As you will be aware, the situation regarding Coronavirus (COVID-19) is evolving each day.
Using the latest government advice, as well as knowing the resources we have here at Sedulo, we are operating under a ‘Sensibly, business as usual’ plan as it is key at this stage to maintain stability during a turbulent time where our team members and clients will need us the most.
Here are the steps we have and will be taking to remain ‘Sensibly, business as usual’…
Sensible with our team…
Our team are receiving regular updates around how to stay healthy and if symptoms were to develop, how to react without pressure. We are empowered to work from home wherever we can and work flexibly to avoid busy commutes to sensibly minimise our exposure.
This, of course, does not affect the service we provide to our clients, so where we do need flexible working, we will take the necessary measures to gather what we need from our clients.
Sensible with our systems…
Making maximum use of technology is allowing us to work as seamlessly as possible under the circumstances. All of our team members are working from cloud systems and storage meaning we can access what we need when we need it from wherever we are – further protecting the service to our clients.
We’re also equipped with tools such as Microsoft Teams to keep us connected and working collaboratively in the event of extended periods of working from home.
…and sensible with our service and advice.
Amongst all of this, businesses still need to operate and are being affected by COVID-19. In times of turbulence, there is always a way to manage, so we’re always available (even if it’s over the phone or Skype) to provide support.
Here are some of the things we expect to become prevalent…
Do you have enough free cash to see you through a period of instability in the economy?
During these unsettling times, all businesses will come under increasing cashflow pressures. Even if you are not directly affected by COVID-19, somebody within your supply chain will be and that will cause a ripple effect on the cashflow for everyone. Lots of clients are taking an approach of ensuring they have a bigger than usual cash cushion to see them through the upcoming economic turbulence
Increased demand for R&D tax relief
At a time where some cash streams may be reduced, businesses will be required to make their other revenue streams work harder.
This will likely increase demands for R&D tax relief which means it’s more vital than ever that the value of claims are maximised, and also done in a timely process to avoid the inevitable backlog at a time where the speed of turnaround is essential.
Investors holding onto investments
As the outbreak continues to gather pace, it is clear to see why panic is fast setting in. However, where investments are concerned, panic is by far the least helpful reaction. Whilst it is never pleasant to see an investment lose value, it is important to remember that until the investment is actually sold, it is actually only a ‘paper loss’ – the loss only becoming ‘real’ if the investment is sold.
An increase in Government support through time-to-pays & contingency funds
The recent Budget saw a number of contingency plans set out for businesses as they prepare for the effects of Coronavirus, including extended access to SSP as well as other allowances.
On top of this, other measures being introduced include bespoke Time-To-Pay agreements, further limiting the effect that employers feel from the pandemic.
Payment holidays from mortgage lenders
Mortgage lenders have policies in place for payment holidays for customers who are struggling with their cashflow, some have stepped up quickly to offer relief on monthly payments.
Additional Budget updates to support and stabilise businesses
The recent Budget saw a number of contingency plans set out for businesses as they prepare for the effects of Coronavirus. This included cuts on business rates for small businesses, extended access to Statutory Sick Pay, bank lending and more.
As we mentioned, the situation is evolving each day, so no doubt there will new situations that arise. Nevertheless, stability for businesses is key at this stage so for any situation you might face, we’re always here.