In the latest webinar, regional sales director at Optimum Finance, Andy Christiansen joined Sheryl Davis, partner at Saffery Champness and Charlotte Braham, solicitor at Allan Janes to discuss how to manage the impact of Covid-19 on business.
The UK government has taken further steps to ease the coronavirus lockdown restrictions. Business will now need to take steps to ensure survival of the ‘new normal’. So, how exactly can you mitigate the economic impact of Coronavirus on your business?
The panel of industry experts highlighted certain pressure points which business owners should monitor and manage to lower the risk while the economy gets back on its feet.
Sheryl stated that it is vital that businesses ensure cash flow constraints do not hinder the ability to rebuild or progress work. To combat this issue, she advised: “Once the product is shipped, or the service is completed, you should invoice the customer promptly and frequently”. She also emphasised the importance of having accurate, detailed forecasts for customers and suppliers to help predict difficulties early on.
“you need to understand your customers’ expectations and plans in order to manage your business in these unprecedented times. Talking to customers and suppliers will reveal any possible shortfalls and enable you to address them sooner.” added Sheryl.
Charlotte went on to talk attendees through the new employment law guidance relating to Covid-19. She said: “For employers returning to work, there are employment issues that need to be considered. For example, employees may be reluctant or unwilling to return to the office.” Charlotte explained that employers have a duty of care to staff. It is important that they to outline the measures they are taking to ensure employee safety.
“There is no set regime for bringing employees back to work, but all agreements, including flexible agreements, must be in writing. For businesses to minimise the possibility of future costs and problems they need to keep accurate HR records.”
Andy Christiansen from Optimum Finance discussed the finance and options available during coronavirus to support healthy cash flow.
He said: “factoring implies a financial arrangement between the factor and client, in which the firm gets advances in return for receivables (or invoices), from a financial institution.
“It is a financing technique, in which there is an outright selling of trade debts by a firm to a third party, i.e. the factor, at a discounted price.”
He set out the advantages of using options provided by Optimum Finance, such as how funding can grow with sales and provide financial security through invoice finance.
“It is an open-ended, on-going funding contract with a notice period, making is much more flexible than a bank overdraft.”Tags: coronavirus, webinar Categories: Blog, Information