There are a number of practical steps that SMEs can take to mitigate the impact that the spread of the disease could have on market demand:
Look for alternative ways to deliver services and/or products: Consider alternative sources of supply, ensuring you don’t put your eggs in one basket, either within one company or one geographic region. Ensure you have a business continuity plan in place, and update it regularly. It should include risk around supply chains. The government has written a Business Continuity Management Toolkit. This could be a useful starting point for rationalising your business position. Please contact us if you wish Ward Williams assistance in establishing a Business Continuity plan for your business.
Consider alternative sources of finance as late payments become a growing issue. Check what support the government is offering – i.e. business loans, SSP and rates relief (refer to recent Government announcements and WW websites). Encourage regular e-meetings to stay in touch with suppliers, customers and employees. Ensure you offer both practical and emotional support to your staff and communicate regularly to offer this reassurance.
Some further examples of how Ward Williams could help to ensure your business is operating efficiently:
- A review of a company’s financial performance.
- Assisting in developing the company short term, medium term and long term strategic plans.
- Undertaking a review of business performance. Establishing a proper financial accounting and reporting system (complete with profitability margins, expense ratios, cashflows, taxes and capital investments) which can be easily monitored for insightful decision making.
- Advising on planned business exit strategies that result in a most tax efficient and ‘best’ valuation for the business.
- Ensuring that all available tax reduction claims and allowances are being claimed.
If you have comments or questions, please contact the WardWilliams Creatives team. As further details are announced, we will keep you informed.
