In one week the world has turned topsy turvy, and mostly likely sent your business model to shreds.... for now.
To be honest, we don;t have the answers. No one does - all we can do is use our knowledge and prior experience to make the best plan possible.
The most important skills to your business survival is nerve and agility. You may feel heartbroken at all the work you've put in to you business, and while the situation is temporary, the world won't be the same again.
Time to adapt, and prepare for a new world. In the meantime...
What you can do now
Here are 5 quick fire actions to take now that well put you in the best position for the next few months.
1) Review all your creditors
Look at what date the money is due and call them. Email. Ask them how they are. Start to rate them. They may have trouble paying you but open the lines of communication to work any agreements to get through the situation together.
2) Look at what you've got to pay out for the next 3 months
Look at your cash flow report and what you need to pay for the next three months. Now look at what cash you have in the bank and coming in. Don't forget tax. How much will you need? How much do you need to take home?
3) Call your debtors
This is where good supplier relationships come in handy. Call them and touch base. See how things lie. We are all feeling things out here but the best thing you can do it to speak to them outright and not bury your head in the sand.
4) Keep your books up to date each day
That's right. Every day. If you send in your details digitally we can help you keep up to date with a few minutes each day as we go. Why? If you need finance help like a loan or a grant you will need to have those figures up to date from the last three months. Better to be keeping an eye on your dashboard.
Defer your tax
The government announced that businesses can defer this months VAT payment until January 2020. However bear in mind the following:
1) you still need to submit your returns
2) you will need to pay this. Make a cash flow for now (3 months) and a longer term cash flow on how you plan to pay the returns off by January.
Over all, you need to keep your mind focused, and clear. This is a challenge for all of us, but... we are in this together, and most importantly... it IS temporary.
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