Top tips to help business owners during COVID-19 lockdown
In summary, your business needs to be thinking about:
1. Cash is king
These are uncertain times – what will you do if existing clients can’t pay you? What will you do if contracts cancel, or new business doesn’t materialise?
It’s more important than ever to keep track of your cash – do this with a simple cashflow. Monitoring money in against money out on a weekly basis will give you advance notice if a pinch point in cash is ahead, meaning you can take corrective action.
Crunchers Edinburgh offer a free cashflow template – just fill out the form below for a copy.
2. Take the money!
There is a lot of support available, from both the UK and Scottish Governments. Keep up to date, as there are new announcements daily.
Apply for the money that you are due, even if you don’t feel you need it right now. No-one knows for certain how the market will be after lockdown – so you may be thankful for the extra cash at a later date.
3. Plan for post-lockdown
Try to gather as much information as you can about how your market might react once lockdown restrictions are lifted.
Will your market have money? WIll they be expanding? Or, might they be struggling?
Use this time now to plan how you want your business to look post-lockdown.
COVID-19 support hub for small businesses
We’ve collated helpful information, links and updates for businesses on our COVID-19 support hub page and we also share any business support announcements on our social media channels. Be sure to follow us so you don’t miss out on any essential information!