COVID 19 First Steps for businesses to take
Here are some key points the business owners and directors should first address.
How business owners and directors react to the crisis will determine if the business will survive. Whilst there is help available from the government taking the right steps now can help ensure that the business is going in the right direction
8 actions you should be taking
- Decide whether your business needs to close and/or which employees can be furloughed
- Stop/cancel all non-essential spending
- Contact everyone you have to pay in the next three months and ask for a payment postponement
- Check all your insurances
- Do an initial cash flow forecast
- Look for funding opportunities
- Keep your ear to the ground and your eye on govt websites for updates
- Keep safe!
At ibd we have numerous advisers with crisis management expertise and we can cover any sector specialism a company might require from, for example, computer software to healthcare, utilities or FMCG markets. We are able to pool teams of advisers where a client might require a breadth of business support. To contact us click here or call 01223 587845