6th April, 2020
To quote Charles R Swindoll, “Life is 10% what happens to you and 90% how you react to it.”
In such strange times, this saying particularly resonates strongly as we are all coming to terms with what the ‘new normal’ looks like. While your business cannot halt the unrelenting march of Covid-19, there are certain actions which you could be taking now to strengthen your position and that of your business, ensuring you emerge in the best possible shape after the coronavirus pandemic passes in the coming months.
One thing is for certain, help is out there to guide you through the current unprecedented challenges. Below are three areas where you can take action at the moment to make a difference to both you and your business operations.
- Struggling with cash flowing into your business.
- Worrying about your staff.
- Protecting business continuity.
Struggling with cash flowing into your business
While the UK Government has promised a raft of measures to support businesses over the coming months, business owners need to ensure that their invoices continue to be paid as usual. If you are finding your average debtor days are creeping up and customers are not responsive to your enquiries, contact our specialist debt recovery team who will help provide a suitable solution.
Worrying about your staff
Protecting jobs has been at the forefront of recent UK Government discussions with the aim of ‘bouncing back’ after the pandemic.
Included within the measures is the Job Retention Scheme, enabling some workers to carry over annual leave into 2021, and allowing companies to temporarily furlough workers until such time as business picks up again; here is our guide detailing the current situation. Additional to the raft of support for businesses, the Government has announced measures for self-employed workers including an income support scheme paying a taxable grant worth 80% of an average monthly income, up to £2,500pm. Please download our summary for businesses and self-employed workers.
However, before taking action it is always recommended that you seek legal advice from an employment law expert to reduce the risk of being taken to tribunal or incorrectly furloughing and not being able to claim your credit.
Protecting your business and ensuring continuity
Talking about Wills is a difficult conversation to have, yet one which business owners need to consider. While a personal Will can protect you, it cannot protect your business. Only our comprehensive Business Will can achieve this as it would provide you with marked IHT savings, trust planning, and includes shareholder agreements, LPAs and succession planning. Here’s a short video detailing the benefits of having this type of Will.
Chester Business Club members
Exclusive to Chester Business Club members, we have created a bespoke Coronavirus Business Support Guide which expands upon the above points. Your free download is here. Visit our dedicated Coronavirus Support page for regular legal updates as the coronavirus crisis continues to unfold.
I hope you find this information helpful and that it provides reassurance at this time. If any of the above sound familiar to you, please pick up the phone or email me direct. I’m part of a committed team which remains fully operational, taking phone appointments without compromising our gold-standard legal service levels.
Robin Gill
Partner, Corporate and Commercial team
Hillyer McKeown Solicitors