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Tips for Businesses amid COVID-19 https://quickclicksecurity.com/news/Tips+for+Businesses+amid+COVID-19/MzlfbmV3cw https://quickclicksecurity.com/news-images/1200/1585142089-86874.jpg Covid-19, Coronavirus, pandemic.  We haven't heard much else for weeks.  The business community was able to breathe a sigh of relief last week when the government announced measures to assist in keeping our economy afloat.The UK governm

Tips for Businesses amid COVID-19

March 25, 2020
Covid-19, Coronavirus, pandemic.  We haven't heard much else for weeks.  The business community was able to breathe a sigh of relief last week when the government announced measures to assist in keeping our economy afloat.

The UK government has announced a £330 billion stimulus package to support businesses all around the country. This serves to absorb losses and minimise bankruptcy. As a result small businesses have access to up to £5 million as part of the Coronavirus business Interruption Loan Scheme. This can be extremely helpful for many businesses especially as it will be interest free for 12 months. A unique feature of these loans is that unlike traditional loans no primary homes will be taken as collateral. For this scheme, the High streets banks partaking to name but a few include: Barclays, Santander, RBS, Natwest, Lloyds and Metro bank. Grants up £3,000 are also being offered “However, once up-and-running, your local authority will contact you rather than having to apply yourself.” (small business.co.uk, 2020)

Now onto the payment holidays.  You will be happy to hear that VAT payments for the next quarter will be suspended. This should help to free up some money for other things that require attention. One of those other things might include wages; as an employer you can contact HMRC to cover 80% of retained workers up to £2500. Lastly, all retail, leisure and hospitality companies will be exempt from business rates for a whole year.

The next tip is communication, communication, communication, leave no stone unturned when it comes to this one. All external stakeholders should be contacted even if just to provide a voice of composure in this current state of mass hysteria and panic. For security firms this may include reaching out to: clients (festival organisers, clubs and hotels) but also staff, independent contractors, recruitment agencies, the SIA, contract writers etc. The communication should outline the direct implications of the virus on your business personally, noting however, that some things may still be subject to change. Another thing that should be included in this - “press statement” if we want to call it that, is just good habits that can be adopted to combat contamination e.g. routine hand washing and disinfecting surface areas.

In the midst of all these opportunities for support it is important to not get carried away but to exercise discernment. Taking loans that are not completely necessary or making use of the holiday payments if not needed may well be short-sighted. Things will come back to bite you on the other end so it is best practice to be as free from debt as you can be. Not to get all philosophical but that is one fool-proof method of clinging onto the sweet joys of liberty in a time where it seems to be getting stripped from beneath us.  

Something to think about going forward is how this virus has challenged the basic principles of our economic system. The fact is that huge companies, built up on the essence of competition and private enterprise, now have their hands out for bailouts. The business world does not exist in a vacuum and is and will always be a reflection of the wider world. The ongoing narrative, following impulse reactions such as panic buying, is to be more sympathetic and cooperative with one another.

For help accessing support please visit: https://smallbusiness.co.uk/how-do-i-get-the-government-3000-coronavirus-grant-2549866/
 
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