Life is certainly not what we’re used to. Children are out of school, friends and family meet ups happen in the virtual world, and you can’t even nip out unless it’s really necessary.
We’ve all had to change the way we live and work, and it’s starting to feel like the norm. But it’s important to remember that we will come out of this.
The ‘post covid world’ won’t be the same as before, and people will change and adapt their habits and lifestyles as they always do. Business will be different.
Every business will have experienced different challenges over the past couple of months, but cashflow has been a common concern.
The Government has introduced a variety of different measures to help businesses in these unprecedented times:
(More details of all of these can be found on the Coronavirus Knowledge Hub)
These measures are helping some businesses to survive in the current lockdown, but innovative companies often need a different approach.
There are other options for these companies to consider:
R&D Tax credits
Third party lenders
Cash from the investment community, that would qualify for SEIS & EIS relief
It is vitally important to be on top of cashflow and make sure that forecasts are continuously updated. Where there is a need for finance look into the various options and seek advice.
When lock down is lifted and we get to the ‘new norm’ there will be many business issues to consider:
The answer to these questions will vary, but all businesses will need to formulate plans.
You have to continuously look forward and consider all possibilities - never more so than during uncertain times.