We have just come through probably the toughest 3 months any of us have experienced in our business lives.
Thankfully, there has been support available to help us through the crisis. Government schemes including furlough and SEISS, tax deferrals and business loans, have injected money into businesses and have enabled businesses to pay their staff.
As we now enter the next phase of the crisis, we are already seeing redundancies and businesses failing due to lack of cash. But there are a number of steps that SMEs can take to survive this storm and build a platform to thrive in the long term.
There are 3 key areas that SMEs now need to focus on:
- Your cash
- Your people
- Your customers
Without cash, people or customers, businesses will fail. Focusing on these 3 vital areas and making informed decisions will provide a platform for businesses to come out of this crisis in good shape and look to the future with confidence.
To help, we have produced a guide with our top 20 tips on what you need to be doing right now in your business. The guide highlights the importance of ensuring you have enough cash in the business, the key things you need to do to look after your people and steps you should be taking with your customers.
You can access your copy here.
As our Partner, Paul Stafford notes: “Government support, from furlough and SEISS to tax deferrals and business loans have helped SMEs to survive over the past 3-months. These schemes have injected money into businesses, which have enabled businesses to pay their staff and have held off the inevitable squeeze that will follow.
To ensure their survival as we enter the next phase of this crisis, SMEs now need to take some very specific steps to ensure their survival and to build a platform to thrive in the long term.”
Here to help
We are here to support you. Please contact us at our Southend office on 01702 466 886.
TBL Accountants are your local accountancy firm operating in Southend and across Essex. We specialise in a variety of services as personal, business, and charity accountants. Want to find out more? Get in touch with our team today.
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