In these difficult times, we are aiming to be a source of help and support for all our clients.
We will be keeping you updated via email with information and business suggestions.
Changes to the way we at Sidaways are operating
- All our staff can work from home, they have all been provided with the capability to dial in and work remotely.
- With the very rapid way things are developing we may well move to having everyone working from home sooner rather than later. We will of course inform you all when that happens.
- We wish with immediate effect to avoid all handshakes and preferably all face to face meetings with clients. We prefer to use either the telephone or Zoom. Zoom is a bit like Skype, we will send you an invitation by email to join a meeting and you simply join online at the appointed time. For those less fond of technology and new things, the invitation email would contain a phone number you can use to dial into the meeting at the appointed time. A Zoom meeting can have up to 100 participators though usually, it’s just a handful or maybe just 2 people.
Strategies you might like to think about for your businesses and things to consider
- Firstly, are any of the above measures we are taking appropriate for your business? If you’d like us to talk you through any of them and the issues we have encountered in applying them, just give us a ring. In a future Mail chimp we will explain to you how you can use Zoom for your own businesses.
- So, what precautions might be put in place? This might depend upon the sector you are in, the state of your balance sheet, the level of gearing that you face and what complications there are in your supply chain.
- Like us you need to ask can people in the accounts department could work remotely. Do people have appropriate laptops for this purpose, and can they still be bought whilst some are still available? These are all questions that can be addressed now.
- Cash flow will be the greatest concern.
- What you really need to know is what the biggest risk to your business is if, for any reason, cash begins to stop flowing into it but the demands for payments continue.
- You will need detailed understanding of what precisely you are spending money on, what you can control and what you cannot
- Make sure you have a detailed cash flow, without it you cannot see what you can manage and control.
- Then ask some obvious questions.
- For example, are you recruiting? Should you defer that decision until you can see we are coming out of this?
- Is there capital expenditure that can be deferred now? If so, why not do so, immediately?
- Other obvious areas you may look at are advertising, attending conferences or training events?
- Is now the time to apply for a loan holiday? Are there options for deferring payments on leases?
- And remember what the Chancellor said in the Budget, HMRC are bringing back time to pay in a big way so remember to include HMRC in this mix: they might be the most amenable of all organisations to a deferred payment arrangement.
- Check your insurance office policy to see if you are covered for business interruption. We have heard from one client who was told he won’t be eligible to claim on theirs – we would be interested in any feedback – good or bad -from clients who try to claim on their policies and with permission we would look to share that experience on an anonymised basis.
Remember we are here as a constant source of advice.
We will continue to keep you informed and updated. Proper planning and care will see us come out the other side of this! If you want to discuss anything, please get in touch with us.