Facebook - Shropshire Business Twitter - Shropshire Business LinkedIn - Shropshire Business
https://www.opus-vitae.co.uk https://www.beboldpr.com

Helping businesses get back on track

Sarah Prince is finance manager for Shrewsbury-based education resources supplier, WF Education Group, and co-director of Comics Salopia Shrewsbury festival. Here, she offers some tips to help businesses get back on track:

Cash forecasting – Spending the time to construct a simple template can assist you greatly in assessing the impact of Covid19 and to take appropriate action. Ideally, you should forecast for a minimum of four weeks.

Credit terms – Partner with suppliers to ensure your supply chain is healthy, are you able to support one another to ensure your customers’ needs are met? Identify large payments and negotiate better terms, i.e. a quarterly rent in advance invoice could be paid monthly.

Build relationships with your customers to ensure you are prioritised on their payment lists. Public run bodies such as councils are encouraged to pay suppliers, ensure your invoices are submitted on time.

Margins – When demand outweighs supply, prices inevitably rise and you need to re-examine your margins. Consider alternative suppliers, exploring a reduction in direct and indirect costs, and perhaps even increasing your sales prices.

Insurance – review your cover and risk exposure within a Covid-19 climate.

VAT – 30th June was the last month and quarter for any VAT return payment deferments until 31 March 2021. Cancel your direct debits online and with your bank. Remember to reinstate the direct debits after this period, and ensure all returns are submitted in a timely manner to avoid penalties and interest. If you are in a repayment position, consider switching from quarterly to monthly returns to ease cash flow.

Job Retention Scheme– Although the scheme is closed to new employees joining, from July 1 there is flexibility in bringing back employees for any amount of time or shift pattern. From August, employers needs to start meeting the employer NICs and pensions costs. From September, the wages cap reduces by 10% each month until it finishes in October, with employers making up the shortfall. Include these costs in your forecast.

SSP reclaims – You may be eligible to reclaim Covid19-related sick pay for current and former employees; review the details online.

Rates Holiday – Available to the retail, hospitality and leisure (RHL) sector, as well as small businesses. Most should be automatic but check eligibility and contact Shropshire Council if you are still paying.

Grant Funds - Available for small businesses for up to 10k, and for the RHL sector for up to 25k. If your business is not eligible for these, Shropshire Council has released a £4.5m extension grant for those with fixed costs and can demonstrate losses on first-come first-served basis.

Loans - If you need to consider a loan, there are different routes depending on the size of your business. If one lender does not approve your application, try another:

For SMEs: Coronavirus Future Fund

The Bounceback Loan (this is 100% government guaranteed, currently most lenders allow you to borrow to repay existing finance with higher interest rates)

The Corona Business Interruption Loan (80% government guaranteed, you can apply to switch to the Bounceback Loan before November 4, 2020).

For Large companies:  The Coronavirus Large Business Interruption Loan; COVID-19 Corporate Financing Facility.

https://www.tsipacking.co.uk

Playing the generation game

Tricky challenges for family-run firms?

1st July 2020

Key small business finance campaign launched

Aim is to help small businesses get the support they need to grow

12th October 2018

Financing business growth

By Kerry Haughton, The FSE Group

1st July 2020

Construction projects face new normal

By Tim Lloyd, CQS Solutions

1st July 2020

Business recovery needs careful preparation

Changing face of life in the workplace

13th July 2020

Survey shows huge impact of Coronavirus

Marches LEP asks more businesses to take part in research

22nd April 2020

Business expertise available online

Growth Hubs move seminars and workshops

20th May 2020

New grants support for SMEs

Initiative aims to help businesses plan their recovery

29th May 2020

Partnership vows to help recovery

Major survey reveals impact of Coronavirus on local companies

1st June 2020

Finance is key to smooth transition

Businesses urged to make sure their finances are in best possible shape

15th May 2020

Coronavirus survivor helps other patients

One of the first in the UK to be diagnosed now supporting NHS donation scheme

15th June 2020

Exams add up for accounting students

Pass rate more than 30% above the national average

19th March 2020

Campaign celebrates summer in Shrewsbury

Aim is to energise the town centre and welcome customers back after lockdown

30th July 2020

Expert online events to help businesses recover

Sessions will look to the future

8th May 2020

Architects have ambitious growth plans

Partnership believes election result will unlock investment

24th January 2020