How you can protect your business in the current difficult climate
As increased taxes, war in Ukraine and Covid staff absences continue to make the business recovery climate difficult there are worries that insolvencies will increase dramatically in the coming months.
Indeed, Begbies Traynor reports that the number of company insolvencies in February was 23% higher than the same month last year with county court judgements against firms doubling.
But there are some things you can do to mitigate the risks.
- Know your financial position. You need to be able to keep track of your finances to be able to take action. Our free, downloadable cash management tool will help you do that. Find it here.
2. Covid has not gone away. All the restrictions may have gone, but the pandemic itself has not. Protect your staff by
- Completing a health and safety risk assessment that includes the risk from COVID-19
- Providing adequate ventilation
- Cleaning more often
- Asking people with COVID-19 or any of the main COVID-19 symptoms to stay away and enabling them to work remotely
3. Be aware of your responsibilities, especially directors’ liabilities. As of March 31 temporary restrictions on the winding up of companies were lifted. This means the legal regime governing insolvency has returned to its pre-pandemic approach. Our article here is not only about surviving during the pandemic, it contains details of directors’ duties in insolvency
4. Share your worries; You can call or message us via LinkedIn or call for an appointment to discuss your business situation and find out how we may be able to help you.