It can be very lonely as a business owner / director in these uncertain times. We've developed the checklist below of essential short-term actions for Covid-19 business survival.

1. Preserve cash by cutting and/or delaying costs – be bold but don’t terminate staff before considering the Government job retention scheme

2. Implement weekly cashflow forecasting (daily may be necessary for some)

3. Access Government financial help including: job retention scheme, deferring VAT / Tax, Gov backed loans, business rates relief etc.

4. Speak to suppliers to inform them of what you are able to pay

5. Call your bank manager to find out how they can help you e.g. deferring loan repayments, temporary finance etc.

6. Talk to customers about their abilities to pay, particularly for industries that have been hardest hit like travel, leisure, entertainment, aviation etc.

7. Keep your staff up-to-date with developments and the impact on them. Be prepared to support your staff and their well-being

8. Develop a financial forecasting model to show how your business might perform with different levels of sales and costs. Consider the actions necessary.

9. If sales have totally dried up consider mothballing the company until the worst is over, taking account of Government support (as above)

10. Speak to a professional advisor as a sounding board for your plans

Secantor has helped hundreds of directors & companies in challenging situations over the years and can provide wisdom to assess the risks and plan actions and financials to safely guide your business through the storm.

We are only a phone or video call away. Contact us here.