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resources 26 may

The challenges we can expect next

The Easy Part Has Now Passed. Whilst we won’t deny the fact that the past few weeks and months have been challenging; as we fast approach a further announcement regarding the potential easing of lock down, more troubled times await us in the business world.

I have said on a number of occasions already that the business curve is most definitely behind the health curve and will be very different to it also.

We don’t say this to make people feel uneasy as we want to remain calm, but we don’t want people to grow complacent over the coming weeks and months.  To maintain this calm, we must retain control to the best of our ability and that means not letting up as we strike back against the current challenges that we have faced and those that still await us.

Let’s first start with some fairly obvious issues that lie ahead:

  1. These Government-backed loans will need repaying and whether they are 80% backed or 100% backed, if they are not repaid, it will impact your credit rating as a minimum.
  2. Aside from the loans, the Government has provided significant financial support such as local authority grants, furlough payments, self-employed grants etc.  These will all need to repaid but indirectly; in some shape or form, and we expect this to be via any or all of the following:
    1. Increase in personal tax rates
    2. Increase in company tax rates
    3. Increase in national insurance
    4. Increase in VAT

Some of these may come subtly through the reduction of some allowances and some may just be in terms of a hike in rates such as a jump in company tax from 19% to 30% would not be beyond the realms of possibility.  Whilst it would unreasonable and probably unlikely that these hikes will come immediately; we would be shocked if they don’t come at all, and whilst some industries might benefit from some respite such as hospitality, they may also not benefit at all nor may anybody be given any degree of leniency.

  1. Whether you have accessed any of the financial support or not, we cannot realistically see any way in which you will not be part of the repaying of it!

There are then the operational challenges that may await such as:

  • Suppliers reducing or revoking credit terms
  • Delivery timescales for materials being longer
  • Staff not wanting to return to work
  • Customers delaying orders, cancelling them or wanting extended credit
  • All of the above and more!

You might even think a lot of the above might not apply to you but it will impact you in some way or another as prices just in day to day life with regards to shopping are likely to rise!

Our key message and support

The support you have benefited from to date must continue in some shape or form to help you through the times we have ahead.  We encourage you to engage with us over the coming days and weeks to discuss this support in greater detail as we grow our team and other resources to be able to deliver this on an ongoing basis for you.

We know concerns will remain and cost will be a barrier for some if not many, but we have worked hard to find solutions to this that we can discuss at the same time.

Remember these two messages

  1. With the government support to date and the announcements made and pending, they may have whetted our appetite with regards to more positive times ahead, but it will not go far enough to quench our thirst.
  2. Finally, never forget – calm is the word but not complacency.

Webinars (NOT TO BE MISSED)

With us coming back of the bank holiday we have focused on just the one webinar this week that is ran alongside our software partner that assists with cash flow management.

Cash flow planning beyond COVID-19
Friday 29 May, Midday (book here)

Would you like to have the answers to all of the questions I have raised in the section above?

Join us for this webinar to hear how we as a business have adapted, how other businesses have adapted and how you too could to not just survive but really strike-back!

april 10

COVID-19 Strike Back.

Now that the dust has settled and we should have digested the support there and how we access this; though some finer details are still yet to be clarified, let’s hit back with all of this rather than feel sorry for ourselves and our business.  If you don’t, you more than likely won’t have a business to return to.

To start with we are ecstatic that we can now share our co-branded document that has been produced alongside one of our software providers that has a walk-through of how best you can do this.  This can be found here.

Following on from this, I am going to run two further 30 minute LIVE work-out webinars without the spandex next week:

  • Understanding and improving your cash flow in such troubled times (register here)
  • Pivoting your business to bounce back (register here)

Please note that neither of these sessions will be recorded.

Following on from this I am opening up the diary for the team for the week commencing 20 April 2020 for you to have a 30 minute one-to-one free session to discuss anything we cover next week in more detail.

To summarise our four step approach from next week to strike back:

  1. Register for our deep-dive into improving your cash flow
  2. Register for pivot your business session
  3. Schedule a 30 minute on to one session in the diary

Please note that if steps 1 to 2 have not been followed we will not have the meetings as time is of the essence and we need to be best prepared to make the most from the 30 minutes that we have.

Just to stress, now is not the time to stand still, it is the time to strike back!

A friend or contact in need

Never has it been more important to stick together in such times and no more than ever we are here for you to support you however we can.

Can we kindly ask that you listen out across social media, in your circle of friends and contacts, for anybody who too would benefit from the same support that you too are receiving.

Even if they just registered for our newsletter; which they can do by just clicking onto our website here, or if they were to take advantage of our newly introduced and dedicated COVID-19 (click here) and Cash Flow SOS page (click here), you would be helping them out.

Together, we can get through this.

Further guidance

Following our previous e-mail people have been asking for further guidance around:
  • Help for the self-employed (to book on click here)
  • Furloughing of staff (to book on click here)

As a result of this we will be doing two separate 30 minute live webinars next week covering the above two areas and will add access to finance to each of them also.

To book on, click either of the respective links above.

Finally – Client Exchange (APRIL ONLY)

Don’t worry we are not exchanging any clients.

During such unprecedented times we are going to support one another and we won’t always be able to do this for free.

We can however help one another out in exchange for goods/services to the value.

In light of this; and only for the remainder of this month as a trial, if you need some assistance but are struggling financially, can you email what you need to enquiries@gtaccountants.com and we will try to see if we can match you up with another customer.

Please note this is not a free advertising tool but instead to help those clients in need so that we can be specific.

If you are looking to advertise, let me know and I will do a separate client-led newsletter with content provided by you so you can advertise your services but by way of a newsletter rather than direct e-mail as I don’t think any of us would appreciate being sold to in the current climate unless we were looking to buy.