Many of you have likely consumed the media input on Coronavirus. It’s all doom and gloom.
It’s designed to make us feel bad. The media know how we default back to survival instinct and numbers help them make money.
So we are now all facing the emotion of fear.
Firstly we need to deal with that emotion. Working forward as business owners we need logic. However, you cannot solve an emotional problem with logic.
So first just take a minute to remember why you even do what you do in business. What difference do you truly want to make to people?
This should help you see the clarify and enable you to start focusing on the future ahead.
The logical approach now is to free up cash.
Step 1 – If you have any upcoming tax liability then reach out to HMRC’s Coronavirus time-to-pay helpline and get a deferral on any upcoming tax liability. Don’t forget you will still need to pay this later but you may need this cash now.
You can reach this helpline on 0800 0 159 559
*The next steps can be done for your business and personally.
Step 2 – List all your incoming and outgoing money week by week for the next 13 weeks. Note your current bank balance and adjust by each week’s result. You can now see clearly your weeks of risk.
Step 3 – List your costs in two headings. Essential and non-essential. Be honest. This isn’t a time for thinking Sky TV is essential. It’s a luxury. Anything that isn’t an essential cost needs to be considered for cancelling / putting on hold / reducing.
Step 4 – React and see where you can create opportunity. This is about the future of your business and coming out the other side.
There are also other measures that the government have introduced which are continually being updated.
The latest list of help can be accessed here – https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses