We are here to help you during the COVID-19 pandemic
Your Success is here to help your business survive Covid-19, and then thrive in its wake.
The effects Covid-19 will have on business will be felt for some time yet. We know we will face uncertainty reduced discretionary spend, higher unemployment, and risk adverse purchasing behaviours.
However, there will also be opportunities as competitors change, new consumer needs surface, and joint ventures created.
We have specially developed business support packages to help businesses through the impacts of the ongoing Covid-19 environment. These are FREE through the Regional Business Programme funding.
We are here to help. Keep safe.
Access to our team
Our physical premises in Montgomery Square, Nelson are open for safe file drop off and pick up only. The team will continue to work with you via email, phone or video calls during Level 2.
Email Samara and she will direct your enquiry.
Understanding where your business is at
As we move into a recession, now is the time to clearly understand where you are at, and what your options are for the future.
Here is a list of actions for you to consider:
Quick position – assess how many months of cash flow you have remaining. Add together the cash in the bank, money to come in from customers, proceeds from selling any surplus assets. Take away creditors, then divide the amount of cash you have left by the monthly expenses.
Understand Breakeven – if you can continue trading, what is the minimum level of trading you need to do to cover your ongoing expenses.
Prepare a cashflow – after you know your quick position, run a cashflow to see how long it is going to take you to recover. The fact is that 82% of businesses fail because of cashflow issues, so a good cashflow plan is crucial.
Worst case valuation – it is important to establish what your position would be if you were to wind up the business this week and not open again. This is the baseline, it can’t get any worse than that.
Talk with staff – are they happy to keep their job at a reduced rate for a period of time?
COVID-19 wage subsidy – apply for it (if unsure talk with us).
Review expenses – what expenses can you reduce or do without?
Talk to your bank – can you freeze your loan repayments for a period of time, or reduce them to interest only?
Talk to your landlord – what can they do for you while you are not at your premises?
Talk to suppliers – can you go on extended payment terms for a period? Please remember all businesses need cash, so not all suppliers will be able to do this, but it is worth having the conversation.
File your GST, PAYE and tax returns – filing is still required, but payment can be discussed later.
Inform stakeholders and customers – to show you value your customers and key stakeholders, it is important to keep them informed about changes that may impact them. Talk to Publik Agency if you need any communications support.
The way we all do business is changing. What worked in the past may not be the best approach to move forward. The world is going to be a different place with new opportunities as we come out the other side.