Kirsty McGregor and Dave Fleming explore the state of the UK economy post-lockdown and how businesses can take steps to regain control and recover their business.
Additional resources
- Glossary to familiarise yourself with any terminology or acronyms we may use
- Tips to agree a “Time to Pay” arrangement with HMRC
- Tips for successes
- Kirsty also recommends this book “Hope Won't Pay the Wages” by Andrew R Miller, to understand the process & impact of insolvency from a business owner’s perspective
- Structure your conversations with clients and prioritise work with a Critical Assessment for Clients
- Outgoings Timeline is a ready reference to show clients when significant outgoings are due to be paid
- Watch the recording of our first Community Catch-up (and here's the slideshow)
Taking action
Businesses need to plan for survival. Prepare a cashflow forecast and ensure they know how they will survive this period to thrive again. We are asking accountancy firms to join our campaign and commit to have a dialogue with every single client to:
- Check in. Are they coping okay? What are their main worries?
- Prompt a forecast. Encourage them to prepare a cashflow forecast for the next 12 months & assist with that, if necessary
- Assess further support & funding needs. Do they need further support to raise finance, manage working capital or consider another strategic direction for their business?
