It is recognised that all businesses will be impacted in some way by COVID-19 and will struggle to meet current commitments through forced closure, reduced orders, breakdown in supply chain, etc, all resulting in a loss of business.
This is an evolving situation as highlighted by the British and Irish Government statements yesterday and the NI Executive this morning.
There will be assistance available to help companies to navigate through the crisis, but the exact detail may change over the next few days.
However, businesses need to act now to sustain their business and to be in a position to access these forms of support. Immediate steps that can be taken include:
- Prepare emergency cashflows to consider the impact of reduced business.
- Review variable and fixed costs to see what cost savings can be made.
- Communicate with staff, suppliers and customers.
- Keep informed of business supports such as rates relief, grants, business loans, etc.
- Be aware of HMRC and Revenue Commissioners supports and consider payment plans where relevant.
- Communicate with creditors – payment plans to be agreed.