Aide Memoire for businesses during the coronavirus crisis

We here at Productivity Finance have put together an information/advisory fact sheet with useful websites for small businesses to refer to. Please make good use of them and ensure you plan ahead.

These are unprecedented times we are all experiencing, not even similar to working through a recession. Here are some tips to follow and to try and implement into your business.

  • Prepare a revised budget and P+L forecast with a downturn of 50% in your revenues. Do 3, 6, 9 and 12 months. This will tell you where your business might be in the months ahead with worst-case scenario. You will be able to see if you can really weather the storm. Sectors most at risk are, hospitality, events, restaurants, pubs, sporting venues, import/export, haulage & freight, childcare, healthcare, aviation, travel and tourism.
  • Do a cash-flow forecast as above. Cash is more important than profit to stay afloat, this is the most important thing to concentrate on now.
  • Talk to your suppliers NOW and renegotiate your payment terms with them. Ask for extended times, 60, 90 and 120 days. Everyone will be in the same boat, wherever you are in the supply-chain.
  • Talk to HMRC and agree a plan for VAT and other tax liabilities, making use of their "Time to pay" scheme. 
  • Talk to your bank now whilst funding is available. This goes for asset finance, commercial mortgages, business loans, invoice finance. Drawdown on all your revolving credit facilities so long as they are serviceable during your lean months. 
  • Minimise and delay any CAPEX you had planned for the business, preserve all the cash you can for the time being. Growth and expansion, may have to play 2nd fiddle for the moment.
  • Try and minimise "other costs" such as legal and professional where appropriate as these can be expensive.
  • Talk to your council/borough about freezing your business rates.
  • Talk to your Landlord and see if they can provide a rent-free period for 6 months+. The Government has introduced measures to protect commercial tenants from eviction if they miss a payment in the next three months.
  • Try and put off drawing any dividends, this will not look good to a funder if you are seeking support.
  • Allow for staff redundancies and review working hours, reduce if needed, particularly if your business is closed. Staff may prefer to take a pay cut and have a job to return to. Ensure you take advice from an HR expert.

Other useful links


World Health Organisation

Public Health England



We are in constant talks throughout the day with all the funders out there and can provide advice and support where needed. We are a "preferred broker" across a huge panel of high street and alternative lenders and are working hard to secure loans and cashflow funding for our customers.

Aide Memoire for businesses during the coronavirus crisis

By: Tamara Renshaw

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