Business survival guide
TALK TO YOUR business support network:
• Your business insurance might provide the cover you need if your business has to stop trading indefinitely. Check your policy wording as you might have Business Interruption cover in your commercial insurance policy – speak to your insurer if you’re not sure. Once you have confirmed that you have Business Interruption cover, youwill need to check whether you have an extension for ‘notifiable diseases’.
• Talk to your bank about possible emergency finance options. The British Business Bank is in the process of setting up the Coronavirus Business Interruption Lending Scheme, which will provide your lender with a government-backed 80% guarantee against the outstanding facility balance – so the finance should be attainable for all businesses.
• Ask your customers – particularly larger companies – to pay your outstanding invoices. Morrisons supermarket have led the way with this by paying 3,000 suppliers instantly, regardless of payment period. Small businesses or the self-employed with invoices issued should use this moment to chase for instant payment.
• Talk to the government through their business support helplines,of which some are dedicated to coronavirus. They are designed to help small businesses with advice on how to minimise/cope withthe impacts of coronavirus. The phone number is different depending on your business location:
England: 0300 456 3565
Wales : 0300 060 3000
Scotland: 0300 303 0660
Northern Ireland: 0800 181 4422
• Ask your landlord for some breathing space if you’re experiencing a drop in trade which is impacting on your ability to pay the rent. Landlords might take a generous approaching in these extenuating circumstances by providing rent breaks and/or payment discounts.