It will not have escaped your notice – (and if it has: keep it up!) – Corona has become quite a thing. Are you already taking the necessary internal and external measures?
Are you already anticipating that your business will be affected more than a little? If so, you would do well to consider the following measures:
Cash is King:
If incoming cash flows are uncertain – try to keep as much cash on hand as possible. You can consult with (trusted) suppliers to make arrangements such as a temporary payment stop or temporarily pay x% of the sum. By hoarding money, you have a stronger trading position should the effects of the virus last longer.
Working time reduction:
If a lot of turnover falls away acutely due to the Corona virus – leaving you with no work for your employees – you can apply for short-time work. The UWV will then subsequently reimburse the hours not worked. Read more here.
Credit from government and others
In addition to reduced working hours, the government is also taking other measures for affected entrepreneurs. Consider, for example, the SME Credit Guarantee Fund (BMKB). You do not apply for this yourself but will go through your financier. This gives your lender more latitude and ability to extend credit.
Deferred payment for tax debts
For most businesses, the largest supplier is the Tax Administration. Because of the Corona virus, it is possible to get special deferrals for any type of tax. This is going to give you a lot of breathing room in the short term should the need arise.
Analyze your expenses
A penny saved is a penny earned! Are there subscriptions/expenses that are still ongoing but not necessary? Then consider canceling various subscriptions/fees. Each individual savings may not yield much but together they make an impact.
Arrange your tax matters/administration
Are you and your partner quarantined for 3 weeks in 1 house? Then of course there is only 1 thing left to do: get the (tax) papers in order together! Yippee! That means keeping annual statements, closing accounts neatly and preparing records. Questions in between? Feel free to call.
Corona is temporary. Corona leaves again.
Is there anything missing from this blog or do you have questions about anything else? If so, please feel free to contact us @ 06 121 39 865.