We have listed below a number of ideas that might ease your progress through any continuing COVID-19 related disruption during 2022.
The following comments are not advice. Every business is different so please call if you have concerns due to a reduction in trade this year.
- Mothball investment plans. Could you defer decisions on buying that new car or other equipment for your business. In a year’s time the economy may have had a chance for a more sustainable recovery that would make more productive use of your acquisition.
- Discuss a hiatus in pensions investments with your pension’s advisor.
- Agree an instalment plan with HMRC to clear any current or future Income Tax or Corporation Tax liabilities.
- Reduce stocks of goods. If turnover falls due to future lockdown activity, reducing stocks will ease pressure on cash-flow and release storage space.
- Negotiate a reduction in hours with your staff rather than laying people off. This may be a solution to keeping teams together.
- Consider your staff as a service option if they become under-employed by reduced activity. i.e., sell their time to firms who need periodic, additional support but don’t want to commit to taking on a full-time worker.
- Clear out under-utilised office or production space and offer to sub-let on short-term lease arrangements.
- Hire out under-utilised plant.
- Defer any expenditure that can be safely delayed for a year without unduly affecting your ability to trade.
Planning is key
As soon as you become aware of threats to your future trading, take time out to formally plan a survival process.
We can help. Don’t wait until cash resources are exhausted. Contact us as soon as you feel your hard-earned business is under threat.