How to steer your business through Covid 19 concerns

Lisa Bray, Director of Eden Fyfe, says that the impacts of Covid 19 on businesses are constantly evolving and important decisions are being made every day.

Lisa Bray, Director of Eden Fyfe, says that the impacts of Covid 19 on businesses are constantly evolving and important decisions are being made every day. Businesses of all sizes are having to re-evaluate how to look after staff, customers, suppliers and keep business afloat.

Here's her advice on how to navigate the concerns:

“Keeping people safe and healthy from Covid 19 is the most important thing on all our minds. 

“As the impact of the pandemic and the precautions we have to take hit our workforce, our customers and our suppliers, businesses need to take decisions about their operations on a daily basis.

“Communication is key!

  • Keep your staff informed about what's happening in the business and what it might mean for them
  • Look at ways to take payment “holidays” – loans, mortgages, vehicles etc to help ease the short-term burden
  • Talk to your landlord about a rental “holiday” for your business premises
  • Review all your overheads and consider any that can be cut in the short-term that won't have a big impact on the business
  • Consider arranging payment plans with suppliers, HMRC etc
  • Watch out for news of new business grants – on social media, in the news and in trade press
  • Talk to your business adviser or accountant for advice on how to deal with the situation in the short-term and how to plan for the longer term.”

If you need advice on how to manage financial commitments and what help is available, please get in touch on 01592 630048 or info@edenfyfe.com

Sage Accountant Partner Sage One Certified Advisor

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Address

Eden Fyfe Accounts, H5 Newark Business Park, Glenrothes, Fife KY7 4NS

Phone

01592 630048


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