17/06/2020

COVID-19 Business Update – 17 June 2020

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update.

Non-essential Shops in England Reopen

Business secretary Alok Sharma has confirmed that non-essential shops in England are permitted to operate from Monday 15 June, provided they comply with government safety guidelines and carry out a risk assessment.

While the government is due to publish guidelines for other businesses including pubs, restaurants, hairdressers, and nail bars, we recently found these useful guidelines to reopening for various industries:

Government-backed Loans and Grants

If your business has been severely hit by COVID-19 and you need more support, the Government is giving small- and medium-sized businesses access to financial support through various initiatives such as the Bounce Back Loan Scheme (BBLS), where you can get up to £50,000 no-interest loans for the first 12 months, and the Coronavirus Business Interruption Loan Scheme, which offers a maximum loan of £5 million made available through commercial banks.

To cover the impact of the crisis, there are also grants made available by the government such as the £1.25bn-worth Future Fund and R&D rescue package for fast growth businesses and smaller businesses with a Research & Development focus, as well as the Small Business Grant Fund, which is a one-off grant of £10,000 that supports small businesses that pay little or no business rates as a result of small business rate relief (SBBR), rural rate relief (RRR), and tapered relief.

If you’re unsure which option is suitable for your business, contact us today and let us help you evaluate your options.

Break-even Calculator

No matter what type of business you have, calculating your break-even point is important. It tells you the amount of revenue you need to generate to cover your fixed and variable expenses. But if you are not a finance or math person, don’t stress! This FREE Break-even Calculator we created will make your analysis fast and easy.

If you need expert advice on the financial aspects of your business, especially on how you can become more profitable, please get in touch so we can help you.

Cashflow tips

Many businesses are experiencing cashflow strain at the moment. These tips might help:

  • Identify who still owes you money and how much.
  • Send your invoices promptly.
  • Check sent invoices for overdue ones and chase those that owe you money, offering a reasonable arrangement for periodic payments.
  • Offer discounts for early payments.
  • Consider invoice discounting if suitable.

What’s next?

Over the last few weeks we’ve brought you updates on various government initiatives and cash flow schemes aimed at helping employers keep their businesses afloat amid the COVID-19 situation. We’ll keep you updated as and when things change, but we now shift our focus to helping you and your business on the path to recovery. Please feel free to get in touch with us for more personalised business advice tailored to your situation.

Get in touch

Contact us if you have any questions or want to discuss your next steps for your business.

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