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Lockdown – be ready for the unexpected

One of the more insidious effects of the coronavirus outbreak is its unpredictability.

Businesses need to plan. To achieve this there needs to be an underlying, stable economic platform. Lockdown – whether locally or nationally applied – removes the certainty required to achieve planned results.

For example, the recent attempts to relax distancing rules and allow hospitality businesses (pubs, restaurants, hotel etc) to reopen on a restricted basis has back-fired in certain areas and the government has created a further layer of uncertainty – regional or local lockdown.

It is self-evident why lockdown is required – to control infection – but the effects on small businesses can be catastrophic.

From green to red the issues that need to be considered might include:

  • If you are fortunate and can trade online, lockdown may actually increase your turnover. However, can you meet changes in demand?
  • By taking advantage of available grants and government backed soft loans you may have managed to keep your business hopes alive, but the evidence is that the job related, furlough grants are now being phased out and there is just so long that you can trade at a loss without becoming insolvent.
  • Lockdown has meant that you are or were effectively closed to business. If the present easing creates more infection further restrictions may be required; either locally or nationally. This may require that business owners face up to unpalatable choices.

Accordingly, we all need to plan for the unexpected, and in particular, that our business plans are flexible enough to cope with new restrictions especially if applied to our local area. 

If you need help with this planning and review process please get in touch with us.

Source: Other Wed, 12 Aug 2020 05:00:00 +0100

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HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK