Coronavirus Support for Small Business and Self-Employed
On the 17th March 2020, the Government announced further coronavirus support for individuals and businesses alike – to see the full video click here.
The UK Government is Supporting Small Businesses
In addition to the Government recently ramping up TTP Arrangements to help SME’s and the self-employed defer paying their tax, they have also increased grants.
A Summary of the Government’s Announcement on Coronavirus Support
- An increase of support for the Retail, Hospitality and Leisure sectors including anyone in theses sectors not having to pay business rates whatever their rateable tax is.
- Grants for small businesses will rise from £3K to £10K who don’t pay business rates.
For those in Retail, Hospitality and Leisure this will be increased to £25K in certain situations.
- Loans will be guaranteed by the Government with no interest to pay in the first six months in some instances
- Those paying mortgages will receive a 3-month payment holiday
This action is the first phase of the Government’s coronavirus support, and further coronavirus support is on its way.
These new policies will be live by Monday, and I will post links to information when I have it.
I’m a Small Business Owner: What Do I Need to do?
- Find out what support is there for you and your business, and how and when you can access it.
- Look at your cash flow daily/weekly and forecast for the next 3 months:
if you continue as you are and sales are reducing how long will your reserves last?
Make a plan.
- Have a Plan B, especially regarding your staff:
Review staff contracts
Do you have a Layoff and Short Time working Clause?
If you do, this might be preferable than making redundancies as you would lose good people and then have no one to help with the business later on.
Giving everyone a reduction in salary rather than making two-thirds of your staff redundant not only shows your support to your teams but also create loyalty.
- If you are reducing wages, what else can you do to help support your teams?
Helping them with hours so if they have children and usually use childcare could their working hours work around that so they can reduce those costs?
Locally look at rewards schemes.
My VIP Card is promoting a special offer of a card for £5 for 3 months.
- Giving a My VIP Card to your staff will reduce their bills and also help send business to other SMEs who are in the same position as you.
All business owners should be creating contingency plans, and yesterday my talented friends from All-Star Marketing Club and I held a webinar.
Our webinar focused on:
- Policies and procedures
- Key business operations and functions
- Taking care of existing customers
- Maintaining income and continued growth
- Diversification of business to account for potential loss of revenue
- Managing finances and cashflow
- Negotiating win-win, to keep all small businesses safe
- Messaging and communications
- Creating leads without spending money
So why not grab a cup of coffee and download the webinar to see how it might help you.
How Kate Underwood HR Can Help You Today
If you are worried, have any questions regarding coronavirus support, or just want to have a Plan B, please do get in touch.
Our office is fully open, and we can fully operate remotely so there will be no disruption in providing you with our own coronavirus support.
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