COLUMN: Keeping your business safe – the next 12 months

During the last month-and-a-half (longer for some) of being in lockdown, the words ‘stay safe’ have started to appear at the end of emails or at the end of telephone calls as a unified sign-off that we have all come to recognise, writes Kayleigh Williams, head of business services at Duncan & Toplis.
By The Newsroom
Published 14th May 2020, 10:00 GMT
Kayleigh Williams, from Duncan & Toplis.Kayleigh Williams, from Duncan & Toplis.
Kayleigh Williams, from Duncan & Toplis.

In order to keep your business from harm, you will need to build layers of protection.

This is a question of your sustainability and resilience: now is a good time to speak to your business adviser and get expert advice on how you can navigate the year to come; you should speak to your current bank or finance provider too to discuss your situation, what can be done now and in the coming months; now is also the time to consider extending overdrafts or refinancing your existing assets if this is practical, and you should also make use of any Government support schemes you’re entitled to use.

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As well as accessing additional finance, you should look to seize new opportunities. Now is the time to work on your business rather than in your business. If you are currently unable to open or if you are working, but with a reduced operation, take some time to really look at your business, take stock, and evaluate things.

Consider what your goal is for your business for the next 12 months and what success looks like. If your goal is purely to keep your business afloat then how are you going to achieve this?

One of the most reliable ways to keep your business healthy is the trusty 13-week cash flow: whether you’re able to generate income right now, the bills will continue to come in and planning how you are going to pay them will provide you clarity on whether you have enough money in the bank to keep your business running. You should also consider producing a full 12-month cash flow so that you can map out when you expect to start trading again, when you will need to start trading again and determine how healthy your cash flow will be during the year ahead.

The Government has announced a series of measures and steps over the last six weeks that it will be taken in conjunction with external bodies that will help businesses get through the next six months and beyond.

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At Duncan & Toplis, we’ve helped businesses in our region to secure around £2 million through the Coronavirus Job Retention Scheme to support furloughed workers so far.

Contact our experts today and visit the dedicated guidance page on our website: www.duncantoplis.co.uk/covid-19

Related topics:Government