Issues that businesses will face as lockdown and COVID restrictions are eased in England 19th July
in England from 19th July 2021 the government moved to step 4 of its COVID “return to normality” planning . There will be regional variations but there does seem to be a national desire to open-up the economy as pre-COVID conditions are restored.
Clearly, the business community should be cautiously optimistic and those trades that have suffered more than most – in particular, entertainment and hospitality – will be on tender-hooks.
If you recognise any of the following conditions, and they apply to your business, you should revisit your business plans for at least the next twelve months.
- Short of cashflow, reached your overdraft/bank loans borrowing limits?
- Supply shortages and increasing raw material prices?
- EU trading difficulties?
- No reserves left to finance investment.
- Staff shortages.
Time to reconsider your business plans:
We have all, to some degree, been obliged to rethink the way we run our businesses during the last eighteen months. If the scientists and politicians have their ducks in a row, we can now expect a life not free of COVID, but manageable, rather like the flu.
Unfortunately, surviving the initial outbreak has reduced the fat on our business bones; cash reserves have been reduced or extinguished and many firms are teetering on the cusp of insolvency.
Whatever your current financial condition, we should all take stock and figure out how we are going to make the most of a more buoyant economy now that the COVID brakes have been taken off.
Pick up the phone, let’s consider your options:
As we have previously alerted you, furlough support ends 30th September, which adds further impetus to the need for planning; how do you need to resource your business to make the most of opportunities as economic activity increases.
You also need to be cautious. For example, it is perfectly feasible to run out of funds and be forced to close your business even if sales are buoyant. This is called over-trading and it is just one of the issues that careful planning will eliminate.
Please call us on 01752 752210 so we can help you consider your options.