallied to pull resources together to offer guidance to businesses. Find trusted and reliable sources such as trade associations, specialist advisers and business federations to get inspiration and learn new ideas that could help your business.
- Review your insurance policy: Understand the level of protection offered by your insurance policies as these may offer some much-needed relief support.
- Support from Banks: Talk to your bank to understand what they can offer you, including business interruption loans, help with credit cards payments, etc.
- Keep planning for the long term: Short term needs may require your immediate attention but don’t forsake planning for the future. Be clear on how you’ll drive your business forward as the situation changes and we begin to rebuild the economy.
- Ask for help, quickly: If you have concerns when revisiting your business and financial plans, seek help as soon as possible. This could mean you have more options available to you than you think to address issues. It can also help you avoid the physical and mental impact of the pressure that any business owner is going to find themselves under and identify a possible path forward.
Whatever your situation, there is support and advice available. At James Rosa Associates we see a lot of businesses tackling difficult times and we know the positive impact that simply talking about your challenges has, to let you regain control.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes.
Our services include:
● Insolvency support
● Negotiated settlements
● Personal assisted bankruptcy
● Mediation
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.