COVID-19: Emergency Action Plan for Business Owners | RJP LLP

The next three months will be critical for many business owners and not every business will be able to survive but it is important to do whatever you can to safeguard the business. With customers in isolation or unable to use your products and services and staff furloughed, there is the prospect of little income for the next quarter.

If you are applying for emergency funding, you will need to provide evidence of cash flow forecasts and emergency business contingency planning to secure the finance. Even if you are not, the advice in this article still holds true for all businesses and there is no harm in planning for worse case scenario.

Business Checklist for the Quarter Ahead

Calculate your fixed overheads e.g. rent, insurance, salaries etc.

Work out your breakeven point and the sales you must achieve at a specific margin to break even.

Estimate your profit and loss account on a month by month basis.

Look at your cash position on a weekly basis and plot the payments you need to make along with the anticipated income.

Then re-calculate your cash position using a worse case scenario

If you are looking to use the Coronavirus Business Interruption Loan Scheme (CBILS) approach your bank and discuss the figures above. For some banks this will be sufficient for others they may need further information.

Other Areas to Help Improve Your Position

Involve your employees in discussions about how to reduce costs and maintain revenues, they will have ideas about how you could adapt and potentially innovate into new areas.

Review your list of products and services and eliminate those that are unprofitable or not core products/services. Consider any new ones you can offer, launching online services, take home options or new solutions.

Tighten up your accounts payable. Don’t deal with any customers who always struggle to pay you. Review your debtors list and chase up overdue invoices (if appropriate). Offer existing debtors payment options to ensure you get paid.

Agree extended payment terms with all suppliers in advance to give you greater flexibility.

Invest time in your best customers and put extra effort into ensuring your relationships with them are really solid.

Make use of the VAT deferral scheme offered by HMRC

RJP can help you to create a cash flow forecast and plan for the coming months.

How to get onboard with RJP

Talk to us

Have a free initial discussion with a member of the RJP team to identify ways we can enhance your business's growth with our comprehensive support and strategic advice.

Hassle-free migration

Choose RJP and we'll smoothly manage all transitions, handling paperwork, coordinating with your current accountant, and ensuring no deadlines are missed for a worry-free experience.

A pathway to growth

Finally, we will send you the required documents to sign and return, leaving you to continue leading your business, backed by our abundant, responsive advice and support.

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Here’s what our clients have to say

Hear directly from our clients about how RJP's personal, straightforward approach has made all the difference in their business and personal success.

"I just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office."

"I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team."

"I would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone."

"Just a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks."

"RJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable."

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FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

We love seeing your business flourish! Growth and improvement are at the heart of our practical advice. From the ins and outs of everyday operations to big-picture strategic moves, we're here to offer clear, actionable steps that can propel your business forward.

We know dealing with the issue of compliance and auditing can be less than thrilling. That's exactly why we're here—to handle the complex stuff so you don't have to. We offer comprehensive compliance services, ensuring everything is up-to-date without you having to wade through a sea of regulations.

Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

When you need us, we're just a call or an email away—no question is too small or too large. We're known for our quick responses and our fixed fees mean you can reach out without worrying about unexpected costs. Plus, we always keep things simple and straight to the point. We're not just your accountants; we're part of your team, ready to support both your business and personal needs.