We are seeing increasing numbers of businesses being adversely affected by a sharp and immediate downturn in business as a result of Covid-19. If you are also experiencing difficulties you are not alone and that we will strive to help everyone through this difficult time.
Rishi Sunak’s announcement on 17 March 2020 of a £350bn support package for business, with particular measures for the airline, retail and hospitality sectors. The measures include favourable loan arrangements, business rates holidays and grants. It is important that all businesses struggling in the current climate review the detail of the support offered carefully and seek to take advantage all the financial aid available.
Beyond that, if your business is being impacted then you need to know what your options are for a) survival – reducing or managing your staff costs going forward and b) business recovery – how and when do you start work to ensure that your business prospers after the current virus crisis subsides?
The following are options to consider:
- Speak to your employees to explain the situation and to see if they will voluntarily agree to reduce benefits, hours or pay at this difficult time.