Jack Gardener gives seven tips for businesses to get through the coronavirus lockdown based on his experience running a business and speaking to business owners, in our latest YouTube video.

In this short video, his key points are:

Cash is King

Business owners need to preserve their cash reserves to weather the storm.

Use the government’s schemes for your advantage

PAYE and VAT can be postponed or deferred, but make sure you cancel any direct debits or standing orders.

Use Furlough Leave

Redundancies cost money which you may not have. Furlough Leave is a good mechanism to keep staff on side and ready to be put back to work when the crisis is over.

Make the hard decisions sooner than later

It is easy to put decisions off, but you need to preserve cash. Any delay in making decisions will result in more money leaving your business.

Consider the knock-on effects

If, for example, you decide not to pay a key supplier and you fall out you may not be able to trade in the way you normally do resulting in further losses.

Keep up morale

Make sure you stay in contact with your staff. Perhaps do what we did recently and hold a virtual pub quiz.

Consider about the future

Businesses through no fault of their own will incur more debt. This will take time to trade out of and therefore you need to look at your business and be working out ways to be more cost efficient now or in the future.

Click here to watch Jack’s video on the Phillips YouTube channel.

Should you wish to discuss any commercial, corporate or employment issues, please don’t hesitate to get in touch with Jack by calling 01256 854665 or by emailing [email protected]

During these difficult times our Town Gate office in Basingstoke is temporarily closed to visitors unless by prior appointment and when meeting in person is essential. However, thanks to our lawyers being able to work remotely, Phillips remains fully open for business and can discuss your legal matters by telephone and video conference.

Disclaimer

This article is current at the date of publication set out above and is for reference purposes only. It does not constitute legal advice and should not be relied on as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.