There is no doubt that the coronavirus pandemic has caused significant disruption. Naturally, the health impact, both physical and mental, is the primary worry and a real concern I share with my clients and friends.
Huge changes to our daily lives have vastly affected business operations too. I’m spending most of my days at the moment helping my clients with business continuity strategies and crisis management tools. Whatever your business’ circumstances, there’s support out there for you as you face unique challenges.
Managing finances guides your company through challenging times, which in turn alleviates stress, worry and supports your wellbeing. Right now, that’s more important than ever.
Preparing for change
It’s a great starting point to know the practical financial support available to you. An FD can help you with detailed forecasts, risk management systems, scenario planning and provide general finance guidance as well. Forecasting is a great place to begin. No matter the size and scope of your business, with a forecast you can draw up multiple scenarios, knowing exactly how your business will be affected. Whilst a pandemic is an extreme situation, preparing for change and understanding its impact puts you in a strong position to tackle even the most unlikely circumstances.
As forecasts are adaptable, you can revise them throughout the year to respond to changes and accommodate adjustments, giving the practical and emotional reassurance you need. Mitigating risks means you’re already armed with the tools and strategies to handle unexpected situations. Therefore, when things change, you can draw on some of the knowledge you’ve gained to approach them, so you’re better prepared to handle a change of course, even if it is one you couldn’t have realistically anticipated.
Applying for funding
The UK Government has outlined a support package for businesses during the coronavirus crisis. It’s really reassuring the know this is available and it can be invaluable for you. Yet the advice is constantly changing and can be complicated: knowing what financial assistance you can access, and when, is not necessarily clear. What’s more, some businesses and their owners don’t meet the current qualifying criteria for any support at all, naturally causing much worry for those affected.
If you’re finding the situation confusing or are not sure which grant or loan application best suits your needs, there’s support out there for you. Eligibility guidance, application assistance and clarification on new systems and processes is there for you if you are unsure what you can apply for and how best to do it.
Supporting your wellbeing
This is a confusing and troubling time for so many businesses, and support is out there for you if you’re struggling. Finances and wellbeing are so intrinsically linked for many of us, so taking care of both is essential to help navigate these uncertain times. It can seem a particularly isolating position, but as well as practical support there are also outlets that provide even just a sounding board to hear your concerns and chat through your challenges.
One strong example of the help available has come via my client and friend, Jodie Hill at Thrive Law. Jodie and I are working closely together to advise on the Government guidance changes. Alongside her team, she is sending email updates, contributing to reports and even appearing on the national news offering advice. Jodie shares so many of my values around wellbeing. We’ve chatted at length about the importance of approaches to support business owners who may be struggling with their mental health through these significant challenges. I am always happy to suggest outlets, both financially minded or otherwise, for you to gain the help you need.
Knowing where to go for advice with your finances and your wellbeing can help you find the right ways to manage your business through difficult times. In these times of crisis, we need to support one another more than ever.