tag:blogger.com,1999:blog-20110304695420178102023-11-16T12:55:10.004+00:00Finance DirectorJohn Toppin is a specialist financial advisor for marketing agencies and professional firms.Unknownnoreply@blogger.comBlogger56125tag:blogger.com,1999:blog-2011030469542017810.post-45016228478872804422020-08-04T14:03:00.003+01:002020-08-04T14:04:46.024+01:00Too frightened to pivot your business?<div><br /></div><div><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMEk7r_GDDbpNG1EbxPxZVnsL7PqP7htjYv8fuUQ1TONpm5lXcoN7javCHurAtRLk5hoyRlH_o6bEySFD8RTO_PUrivY9N35bcwqsIajZ8miTBvQb3Hepnv33W6XkEfv6IE034TsKAsko/s471/clear+glass.bmp" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="368" data-original-width="471" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMEk7r_GDDbpNG1EbxPxZVnsL7PqP7htjYv8fuUQ1TONpm5lXcoN7javCHurAtRLk5hoyRlH_o6bEySFD8RTO_PUrivY9N35bcwqsIajZ8miTBvQb3Hepnv33W6XkEfv6IE034TsKAsko/s0/clear+glass.bmp" /></a></div><div><br /></div><div><br /></div><h4 style="text-align: left;"><font face="verdana">Ten ways to pivot your marketing agency or professional services firm<br /></font><font face="verdana">with some simple examples</font></h4><div><span style="font-family: verdana;">Pivoting isn't new. Nor is it just for tech firms or start ups.</span></div><div style="text-align: left;"><span style="font-family: verdana;">And pivoting
your business does not always have to mean changing it completely.</span></div><div style="text-align: left;"><span style="font-family: verdana;"><br /></span></div><div>
<p class="MsoNormal"><span style="font-family: verdana;">It is
not necessary to change your whole strategy, just the bit that isn’t working. Pivoting
is changing strategy without changing your vision.</span></p>
<p class="MsoNormal"><span style="font-family: verdana;">The
coronavirus crisis makes it essential for business leaders to adapt their
business models to the changed environment now and in the future.</span></p>
<p class="MsoNormal"><span style="font-family: verdana;">Here are 10 different pivots – in some cases
more than one of these can be deployed in the same business.</span></p></div><h4 style="text-align: left;"><font face="verdana">1. Zoom in</font></h4><div><p class="MsoNormal" style="text-align: justify;"><font face="verdana">Focus
in on one key feature of the service. That feature becomes the whole service
and everything else is cut away.<o:p></o:p></font></p>
<p class="MsoNormal" style="text-align: justify;"><font face="verdana"><span style="text-align: left;">Example: General retail marketing agency
pivoting to focus on shopper experience.</span><span style="text-align: left;"> </span><span style="font-size: 11pt; text-align: left;"> </span></font></p></div><h4 style="text-align: left;"><font face="verdana">2. Zoom out</font></h4><div><p class="MsoNormal" style="text-align: justify;"><font face="verdana">What
was the whole service becomes part of a larger service offer.<o:p></o:p></font></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: verdana; text-align: left;">Example: A shopper experience agency pivots to
add other retail marketing services.</span></p></div><h4 style="text-align: left;"><font face="verdana">3. Customer segment</font></h4><div><p class="MsoNormal" style="text-align: justify;"><font face="verdana">Positioning
and optimising the service for a more appreciative client segment. <o:p></o:p></font></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: verdana; text-align: left;">Example: A PR agency great at making a noise
that had been focused on blue chip pivots to challenger brands.</span></p></div><h4 style="text-align: left;"><font face="verdana">4. Customer need</font></h4><div style="text-align: left;"><p class="MsoNormal" style="text-align: justify;"><font face="verdana">The
target clients no longer have the need that your service addressed so you need
to find a client need that you can address.<o:p></o:p></font></p><p class="MsoNormal" style="text-align: justify;"><font face="verdana">Example:
A point of sale marketing agency pivoting to door drop marketing.</font></p></div><h4 style="text-align: left;"><font face="verdana">5. Business Architecture</font></h4><div><p class="MsoNormal" style="text-align: justify;"><font face="verdana">Moving
from a high margin/low volume model to a low margin/high volume model.</font><span style="font-family: verdana;"> </span></p>
<font face="verdana">Example: A one to one bespoke executive
outplacement consultancy pivots to offer one to many outplacement
services. </font></div><div><font face="verdana"><br /></font></div><h4 style="text-align: left;"><font face="verdana">6. Technology</font></h4><div><p class="MsoNormal" style="text-align: justify;"><font face="verdana">Finding
a way to achieve the same solution by using a different technology<o:p></o:p></font></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: verdana; text-align: left;">Example: A direct marketing agency pivots to a digital
marketing solution.</span></p></div><h4 style="text-align: left;"><font face="verdana">7. Value capture</font></h4><div><p class="MsoNormal"><font face="verdana">Changing
the method of charging for your services.<o:p></o:p></font></p>
<p class="MsoNormal"><font face="verdana">Example: A headhunting firm pivots from fees
based on a percent of appointee salary model to a fixed price fee menu.</font></p><h4 style="text-align: left;"><span style="font-size: 11pt;"><font face="verdana">8. Channel</font></span></h4><p class="MsoNormal"><font face="verdana">Changing
the channel for delivering the service to clients.<o:p></o:p></font></p><p class="MsoNormal"><font face="verdana">Example: An artwork studio working directly for
the ultimate client rather than via advertising agencies.</font></p><h4 style="text-align: left;"><font face="verdana">9. Engine of growth</font></h4><p class="MsoNormal"><font face="verdana">Changing
the way the business gains or retains clients.<o:p></o:p></font></p><p class="MsoNormal"><font face="verdana">Example: Changing focus from investing in
winning new clients to investing in widening and deepening business with
existing clients</font><span style="font-family: "calibri light", sans-serif; font-size: 11pt;">.</span></p><h4 style="text-align: left;"><font face="verdana">10. Platform</font></h4><p class="MsoNormal"><font face="verdana">A tech
company changing from an application to a platform model or vice versa.<o:p></o:p></font></p><p class="MsoNormal"><font face="verdana">Example: A software company changes from an
online role play platform to a photo sharing app. (Flickr) </font></p><p class="MsoNormal"><font face="verdana">Have you pivoted your business since March? </font></p><p class="MsoNormal"><font face="verdana">Are you planning to pivot?</font></p><p class="MsoNormal"><font face="verdana">As a first step, why not pick the phone up and call John or email him and arrange to meet up (on screen). </font></p><p class="MsoNormal"><font face="verdana">John's website is:<a href="http://www.nomizon.co.uk " target="_blank"> http://www.nomizon.co.uk </a></font></p><p class="MsoNormal"><font face="verdana">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></font></p></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-37128355104169429962020-06-03T11:04:00.003+01:002020-06-10T18:11:55.175+01:00Coronavirus tips bible for agencies and consultancies June 3rd 2020<div><br /></div><div><span style="-webkit-text-stroke-width: 0px; background-color: white; color: black; display: inline !important; float: none; font-family: "verdana",sans-serif; font-size: 18pt; font-style: normal; font-variant: normal; font-weight: 700; letter-spacing: normal; orphans: 2; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Coronavirus
tips bible for agencies and consultancies</span><br /></div>
<div style="line-height: normal;"><b><span style="color: black; font-family: "verdana",sans-serif; font-size: 18pt;"><br /></span></b></div><div style="line-height: normal;"><div class="separator" style="clear: both; text-align: center;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWV-cM7_eBSqc089eOGwWG4-dRaXNwEw_AS0gQSq4HxfMJZf19zZ8of5hAFSKuU5lejosice1uE4eBID90pXm0Gwyfqv-0YisplQlsU8CHKNAXhZDFQ-ipdKszo-QUcAeLZgwR7ixy1a4/s2500/130622_John_portrait_Website_2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2500" data-original-width="1856" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWV-cM7_eBSqc089eOGwWG4-dRaXNwEw_AS0gQSq4HxfMJZf19zZ8of5hAFSKuU5lejosice1uE4eBID90pXm0Gwyfqv-0YisplQlsU8CHKNAXhZDFQ-ipdKszo-QUcAeLZgwR7ixy1a4/s320/130622_John_portrait_Website_2.jpg" /></a></b><b><span style="color: black; font-family: "verdana",sans-serif; font-size: 18pt;"><br /></span></b></div></div><div style="line-height: normal;"><b><span style="color: black; font-family: "verdana",sans-serif; font-size: 18pt;"><br /></span></b></div><div style="line-height: normal;"><b><font face=""verdana",sans-serif" size="5"></font></b><br /></div>
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<div style="line-height: normal; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana",sans-serif; font-size: 12pt;">Update June 3rd 2020 </span><span style="color: red; font-family: "verdana",sans-serif; font-size: 12pt;">Material added today is in red.</span><span style="color: black; font-family: "times new roman",serif; font-size: 12pt;"></span></div>
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<div style="line-height: normal; margin-bottom: 0cm;">
<br /></div>
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<div style="line-height: normal; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana",sans-serif; font-size: 12pt;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "times new roman",serif; font-size: 12pt;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Contracts</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Force
majeure clauses. Frustration of contract see this link (English Law)</span><br />
<br />
<a href="https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version</span></a><br />
<br /><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Contract
tips:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Try to
shorten payment terms to keep cash flowing in.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Look
for up-front payments especially where third party costs are incurred by you.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Include
a right to suspend work and a provision to delay work until payments are up to
date.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Try to
avoid fixed delivery dates or time of the essence clauses. </span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Look at
possible deferred completion of work</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Clients</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’
arrangement to secure your relationship, reduce payroll cost and retain a key
employee.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Maintain
your cash flow forecasts so that you know how much cash you have now and at any
given point over the next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Work
out how long you can make your cash last. </span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Work
out how you can make that cash last longer.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Here is
a working capital checklist from the Institute of Chartered Accountants in
England & Wales:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1</span></a><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; </span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">postpone non-essential costs, assess other
discretionary spend. What costs can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">The HMG website is being continually updated with detail as gaps are identified
and filled. Keep referring back to it.</span></b><br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">HMRC now has a financial support finder tool for businesses. </span></b><br />
<br />
<a href="https://www.gov.uk/business-coronavirus-support-finder"><b><span style="background: white; font-family: "Verdana",sans-serif; font-size: 14pt; line-height: 107%;">https://www.gov.uk/business-coronavirus-support-finder</span></b></a><b><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"></span></b><br />
<br />
<br />
<br />
<br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><span style="background: white; color: #0070c0; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Extra time to pay taxes</span><br />
<br />
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><span><span style="background: white; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 5
months.</span><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"> </span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">The 80% and £2,500 per month are gross amounts. The company
pays the salary, deducting PAYE and NI. The </span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">government then reimburses the company with the 80% or
£2,500 gross salary PLUS employers NI on the 80% (or £2500) PLUS the employer
auto-enrolment pension contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">The
scheme is for all employees on the payroll as at March 19<sup>th</sup>2020. NB
clarification required from HMRC as this is being interpreted as employees
notified to HMRC through the RTI system as at that date. If your payroll for
March was submitted by RTI later than that date new employees may not qualify.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">You
must select those to be furloughed fairly – use the selection process you would
use if making redundancies. You need to write to the furloughed employee to
confirm details of the furlough and obtain their written agreement. Furloughed
staff continue to accrue holidays and length of service.<span> </span>Staff having received the official NHS letter
who are being shielded for 12 weeks can be furloughed.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">The
furloughed employee should not undertake any work for the company </span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">while furloughed, including
answering calls or emails. Furloughing is for periods of at least 3 weeks. HMRC
intend to audit post furlough period and fraudulent claims and abuse of the
system will be followed up. You should be prepare to demonstrate that the
employee has done no work. For this reason consider excluding them from the
work email system and access to company IT systems.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Update following HMG
announcement 29<sup>th</sup> May 2020 CJRS Version 2 (V2)</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">New entrants: </span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">To make a claim under CJRS V2
employers must have submitted a claim under the existing version of the scheme
before 1 July and only employees who have been included in claim in the first
iteration of the scheme can be eligible for furlough under CJRS V2. </span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">This means that employees must
have started their furlough by 10 June. As of 1 July, there will also be a
maximum number of employees that can be claimed for - the maximum number on any
single claim under CRJS V1.</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Flexibility:</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">From 1 July, employers can
bring back to work employees that have previously been furloughed for any
amount of time and any shift pattern, while still being able to claim CJRS
grant for their normal hours not worked.<span> </span></span><br />
<br />
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">August:</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">CJRS will continue to pay 80%
of wages. No claims for employers NI or employers pension contributions.</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">September: </span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">CJRS will pay 70% of wages (up
to £2187.50) while employers will take on the other 10%. No claims for
employers NI or employers pension contributions.</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">October:</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">CJRS will pay 60% of wages (up
to £1,875) while employers will take on the other 20%.</span> <span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">No claims for employers NI or employers pension
contributions.</span><br />
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">HMG detailed note on CJRS V2
here:</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/888764/Factsheet_for_SEISS_and_CJRS_schemes.pdf">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/888764/Factsheet_for_SEISS_and_CJRS_schemes.pdf</a></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Furlough
template letter from ACAS via this link:</span><br />
<br />
<br />
<a href="https://www.acas.org.uk/furlough-letter-template"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.acas.org.uk/furlough-letter-template</span></a><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">VAT
payments due up to June 30<sup>th</sup> 2020 are deferred until March 31<sup>st</sup>
2021. If your VAT is paid by direct debit cancel the direct debit to prevent
HMRC collecting</span><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">.</span><br />
<span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">British
Business Bank information of the Coronavirus Business Interuption Loan Scheme
is here:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</span></a><br />
<br /><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 </span><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">months. Banks will not be
asking directors for personal guarantees for loans below £250k but they will
for loans over that amount. The company must have been viable before the
coronavirus crisis. They will take security from the company in addition to
relying on the Government’s guarantee.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Coronavirus
Bounce Back loan scheme aimed at smaller businesses offering from £2000 to
£50,000 loans (based on 25% of turnover) interest free for the first 12 months,
with a 100% government guarantee.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Changes
to insolvency rules to enable UK companies undergoing a rescue or restructure
to continue trading, helping them avoid insolvency.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">This
will include enabling them to buy supplies while attempting a rescue, and
temporarily suspending wrongful trading provisions retrospectively from 1 March
2020 for three months for company directors so they can keep their businesses
going without the threat of personal liability.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">See
ICAEW on these insolvency rule changes:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</span></a><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">If you
think you will not be able to file your annual accounts on time you can apply
for a 3 month extension to the deadline. You need to do this before your filing
deadline has passed.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 14pt; line-height: 107%;">https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time</span></a><span style="background: white; color: red; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span>
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">STRATEGIES AND OPTIONS FOR BUSINESSES</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">There
are effectively now 3 routes for businesses that are not already surviving and
prospering online: </span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">1.<span> </span>Pivot or repurpose</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">2.<span> </span>Cocoon</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">3.<span> </span>Liquidate</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Pivoting
or repurposing a business</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">For
businesses which have been impacted but can continue to trade they have two
options available:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Continue
providing the same product / service in broadly the same way to the same
customers (e.g. restaurants providing take away service and schools giving
classes online) or;</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Repurposing
or Pivoting the business to provide a new service which is now in high demand
(e.g. manufacturing businesses making PPE and leisure centres providing space
for testing facilities)</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Given
that repurposing involves a big change in the business there are likely to be
many things including approvals, permissions, and supply chains to consider. </span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">This is
also an opportunity for businesses to review their vision, strategy and how
they are going to adapt to the changing business environment.<span> </span></span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><span><br /></span></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Cocooning
a business</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Cocooning,
or mothballing, is a temporary suspension of a business and can be the result
of sales reducing to zero (or nearly zero) with no prospect of this picking up
in the short term.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">All
cash outflows where possible are stopped or reduced and the business is left in
a state which it can emerge from once the prevailing business conditions
improve. </span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Doing
this means the business owner can delay taking a decision on what to do next
for 2 months – whilst the key government support schemes remain in place.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Businesses
should consider the financial impact of cocooning versus staying open (if that
is possible), options for repurposing / pivoting as well as the impact on
customer and suppliers.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Liquidating
a business</span><br />
<br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">For
businesses who have been critically affected by Covid-19 (e.g. revenue has
dropped to zero) these are categorised into two groups:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Fundamentally
sound; and</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Previously
experienced periods of stress or distress</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">For
businesses that are fundamentally sound, it is hoped that these can be cocooned
or repurposed so that they can recover when conditions improve.<span> </span>They can take advantage of Government
supports such as CBILS, CJRS, VAT and other tax deferment and business rates
support as well as rent reductions and other cost cutting exercises.<span> </span></span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><span><br /></span></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Businesses
who have been critically affected and who have previously experienced periods
of stress or distress are unlikely to get CBILS support.<span> </span>They may still benefit from other government
support such as CJRS and BBLS which will keep them going in the short term, but
they are more likely to go into liquidation than emerge successfully after lock
down. These businesses should seek expert advice now as there may still be
options available to the business owners. </span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Planning
for the future</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">What is
the “New Normal?” It is the most important question, but no one can predict the
length of the crisis and what will be the outcomes post lock down. What is
certain is that the best way to predict your future is to create it!</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.acas.org.uk/advice</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br /><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Advice to businesses in the USA</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Check
out the links in this one stop shop via the US Chambers of Commerce</span><br />
<span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus"><b><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12pt; line-height: 107%;">https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus</span></b></a><b><span style="background: white; color: black; font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"></span></b><br />
<br />
<br />
<br />
<b><span style="font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "verdana",sans-serif; font-size: 14pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana",sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Institute of Chartered
Accountants in England & Wales</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Arram Berlyn
Gardner</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "verdana",sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "verdana",sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana",sans-serif; font-size: 12pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-64542734379289646832020-05-21T14:18:00.000+01:002020-05-21T14:18:06.205+01:00<br />
<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Coronavirus
tips bible for agencies and consultancies</span></b><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Update May 21st 2020 </span><span style="color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Material added today is in red.</span><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">A compendium of tips and resources from
the author and other sources</span></div>
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br /></span><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">Contracts</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Force
majeure clauses. Frustration of contract see this link (English Law)</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Contract
tips:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Try to
shorten payment terms to keep cash flowing in.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Look
for up-front payments especially where third party costs are incurred by you.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Include
a right to suspend work and a provision to delay work until payments are up to
date.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Try to
avoid fixed delivery dates or time of the essence clauses. </span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Look at
possible deferred completion of work</span><br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’
arrangement to secure your relationship, reduce payroll cost and retain a key
employee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Maintain
your cash flow forecasts so that you know how much cash you have now and at any
given point over the next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Work
out how long you can make your cash last. </span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Work
out how you can make that cash last longer.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Here is
a working capital checklist from the Institute of Chartered Accountants in
England & Wales:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"></span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">postpone non-essential costs, assess other
discretionary spend. What costs can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">The HMG website is being continually updated with detail as gaps are identified
and filled. Keep referring back to it.</span></b><br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">HMRC now has a financial support finder tool for businesses. </span></b><br />
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><a href="https://www.gov.uk/business-coronavirus-support-finder">https://www.gov.uk/business-coronavirus-support-finder</a></span></b><br />
<br />
<br />
<br />
<br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br /><span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 5 months.</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"> </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">The 80% and £2,500 per month are gross amounts. The company
pays the salary, deducting PAYE and NI. The </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">government then reimburses the company with the 80% or
£2,500 gross salary PLUS employers NI on the 80% (or £2500) PLUS the employer
auto-enrolment pension contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">The
scheme is for all employees on the payroll as at March 19<sup>th</sup>2020. NB
clarification required from HMRC as this is being interpreted as employees notified
to HMRC through the RTI system as at that date. If your payroll for March was
submitted by RTI later than that date new employees may not qualify.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">You
must select those to be furloughed fairly – use the selection process you would
use if making redundancies. You need to write to the furloughed employee to
confirm details of the furlough and obtain their written agreement. Furloughed
staff continue to accrue holidays and length of service.<span style="mso-spacerun: yes;"> </span>Staff having received the official NHS letter
who are being shielded for 12 weeks can be furloughed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">The
furloughed employee should not undertake any work for the company </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">while furloughed, including
answering calls or emails. Furloughing is for periods of at least 3 weeks. HMRC
intend to audit post furlough period and fraudulent claims and abuse of the
system will be followed up. You should be prepare to demonstrate that the
employee has done no work. For this reason consider excluding them from the
work email system and access to company IT systems.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Furlough
template letter from ACAS via this link:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.acas.org.uk/furlough-letter-template"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/furlough-letter-template</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">VAT
payments due up to June 30<sup>th</sup> 2020 are deferred until March 31<sup>st</sup>
2021. If your VAT is paid by direct debit cancel the direct debit to prevent
HMRC collecting</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">British
Business Bank information of the Coronavirus Business Interuption Loan Scheme
is here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Business
interruption loan scheme interest free for 12 months now not 6 </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">months. Banks will not be
asking directors for personal guarantees for loans below £250k but they will
for loans over that amount. The company must have been viable before the
coronavirus crisis. They will take security from the company in addition to
relying on the Government’s guarantee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Coronavirus
Bounce Back loan scheme aimed at smaller businesses offering from £2000 to
£50,000 loans (based on 25% of turnover) interest free for the first 12 months,
with a 100% government guarantee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Changes
to insolvency rules to enable UK companies undergoing a rescue or restructure
to continue trading, helping them avoid insolvency.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">This
will include enabling them to buy supplies while attempting a rescue, and
temporarily suspending wrongful trading provisions retrospectively from 1 March
2020 for three months for company directors so they can keep their businesses
going without the threat of personal liability.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">See
ICAEW on these insolvency rule changes:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">If you
think you will not be able to file your annual accounts on time you can apply
for a 3 month extension to the deadline. You need to do this before your filing
deadline has passed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time</span></a><br />
<br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"></span>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;">
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">STRATEGIES AND
OPTIONS FOR BUSINESSES</span></b><br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">There are effectively now 3
routes for businesses that are not already surviving and prospering online: </span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">1.<span style="mso-tab-count: 1;"> </span>Pivot or repurpose</span><br />
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">2.<span style="mso-tab-count: 1;"> </span>Cocoon</span><br />
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">3.<span style="mso-tab-count: 1;"> </span>Liquidate</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Pivoting or repurposing a
business</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">For businesses which have been
impacted but can continue to trade they have two options available:</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Continue providing the same
product / service in broadly the same way to the same customers (e.g.
restaurants providing take away service and schools giving classes online) or;</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Repurposing or Pivoting the
business to provide a new service which is now in high demand (e.g.
manufacturing businesses making PPE and leisure centres providing space for
testing facilities)</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Given that repurposing
involves a big change in the business there are likely to be many things
including approvals, permissions, and supply chains to consider. </span><br />
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">This is also an opportunity
for businesses to review their vision, strategy and how they are going to adapt
to the changing business environment.<span style="mso-spacerun: yes;"> </span></span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Cocooning a business</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Cocooning, or mothballing, is
a temporary suspension of a business and can be the result of sales reducing to
zero (or nearly zero) with no prospect of this picking up in the short term.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">All cash outflows where
possible are stopped or reduced and the business is left in a state which it
can emerge from once the prevailing business conditions improve. </span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Doing this means the business
owner can delay taking a decision on what to do next for 2 months – whilst the
key government support schemes remain in place.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Businesses should consider the
financial impact of cocooning versus staying open (if that is possible),
options for repurposing / pivoting as well as the impact on customer and
suppliers.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Liquidating a business </span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">For businesses who have been
critically affected by Covid-19 (e.g. revenue has dropped to zero) these are
categorised into two groups:</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Fundamentally sound; and</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Previously experienced periods
of stress or distress</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">For businesses that are
fundamentally sound, it is hoped that these can be cocooned or repurposed so
that they can recover when conditions improve.<span style="mso-spacerun: yes;">
</span>They can take advantage of Government supports such as CBILS, CJRS, VAT
and other tax deferment and business rates support as well as rent reductions
and other cost cutting exercises.<span style="mso-spacerun: yes;"> </span></span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Businesses who have been
critically affected and who have previously experienced periods of stress or
distress are unlikely to get CBILS support.<span style="mso-spacerun: yes;">
</span>They may still benefit from other government support such as CJRS and
BBLS which will keep them going in the short term, but they are more likely to
go into liquidation than emerge successfully after lock down. These businesses
should seek expert advice now as there may still be options available to the
business owners. </span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Planning for the future</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">What is the “New Normal?” It
is the most important question, but no one can predict the length of the crisis
and what will be the outcomes post lock down. What is certain is that the best
way to predict your future is to create it!</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/advice</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period and
sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">Advice to businesses in the USA</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Check
out the links in this one stop shop via the US Chambers of Commerce</span><br />
<br />
<a href="https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus"><b><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus</span></b></a><b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span></b><br />
<br />
<br />
<br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Institute of
Chartered Accountants in England & Wales</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Arram Berlyn
Gardner</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-28889051061731514462020-04-28T17:15:00.002+01:002020-04-28T17:15:51.281+01:00<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "verdana" , sans-serif; font-size: 18.0pt;">Coronavirus
tips bible for agencies and consultancies</span></b><b><span style="color: black; font-family: "times new roman" , serif; font-size: 18.0pt;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Update April 28<sup>th</sup> 2020 </span><span style="color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Material added today is in red.</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Contracts</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Force
majeure clauses. Frustration of contract see this link (English Law)</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Contract
tips:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Try to
shorten payment terms to keep cash flowing in.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look
for up-front payments especially where third party costs are incurred by you.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Include
a right to suspend work and a provision to delay work until payments are up to
date.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Try to
avoid fixed delivery dates or time of the essence clauses. </span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look at
possible deferred completion of work</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’
arrangement to secure your relationship, reduce payroll cost and retain a key
employee.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Maintain
your cash flow forecasts so that you know how much cash you have now and at any
given point over the next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Work
out how long you can make your cash last. </span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Work
out how you can make that cash last longer.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Here is
a working capital checklist from the Institute of Chartered Accountants in
England & Wales:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1</span></a><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; </span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">postpone non-essential costs, assess other
discretionary spend. What costs can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">The HMG website is being continually updated with detail as gaps are identified
and filled. Keep referring back to it.</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span></b>
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">
</span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><b><span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;"><span style="font-size: small;">HMRC now has a
financial support finder tool for businesses. </span></span></b></span><b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><a href="https://www.gov.uk/business-coronavirus-support-finder">https://www.gov.uk/business-coronavirus-support-finder</a></span></span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><br />
<br />
<span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br />
<span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months.</span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"> </span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The 80% and £2,500 per month are gross amounts. The company
pays the salary, deducting PAYE and NI. The </span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">government then reimburses the company with the 80% or
£2,500 gross salary PLUS employers NI on the 80% (or £2500) PLUS the employer
auto-enrolment pension contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The
scheme is for all employees on the payroll as at March 19<sup>th</sup>2020. NB
clarification required from HMRC as this is being interpreted as employees
notified to HMRC through the RTI system as at that date. If your payroll for
March was submitted by RTI later than that date new employees may not qualify.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You
must select those to be furloughed fairly – use the selection process you would
use if making redundancies. You need to write to the furloughed employee to
confirm details of the furlough and obtain their written agreement. Furloughed
staff continue to accrue holidays and length of service.<span style="mso-spacerun: yes;"> </span>Staff having received the official NHS letter
who are being shielded for 12 weeks can be furloughed.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The
furloughed employee should not undertake any work for the company </span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">while furloughed, including
answering calls or emails. Furloughing is for periods of at least 3 weeks. HMRC
intend to audit post furlough period and fraudulent claims and abuse of the
system will be followed up. You should be prepare to demonstrate that the employee
has done no work. For this reason consider excluding them from the work email
system and access to company IT systems.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Furlough
template letter from ACAS via this link:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.acas.org.uk/furlough-letter-template"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/furlough-letter-template</span></a><br />
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">VAT
payments due up to June 30<sup>th</sup> 2020 are deferred until March 31<sup>st</sup>
2021. If your VAT is paid by direct debit cancel the direct debit to prevent
HMRC collecting</span><span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;">.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">British
Business Bank information of the Coronavirus Business Interuption Loan Scheme
is here:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/"><span style="background: white; font-family: "verdana" , sans-serif; line-height: 107%;">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</span></a><br />
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 </span><span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">months. Banks will not be
asking directors for personal guarantees for loans below £250k but they will
for loans over that amount. The company must have been viable before the
coronavirus crisis. They will take security from the company in addition to
relying on the Government’s guarantee.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;">Coronavirus Bounce Back loan
scheme aimed at smaller businesses offering from £2000 to £50,000 loans (based
on 25% of turnover) interest free for the first 12 months, with a 100%
government guarantee.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">Changes
to insolvency rules to enable UK companies undergoing a rescue or restructure
to continue trading, helping them avoid insolvency.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">This
will include enabling them to buy supplies while attempting a rescue, and
temporarily suspending wrongful trading provisions retrospectively from 1 March
2020 for three months for company directors so they can keep their businesses
going without the threat of personal liability.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">See
ICAEW on these insolvency rule changes:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade"><span style="background: white; font-family: "verdana" , sans-serif; line-height: 107%;">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</span></a><br />
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;">If you
think you will not be able to file your annual accounts on time you can apply
for a 3 month extension to the deadline. You need to do this before your filing
deadline has passed.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time"><span style="background: white; font-family: "verdana" , sans-serif; line-height: 107%;">https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time</span></a><span style="background: white; color: red; font-family: "verdana" , sans-serif; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;">
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-part consultants
and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear. Resist
denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/advice</span></a><br />
<br />
<span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><br />
<br />
<span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Advice to businesses in the USA</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Check
out the links in this one stop shop via the US Chambers of Commerce</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus"><b><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus</span></b></a><b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span></b><br />
<br />
<br />
<br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Institute of
Chartered Accountants in England & Wales</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-75353583511497360662020-04-17T14:47:00.000+01:002020-04-17T14:47:01.880+01:00
<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Coronavirus
tips bible for agencies and consultancies</span></b></div>
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br /></span></b><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Update April 17<sup>th</sup> 2020 </span><span style="color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Material added today is in red.</span><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">Contracts</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Force
majeure clauses. Frustration of contract see this link (English Law)</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Contract
tips:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Try to
shorten payment terms to keep cash flowing in.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Look
for up-front payments especially where third party costs are incurred by you.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Include
a right to suspend work and a provision to delay work until payments are up to
date.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Try to
avoid fixed delivery dates or time of the essence clauses. </span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Look at
possible deferred completion of work</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’
arrangement to secure your relationship, reduce payroll cost and retain a key
employee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Maintain
your cash flow forecasts so that you know how much cash you have now and at any
given point over the next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Work
out how long you can make your cash last. </span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Work
out how you can make that cash last longer.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Here is
a working capital checklist from the Institute of Chartered Accountants in
England & Wales:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"></span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">postpone non-essential costs, assess other
discretionary spend. What costs can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">The HMG website is being continually updated with detail as gaps are identified
and filled. Keep referring back to it.</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br /><span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months.</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"> </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">The 80% and £2,500 per month are gross amounts. The company
pays the salary, deducting PAYE and NI. The </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">government then reimburses the company with the 80% or
£2,500 gross salary PLUS employers NI on the 80% (or £2500) PLUS the employer
auto-enrolment pension contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">The scheme is for all
employees on the payroll as at March 19<sup>th</sup>2020. NB clarification
required from HMRC as this is being interpreted as employees notified to HMRC
through the RTI system as at that date. If your payroll for March was submitted
by RTI later than that date new employees may not qualify.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">You
must select those to be furloughed fairly – use the selection process you would
use if making redundancies. You need to write to the furloughed employee to
confirm details of the furlough and obtain their written agreement. Furloughed
staff continue to accrue holidays and length of service.<span style="mso-spacerun: yes;"> </span>Staff having received the official NHS letter
who are being shielded for 12 weeks can be furloughed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">The
furloughed employee should not undertake any work for the company </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">while furloughed, including
answering calls or emails. Furloughing is for periods of at least 3 weeks. HMRC
intend to audit post furlough period and fraudulent claims and abuse of the
system will be followed up. You should be prepare to demonstrate that the
employee has done no work. For this reason consider excluding them from the
work email system and access to company IT systems.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Furlough template letter from
ACAS via this link:</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.acas.org.uk/furlough-letter-template"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/furlough-letter-template</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">VAT
payments due up to June 30<sup>th</sup> 2020 are deferred until March 31<sup>st</sup>
2021. If your VAT is paid by direct debit cancel the direct debit to prevent
HMRC collecting</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">British
Business Bank information of the Coronavirus Business Interuption Loan Scheme
is here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Business
interruption loan scheme interest free for 12 months now not 6 </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">months. Banks will not be
asking directors for personal guarantees for loans below £250k but they will
for loans over that amount. The company must have been viable before the
coronavirus crisis. They will take security from the company in addition to
relying on the Government’s guarantee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Changes
to insolvency rules to enable UK companies undergoing a rescue or restructure
to continue trading, helping them avoid insolvency.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">This
will include enabling them to buy supplies while attempting a rescue, and
temporarily suspending wrongful trading provisions retrospectively from 1 March
2020 for three months for company directors so they can keep their businesses
going without the threat of personal liability.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">See
ICAEW on these insolvency rule changes:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">If you
think you will not be able to file your annual accounts on time you can apply
for a 3 month extension to the deadline. You need to do this before your filing
deadline has passed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time</span></a><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;"> </span></span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/advice</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">Advice to businesses in the USA</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Check
out the links in this one stop shop via the US Chambers of Commerce</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus"><b><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus</span></b></a><b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span></b><br />
<br />
<br />
<br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Institute of
Chartered Accountants in England & Wales</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-49073777603535334292020-04-09T14:21:00.001+01:002020-04-09T14:21:32.690+01:00
<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Coronavirus
tips bible for agencies and consultancies</span></b></div>
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br /></span></b><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Update April 9<sup>th</sup> 2020 </span><span style="color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Material added today is in red.</span><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Contracts</span></b><br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Force majeure
clauses. Frustration of contract see this link (English Law)</span></b><br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b>
<br />
<a href="https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.brownejacobson.com/training-and-resources/resources/legal-updates/2020/03/coronavirus-contracts-force-majeure-and-frustration-longer-version</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Contract tips:</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Try to shorten payment terms
to keep cash flowing in.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look for up-front payments especially
where third party costs are incurred by you.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Include a right to suspend
work and a provision to delay work until payments are up to date.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Try to avoid fixed delivery
dates or time of the essence clauses. </span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look at possible deferred
completion of work</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’
arrangement to secure your relationship, reduce payroll cost and retain a key
employee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Maintain
your cash flow forecasts so that you know how much cash you have now and at any
given point over the next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Work
out how long you can make your cash last. </span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Work
out how you can make that cash last longer.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Here is
a working capital checklist from the Institute of Chartered Accountants in
England & Wales:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"></span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">postpone non-essential costs, assess other
discretionary spend. What costs can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;">The HMG website is being continually updated with detail as gaps are identified
and filled. Keep referring back to it.</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br /><span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months.</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"> </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">The 80% and £2,500 per month are gross amounts. The company
pays the salary, deducting PAYE and NI. The </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">government then reimburses the company with the 80% or
£2,500 gross salary PLUS employers NI on the 80% (or £2500) PLUS the employer
auto-enrolment pension contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">You
must select those to be furloughed fairly – use the selection process you would
use if making redundancies. You need to write to the furloughed employee to
confirm details of the furlough and obtain their written agreement. Furloughed
staff continue to accrue holidays and length of service.<span style="mso-spacerun: yes;"> </span>Staff having received the official NHS letter
who are being shielded for 12 weeks can be furloughed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">The
furloughed employee should not undertake any work for the company </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">while furloughed, including
answering calls or emails. Furloughing is for periods of at least 3 weeks. HMRC
intend to audit post furlough period and fraudulent claims and abuse of the
system will be followed up. You should be prepare to demonstrate that the
employee has done no work. For this reason consider excluding them from the
work email system and access to company IT systems.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">VAT
payments due up to June 30<sup>th</sup> 2020 are deferred until March 31<sup>st</sup>
2021. If your VAT is paid by direct debit cancel the direct debit to prevent
HMRC collecting</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">British
Business Bank information of the Coronavirus Business Interruption Loan<span style="background-color: transparent; font-family: Times New Roman;"> </span></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Scheme
is here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">months. Banks will not be
asking directors for personal guarantees for loans below £250k but they will
for loans over that amount. The company must have been viable before the
coronavirus crisis. They will take security from the company in addition to
relying on the Government’s guarantee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Changes
to insolvency rules to enable UK companies undergoing a rescue or restructure
to continue trading, helping them avoid insolvency.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">This
will include enabling them to buy supplies while attempting a rescue, and
temporarily suspending wrongful trading provisions retrospectively from 1 March
2020 for three months for company directors so they can keep their businesses
going without the threat of personal liability.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">See
ICAEW on these insolvency rule changes:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">If you
think you will not be able to file your annual accounts on time you can apply
for a 3 month extension to the deadline. You need to do this before your filing
deadline has passed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time</span></a><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;">
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-color-alt: windowtext;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/advice</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span>
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Advice to
businesses in the USA</span></b><br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Check out the links in this
one stop shop via the US Chambers of Commerce</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus">https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus</a></span></b><br />
<br />
<br />
<br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Institute of
Chartered Accountants in England & Wales</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-65315685594137614342020-04-06T14:59:00.000+01:002020-04-06T14:59:09.198+01:00
<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Coronavirus
tips bible for agencies and consultancies</span></b></div>
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "Verdana",sans-serif; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br /></span></b><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif;">Update April 6<sup>th</sup> 2020 </span><span style="color: red; font-family: "Verdana",sans-serif;">Material added today is in red.</span><span style="color: black; font-family: "Times New Roman",serif;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "Verdana",sans-serif;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "Times New Roman",serif;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’ arrangement
to secure your relationship, reduce payroll cost and retain a key employee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Maintain
your cash flow forecasts so that you know how much cash you have now and at any
given point over the next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Work
out how long you can make your cash last. </span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Work
out how you can make that cash last longer.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">Here is a working capital
checklist from the Institute of Chartered Accountants in England & Wales:</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><a href="https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1">https://www.icaew.com/insights/viewpoints-on-the-news/2020/mar-2020/working-capital-checklist?utm_campaign=Members%20-%20ICAEW&utm_medium=email&utm_source=1363745_ICAEWDaily_News_01April2020&utm_content=graphic&dm_i=47WY,T89T,JWD39,3IXN3,1</a></span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">postpone non-essential costs, assess other
discretionary spend. What costs can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">The HMG website is
being continually updated with detail as gaps are identified and filled. Keep referring
back to it.</span></b><br />
<b><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br /><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months.</span><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"> </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">The 80% and £2,500 per month are gross amounts. The company
pays the salary, deducting PAYE and NI. The </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">government then reimburses the company with the 80% or
£2,500 gross salary PLUS employers NI on the 80% (or £2500) PLUS the employer
auto-enrolment pension contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">You must select those to be furloughed
fairly – use the selection process you would use if making redundancies. You
need to write to the furloughed employee to confirm details of the furlough and
obtain their written agreement. Furloughed staff continue to accrue holidays and
length of service. Staff having received
the official NHS letter who are being shielded for 12 weeks can be furloughed.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">The
furloughed employee should not undertake any work for the company </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">while furloughed, including
answering calls or emails. Furloughing is for periods of at least 3 weeks. </span><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">HMRC intend to audit post furlough period and
fraudulent claims and abuse of the system will be followed up. You should be
prepare to demonstrate that the employee has done no work. For this reason
consider excluding them from the work email system and access to company IT
systems.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">VAT
payments due up to June 30<sup>th</sup> 2020 are deferred </span><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">until March 31<sup>st</sup> 2021. If your VAT is
paid by direct debit cancel the direct debit to prevent HMRC collecting.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">British
Business Bank information of the Coronavirus Business Interuption Loan Scheme
is here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 months</span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">. Banks will not be asking
directors for personal guarantees for loans below £250k but they will for loans
over that amount. </span><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">The company must
have been viable before the coronavirus crisis. </span><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">They will take security from the company
in addition to relying on the Government’s guarantee.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Changes
to insolvency rules to enable UK companies undergoing a rescue or restructure
to continue trading, helping them avoid insolvency.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">This
will include enabling them to buy supplies while attempting a rescue, and
temporarily suspending wrongful trading provisions retrospectively from 1 March
2020 for three months for company directors so they can keep their businesses
going without the threat of personal liability.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">See
ICAEW on these insolvency rule changes:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</span></a><br />
<br /><span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;">If you think you will not be
able to file your annual accounts on time you can apply for a 3 month extension
to the deadline. You need to do this before your filing deadline has passed.</span><br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "Verdana",sans-serif; line-height: 107%;"><a href="https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time">https://www.gov.uk/guidance/coronavirus-guidance-for-companies-house-customers-employees-and-suppliers#if-your-company-cannot-file-accounts-on-time</a></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.
The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><b>Staff UK <span style="font-size: small;">(see <span style="-webkit-text-stroke-width: 0px; background-color: white; color: black; display: inline !important; float: none; font-family: "Verdana",sans-serif; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 107%; orphans: 2; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Coronavirus
job retention scheme above before considering redundancies)</span></span></b></span><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><i></i><u></u><sub></sub><sup></sup><strike></strike><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.acas.org.uk/advice</span></a><br />
<br /><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;"></span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "Verdana",sans-serif; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br /><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "Verdana",sans-serif; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "Verdana",sans-serif; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "Verdana",sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">Think twice</span><br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Institute of
Chartered Accountants in England & Wales</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "Verdana",sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "Verdana",sans-serif; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-91931748012118057692020-03-30T17:32:00.000+01:002020-03-30T17:32:57.974+01:00<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "verdana" , sans-serif; font-size: 18.0pt;">Coronavirus
tips bible for agencies and consultancies</span></b></div>
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "verdana" , sans-serif; font-size: 18.0pt;"><br /></span></b><b><span style="color: black; font-family: "times new roman" , serif; font-size: 18.0pt;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Update 30/03/2020 </span><span style="color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Material added today is in red.</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? </span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Focus on the relationship ahead of the revenue. What
can you do for them?</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’ arrangement
to secure your relationship, reduce payroll cost and retain a key employee.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. </span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Maintain your cash flow forecasts
so that you know how much cash you have now and at any given point over the
next 8 weeks by week and the next year by month.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Work out how long you can make
your cash last. </span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Work out how you can make that
cash last longer.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; postpone non-essential costs, assess
other discretionary spend. </span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">What costs
can you remove altogether, reduce or delay.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Ask
landlords for a rent holiday by deferring rent for one quarter on a rolling
basis until the crisis is over. Alternatively move to monthly rent payments in
arrears.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business
rates (UK only) speak to your local council and defer the start date of the
2020/21 instalments from April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority!</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a><br />
<br />
<span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br />
<span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months. </span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The 80% and £2,500 per month are gross amounts.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The company pays the
salary, deducting PAYE and NI. </span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The government then reimburses the company with
the 80% or £2,500 gross salary </span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">PLUS
employers NI on the 80% (or £2500) PLUS the employer auto-enrolment pension
contributions on the 80% (or £2500) at the MINIMUM rate.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The
furloughed employee should not undertake any work for the company while
furloughed, including answering calls or emails. </span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Furloughing is for periods of at least 3 weeks.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Next
quarter’s VAT payment deferred until the end of the 2020/21 tax year.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">British Business Bank
information of the Coronavirus Business Interuption Loan Scheme is here:</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/">https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/</a></span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 months. </span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Banks will not be asking directors for personal
guarantees for loans below £250k but they will for loans over that amount. They
will take security from the company in addition to relying on the Government’s
guarantee.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Changes to insolvency rules to
enable UK companies undergoing a rescue or restructure to continue trading,
helping them avoid insolvency.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">This will include enabling
them to buy supplies while attempting a rescue, and temporarily suspending
wrongful trading provisions retrospectively from 1 March 2020 for three months
for company directors so they can keep their businesses going without the
threat of personal liability.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">See ICAEW on these insolvency
rule changes:</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade">https://www.icaew.com/insights/coronavirus/uk-practical-business-advice-covid-19/changes-to-insolvency-rules-to-help-companies-trade</a></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;">
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-party consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If
making redundancies follow the existing rules. Employment protection laws have
not been relaxed.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">See
ACAS for advice:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.acas.org.uk/advice"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.acas.org.uk/advice</span></a></span><br />
<span style="color: #0070c0;"><br /></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a><br />
<br />
<span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-86590365593530646992020-03-24T14:34:00.001+00:002020-03-30T17:16:57.619+01:00March 24th 2020 Coronavirus tips bible for agencies and consultancies<br />
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "verdana" , sans-serif; font-size: 18.0pt;">Coronavirus
tips bible for agencies and consultancies</span></b></div>
<div style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span style="color: black; font-family: "verdana" , sans-serif; font-size: 18.0pt;"><br /></span></b><b><span style="color: black; font-family: "times new roman" , serif; font-size: 18.0pt;"></span></b></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Update 24/03/2020 </span><span style="color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Material added today is in red.</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’ arrangement
to secure your relationship, reduce payroll cost and retain a key employee.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; postpone non-essential costs, assess
other discretionary spend.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Ask landlords for a rent
holiday by deferring rent for one quarter on a rolling basis until the crisis
is over. Alternatively move to monthly rent payments in arrears.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business rates (UK only) speak
to your local council and defer the start date of the 2020/21 instalments from
April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a></span><br />
<span style="color: #0070c0;"><br /></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months.</span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"> <span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The 80% and £2,500 per month are gross amounts. The
company pays the salary, deducting PAYE and NI. The government then reimburses
the company with the 80% or £2,500.</span></span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The furloughed employee should
not undertake any work for the company while furloughed, including answering
calls or emails.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 months. </span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">NB the bank is likely to ask the company directors
for guarantees and will take security from the company in addition to relying
on the Government’s guarantee.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Next
quarter’s VAT payment deferred until the end of the 2020/21 tax year.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;">
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If making redundancies follow
the existing rules. Employment protection laws have not been relaxed.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">See ACAS for advice:</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.acas.org.uk/advice"><span style="color: red;">https://www.acas.org.uk/advice</span></a></span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a></span><br />
<span style="color: #0070c0;"><br /></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Chris Lang</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-65996444508944575262020-03-19T16:53:00.000+00:002020-03-24T14:28:08.415+00:00March 24 2020 Coronavirus tips bible for agencies and consulting firms<h2>
<span style="font-family: "verdana" , sans-serif;">Coronavirus tips bible for agencies and consulting firms</span></h2>
<span style="font-size: large;"></span><br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-size: large;"><span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Update 24/03/2020 </span><span style="color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt;">Material added today is in red.</span></span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<span style="font-size: large;"></span><span style="font-size: large;"></span><br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<br />
<div style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt;">A compendium of tips and resources from
the author and other sources</span><span style="color: black; font-family: "times new roman" , serif; font-size: 12.0pt;"></span></div>
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Action planning</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Establish a clear plan and
implement the plan. Act on decisions; don’t prevaricate or depend on ‘hope
value’</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Develop a dashboard of key
metrics that look forward not just reporting what has already happened to you.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Set out a succession plan
for who steps in to lead/manage the agency, departments etc… when usual leader
is ill. </span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Clients</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You need to be talking to
every one of your clients as many as you can at every level. How are they
doing? How can you help? Focus on the relationship ahead of the revenue. What
can you do for them? Plus, if bad news is coming you want as much visibility
into it as possible.</span> <span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">You will need
their support, and possibly their protection, in the face of cost-cutting
programs.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider offering surplus
capacity in specific people to key clients on a secondment ‘loan type’ arrangement
to secure your relationship, reduce payroll cost and retain a key employee.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be hard on rates and soft on
other areas of concession in negotiating. It is very hard to rebuild your rates
after you have discounted them heavily, so offer rebates for volume of spend
instead of discounts for promises.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Revisit past clients;
allocate rejuvenation responsibility to senior staff for specific lapsed
clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Clients will begin to reduce
their commitments, so:</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">a) Sell in ‘bite-sized
chunks’.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">b) Package or ‘productise’
your services with fixed prices and clear descriptions of what they are and how
they will benefit the client.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">c) Develop a tailored test
project opportunity for every credentials presentation and ask for this piece
of work at the end of the meeting.</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">d) Bill large fees in a
series of small, easily approved invoices if that will help processing for
payment.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at how you can
improve efficiency and streamline the way you work in the business. This is
more than simply cost-cutting, but examine how you can improve ways of working
to manage time better, avoid duplication and simplify process.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Finances</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Run different scenarios of
reduced revenue and cutting costs to match the scenario. What will you do if
revenue goes to X? What about half of that? If you haven’t already, make your
plan for what you will do at each scenario or trigger point. When the time
comes, just follow the plan.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Aim at break even as a
minimum.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Immediate actions to reduce
costs when revenue has collapsed include a block on new hires, pay freezes,
bonus deferral, freelance bans etc.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Look hard at your overhead
cost base; see where and how you can ask your suppliers to share some of your
pain; review and revise travel policy (frequency of travel, class of travel,
taxi usage); defer capital investment; postpone non-essential costs, assess
other discretionary spend.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Ask landlords for a rent
holiday by deferring rent for one quarter on a rolling basis until the crisis
is over. Alternatively move to monthly rent payments in arrears.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business rates (UK only) speak
to your local council and defer the start date of the 2020/21 instalments from
April 1<sup>st</sup> to July 1<sup>st</sup>.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Make sure account management
follow billing through to client payment; make cash collection a priority.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Credit-check existing and
new clients.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Consider your space needs
carefully; can you sublet, co-habit, exercise a break-option?</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Government
assistance UK only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">UK government assistance for
coronavirus disruption follow this link re loans, grants and sick pay</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses</span></a></span><br />
<span style="color: #0070c0;"><br /></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Extra time to pay taxes</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Coronavirus
job retention scheme administered by HMRC paying the lower of 80% of salaries or
£2,500 per furloughed employee per month from March 1<sup>st</sup> for next 3
months.</span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"> The 80% and £2,500 per month are gross amounts. The
company pays the salary, deducting PAYE and NI and is reimbursed later by the
Government. </span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The furloughed employee should
not undertake any work for the company while furloughed, including answering
calls or emails.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Business
interruption loan scheme interest free for 12 months now not 6 months. </span><span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">NB the bank is likely to ask the company directors
for guarantees and will take security from the company in addition to relying
on the Government’s guarantee.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Next
quarter’s VAT payment deferred until the end of the 2020/21 tax year.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Self-employed
income tax payment due in July 2020 deferred to January 2021.</span><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Insurance – UK
only</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Check with your insurer or
broker to confirm the type of cover that you have purchased.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Only a very small minority
of businesses choose to buy any form of cover that includes local closure due
to an infectious disease.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">An even smaller number will
have cover enabling them to potentially claim on their insurance for the
presence or impact of the Coronavirus pandemic.<span style="mso-spacerun: yes;">
</span>The Government’s clarification of March 17<sup>th</sup> 2020 will help
some of these policyholders claim if the other terms and conditions of the
policy are met.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">New business</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be selective for new pitches
to identify and avoid timewasters and lowest-quote opportunists.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Stay close to third-part
consultants and client referrers. They can help you win work.</span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Take corrective action
quickly and avoid ‘death by a thousand cuts’ of a series of small, repeated bad
news announcements to staff that drain morale and create a culture of fear.
Resist denial and take the pain early.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Communicate openly with your
people; leadership team and staff in general about what is happening, what you
expect from them, how the business is coping, what the plan is and how you are
dealing with it.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Evaluate your people early
in the process. The forced ABC Ranking in one approach for identifying
underperformers.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Capacity plan for the next
three months and if you have spare capacity act.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If making redundancies follow
the existing rules. Employment protection laws have not been relaxed.</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">See ACAS for advice:</span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.acas.org.uk/advice"><span style="color: red;">https://www.acas.org.uk/advice</span></a></span><br />
<span style="background: white; color: red; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Short-term alternatives to
letting key staff go include reduced hours, part-time working, job shares,
temporary salary cuts, voluntary holidays taken during the disruption period
and sabbaticals.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you
have freelancers in your business, then pay them promptly – they are the least
secure.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Act with humanity and
integrity at all times when separating with people that the business can no
longer afford.</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping
morale up and team building when working from home. Some ideas here:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.hotjar.com/blog/virtual-team-building-activities/"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.hotjar.com/blog/virtual-team-building-activities/</span></a></span><br />
<span style="color: #0070c0;"><br /></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Federation
of Small Businesses comprehensive advice for employers worth looking at:</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="color: #0070c0;"><a href="https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers"><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers</span></a></span><span style="background: white; color: #0070c0; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Staff welfare
outside of work</span></b><br />
<b><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Information for staff about
personal finances from Martin Lewis at Money</span><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Saving Expert (UK)</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.moneysavingexpert.com/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.moneysavingexpert.com</span></a><br />
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span>
<br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Keeping children occupied</span><br />
<span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<a href="https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/"><span style="background: white; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">https://www.goodhousekeeping.com/home/craft-ideas/how-to/g1389/diy-kids-activities/</span></a><span style="background: white; color: black; font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<br />
<br />
<br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;">Working remotely</span></b><br />
<b><span style="font-family: "verdana" , sans-serif; font-size: 14.0pt; line-height: 107%;"><br /></span></b>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Bring work forward</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">If you can start something today rather than tomorrow or
next week, do it now because any future delays caused by employee absences, new
regulation(s) or simply remote working teething troubles, can be absorbed by
the longer time frame. It doesn’t mean more work, just a wider work window.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Think twice</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">While remote working can be a boon to some people, others
struggle with it and evidence shows that it’s particularly tricky for teams. So
slow down and think twice when you send or receive an email, Slack, WhatsApp
message etc. Are you sure what you’re reading into it is what was intended? Can
what you’ve written be interpreted two ways or misunderstood? Double check for
meaning.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Be flexible</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">Even if it seems like you’ve cracked it and everybody is
happy, because everything is changing so rapidly, be equally prepared to change
what you’re doing. It’s essential to keep a free flow of information
circulating so that any glitches can be ironed out, useful learnings, tips and
hacks shared and improvements made internally and externally.</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif;">Credits:</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">MAAG</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Noel Penrose </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Alastair
Irons </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Gellan Watt</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Blair Enns</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Chris Lang</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<br />
<span style="font-family: "verdana" , sans-serif;">Apologies if
I have missed anyone</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">Thanks John. </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">johntoppin@nomizon.co.uk</span><br />
<br />
<br />
<br />
<span style="font-family: "verdana" , sans-serif; font-size: 12.0pt; line-height: 107%;">The opinions expressed in this article are those of the
author and are not intended to replace legal, taxation or other professional
advice or common sense. The author and publisher make no representations or
warranties of any kind, express or implied, about the completeness, accuracy,
reliability or suitability of the information contained in this article for any
purpose. No responsibility for loss caused to any individual or organisation
acting or refraining from action as a result of the information contained in
this article can be accepted by the author or publisher.</span><br />
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-54227742372304719552020-01-20T09:13:00.000+00:002020-01-20T09:13:40.438+00:00How to be ready for the next phase of Brexit <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisHNN0jtevEzF-g4HHrfkyWvMZtkaj4Jugg8swPhkkDos1iNEuIA10S4UmlXUxZ8YtM5xNS7ou831xm2UgWbvhM68lmHaxsVaM3gjiwVqEe9yGS1E1AbD1KrlkYM1XNzX8JFwmc-T_UPQ/s1600/crystal-ball.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="310" data-original-width="413" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisHNN0jtevEzF-g4HHrfkyWvMZtkaj4Jugg8swPhkkDos1iNEuIA10S4UmlXUxZ8YtM5xNS7ou831xm2UgWbvhM68lmHaxsVaM3gjiwVqEe9yGS1E1AbD1KrlkYM1XNzX8JFwmc-T_UPQ/s320/crystal-ball.jpg" width="320" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;"><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">We know that the UK is leaving the EU on January 31st 2020. </span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The next phase is settling the new relationship. We don't know yet what form that relationship will take. Additionally we don't know what new trade deals will be agreed with others, such as the US.</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></span><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">How can you get your business ready?</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The US military's VUCA model might help you - it is made for situations like this. </span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><br />
VUCA stands for Volatility, Uncertainty, Complexity, Ambiguity. </span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><br />
How should you be responding to each of these? </span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Volatility - liable to change rapidly and unpredictably. Build in slack and devote resources to preparedness. For example build your cash reserves and sort out your resourcing.</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><br />
Uncertainty - be as informed as possible. Collect, interpret and share data and insight. For example spend more time understanding your pipeline.</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Complexity - many different and connected parts. Restructure, bring on or develop specialists. For example, set up a corporate entity in the EU.</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Ambiguity - ambiguity where relevant information is available but the
overall meaning is still unknown. Don't rely on existing assumptions. Test them. </span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><br />
As a business leader I think it is more important than ever to retain as much flexibility and agility as possible in your business and in the decisions you are taking. <span style="background-color: transparent; display: inline; float: none; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Don't stick rigidly to your business plan if the world around it has changed.</span></span></span></span><br />
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><span style="font-family: Verdana, sans-serif;"></span><span style="color: black;"></span><br />
<span style="font-family: Verdana, sans-serif;"><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="background-color: transparent; display: inline; float: none; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">What else:</span></span></span></span><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><br style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" /><span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><br />
<div style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; margin: 0px 0px 10.66px; orphans: 2; outline: invert; padding: 0px; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: black; font-family: Verdana, sans-serif;">Ask different types of questions.</span></div>
<span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<div style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; margin: 0px 0px 10.66px; orphans: 2; outline: invert; padding: 0px; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: black; font-family: Verdana, sans-serif;">Take on multiple perspectives.</span></div>
<span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<div style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; margin: 0px 0px 10.66px; orphans: 2; outline: invert; padding: 0px; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: black; font-family: Verdana, sans-serif;">Develop a systemic vision.</span></div>
<span style="-webkit-text-stroke-width: 0px; background-color: #fafafa; display: inline !important; float: none; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; line-height: 1.4; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<div style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; margin: 0px 0px 10.66px; orphans: 2; outline: invert; padding: 0px; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: black; font-family: Verdana, sans-serif;">Look at the whole picture; take a step back to see what’s
possible.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; margin: 0px 0px 10.66px; orphans: 2; outline: invert; padding: 0px; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: Verdana, sans-serif;">Be militant about information.</span></span><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike></div>
<br />
<span style="color: black; font-family: Verdana, sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up. </span><br />
<span style="color: black; font-family: Verdana, sans-serif;"><br /></span>
<span style="color: black; font-family: Verdana, sans-serif;">John's website is:</span><span style="font-family: Verdana, sans-serif;"> <a href="http://www.nomizon.co.uk/" target="_blank">http://www.nomizon.co.uk </a></span><br />
<span style="font-family: Verdana, sans-serif;">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-50336819349579910382018-01-19T16:24:00.002+00:002018-01-19T16:24:38.555+00:00Shared values: Corbett Keeling<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF5OvYboMwYtzJ-El5SgraQ0553FEI4MZgOTM3N6OKak-X2GaexCKcqfxZDWcypqCoe1SQK4C3CXUqeq2F7Z9q4HgH2PO_QDBcO4MlNLw2LdXZAhbHdSJdNhe16KBrlha9Osw3V3jhFPM/s1600/e69ca091-9c4e-4be6-b412-9acacb6d086d.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1007" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF5OvYboMwYtzJ-El5SgraQ0553FEI4MZgOTM3N6OKak-X2GaexCKcqfxZDWcypqCoe1SQK4C3CXUqeq2F7Z9q4HgH2PO_QDBcO4MlNLw2LdXZAhbHdSJdNhe16KBrlha9Osw3V3jhFPM/s320/e69ca091-9c4e-4be6-b412-9acacb6d086d.jpg" width="201" /></a></div>
<div style="-webkit-text-stroke-width: 0px; background: none; border-image: none; border: 0px rgb(0, 0, 0); box-sizing: border-box; color: black; font-style: normal; font-variant: normal; font-weight: 300; letter-spacing: normal; line-height: 32px; margin: 0px 0px 20px; orphans: 2; outline: 0px; padding: 0px; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-family: "verdana";">I now also act as an associate with Corbett Keeling, specialising in consulting firms and marketing communications agencies. Here is why.</span></div>
<div style="-webkit-text-stroke-width: 0px; background: none; border-image: none; border: 0px rgb(0, 0, 0); box-sizing: border-box; color: black; font-style: normal; font-variant: normal; font-weight: 300; letter-spacing: normal; line-height: 32px; margin: 0px 0px 20px; orphans: 2; outline: 0px; padding: 0px; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-family: "verdana" , sans-serif;">Jim Keeling, set up Corbett Keeling to spearhead re-establishing corporate finance with integrity. He wanted to be able to advise clients in the way he had seen his forebears doing, with integrity, honesty and a sense of responsibility and duty for clients and colleagues.</span><span style="background-color: transparent; color: black; display: inline; float: none; font-style: normal; font-variant: normal; font-weight: 300; letter-spacing: normal; line-height: 32px; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="font-family: "verdana" , sans-serif;"></span></span></div>
<div style="-webkit-text-stroke-width: 0px; background: none; border-image: none; border: 0px rgb(0, 0, 0); box-sizing: border-box; color: black; font-style: normal; font-variant: normal; font-weight: 300; letter-spacing: normal; line-height: 32px; margin: 0px 0px 20px; orphans: 2; outline: 0px; padding: 0px; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-family: "verdana" , sans-serif;">We always tell the truth to our clients, at all times putting their best interests first, even when this is costly to the firm. We are able to do this because we are independent and family owned, not subject to conflicting interests from other departments and shareholders. </span><span style="background-color: transparent; color: black; display: inline; float: none; font-style: normal; font-variant: normal; font-weight: 300; letter-spacing: normal; line-height: 32px; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="font-family: "verdana" , sans-serif;"></span></span></div>
<div style="-webkit-text-stroke-width: 0px; background: none; border-image: none; border: 0px rgb(0, 0, 0); box-sizing: border-box; color: black; font-style: normal; font-variant: normal; font-weight: 300; letter-spacing: normal; line-height: 32px; margin: 0px 0px 20px; orphans: 2; outline: 0px; padding: 0px; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; word-spacing: 0px;">
<span style="font-family: "verdana" , sans-serif;">Our clients enjoy peace of mind, knowing their adviser is committed to achieving the highest price on the best terms for them as individuals.</span></div>
<b><a href="https://www.corbettkeeling.com/about-us/team/john-toppin" target="_blank">Corbett Keeling</a></b><br />
<br />
<span style="font-family: "verdana" , sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up.
</span><br />
<span style="font-family: "verdana" , sans-serif;">
John's website is: <a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a></span><br />
<span style="font-family: "verdana" , sans-serif;">
His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-54784796079607120292017-06-21T11:26:00.000+01:002017-06-21T11:26:01.712+01:00Focus, clarity and results<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh30BQ5Ob5vmC4YrAMGtr-NKh8ThxbPIIM07vDHPQWLqU8xAkPlz7YCooaD22O7DRXUG1tXN943WNv5cI3OIGdvXPlmfp0pHpYxrSCBL9a2Y6QpA4jPDXfiFKdNeQ1M5N-dbkImudcSedw/s1600/Steve-Jobs-Quote-on-Focus.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="512" data-original-width="1024" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh30BQ5Ob5vmC4YrAMGtr-NKh8ThxbPIIM07vDHPQWLqU8xAkPlz7YCooaD22O7DRXUG1tXN943WNv5cI3OIGdvXPlmfp0pHpYxrSCBL9a2Y6QpA4jPDXfiFKdNeQ1M5N-dbkImudcSedw/s320/Steve-Jobs-Quote-on-Focus.png" width="320" /></a></div>
<br />
Why is focus so important for owner managed creative agencies and professional firms?<br />
<br />
A true story...<br />
<br />
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">In late 1998 I joined Triangle as Group Finance Director with a clear remit to prepare the business
for sale. At that time, Triangle was a multiple award winning marketing agency
with an excellent, mainly blue chip client list and many great practitioners - but it lacked focus and so
was unprofitable and in cash flow difficulties. It wasn't worth much which didn't go down well with the Chairman when I told him.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;"><span style="mso-spacerun: yes;"></span>In mid 2001 a completely transformed Triangle
Group was sold to Publicis on a substantial multiple which was achieved in an earn-out.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="mso-bidi-font-weight: normal;">Focus, clarity and results. </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">Refocusing the agency and bringing clarity of thought, clarity of process, clarity of responsibility and clarity of accountability were the cornerstones of the transformation. And that had to be achieved, the Chairman insisted, without any compromise in creativity and client relationships. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">The goal was to increase the agency's value, not just by making it more profitable, but importantly by making it very, very attractive to work in and to do business with. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">The turnaround in Triangle’s fortunes included the following:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">Structure and face to the market – 5 client facing business from 1: </b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">The original agency was split into an fmcg focussed marcoms
business and a retail specialist consultancy. An on-line branding agency was
spun out of the existing artwork studio. An experiential agency and a branded
entertainment consultancy were established. So it became easier for clients to understand what the offer was and see that it would be delivered by specialists.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">Key employees were empowered and incentivised:</b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">Talented and experienced staff were promoted from within to the boards
of each of the 5 client facing agencies. A bonus scheme
was implemented to reward individual agency performance and encourage
intra-group referrals. This was supplemented by a share option scheme.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">Commercial and financial disciplines were embedded:</b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">New financial reporting and management procedures were implemented and
embedded into the working practices of all operational staff, especially in
account handling. All non-client facing activities were provided centrally
(finance, HR, IT, admin etc). </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-bidi-font-weight: normal;">Make no mistake, this was hard work and tough decisions needed to be taken and made to happen. And everyone understood why we said "no" more times than "yes" in those 2 (yes two) and a bit years.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">By 2001:</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: normal; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">6 of the
top 10 clients used 3 or more of the 5 businesses.</b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: normal; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">The
profit margin improved from 3% to almost 30%. </b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: normal; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;">Excess
cash amounted to £3m.</b></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: normal; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><b style="mso-bidi-font-weight: normal;">Awards
kept coming and in 2001 Triangle was number 1 in the Marketing Week annual
client survey.</b><span style="mso-bidi-font-weight: normal;"></span></div>
<br />
<br />
The specific answers as to what to do will be different for your business, but without focus you will not find them, or at least not as quickly as you could. <br />
<br />
As a first step, why not pick the phone up and call John or email him and arrange to meet up.<br />
John's website is: <a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a><br />
<br />
His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-49042677021866658772017-01-12T18:06:00.002+00:002017-02-16T09:09:22.684+00:00How to become the best company<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4yCAzfh3HmhvS7Ohafg4VJ1g-JNkH_TS7IIYE46_LuCacfvWqw14YFM9w8i_iz05LGGMGKYOg6ki55jmLQbveIBKzQ7MVzrfsR22Rv_sfXkZtwZsxQqjt65-6WkITxkQeDY0wpAmftyk/s1600/england-s-1966-world-cup-winning-team-112834815.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4yCAzfh3HmhvS7Ohafg4VJ1g-JNkH_TS7IIYE46_LuCacfvWqw14YFM9w8i_iz05LGGMGKYOg6ki55jmLQbveIBKzQ7MVzrfsR22Rv_sfXkZtwZsxQqjt65-6WkITxkQeDY0wpAmftyk/s320/england-s-1966-world-cup-winning-team-112834815.jpg" width="320" /></a></div>
<br />
<span style="font-family: "verdana" , sans-serif;">The Sunday Times has published its best 100 SME's to work for<span style="font-family: "verdana" , sans-serif;"> in</span> 201<span style="font-family: "verdana" , sans-serif;">6</span> and what a read for the fantastic sectors I'm involved in.</span><br />
<br />
<span style="font-family: "verdana";">I've scanned the survey and read between the lines for common threads so you don't have to.</span><br />
<br />
<span style="font-family: "verdana";">Of
the top 50, most are marketing/creative businesses,
recruitment companies and professional services firms. If you are in
these sectors you might have something to learn from the survey.</span><br />
<br />
<span style="font-family: "verdana";">In
case you think these are tiddlers just because they are SMEs then
don't, the largest in sales terms was £143m and the smallest £2.8m and
in headcount terms the range was 229 at the top end with 51 people at
the smallest.</span><br />
<br />
<br />
<span style="font-family: "verdana";">The
biggest single learning is that they all have leadership teams that
spend time working on their businesses rather than in them. This means
thinking through what will differentiate their businesses from the crowd
- from the perspective of clients and existing and potential employees.</span><br />
<br />
<span style="font-family: "verdana";">How about your business?</span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up. </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">John's website is: <a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a> </span><br />
<br />
<span style="font-family: "verdana" , sans-serif;">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-19591824426496947212016-04-01T17:13:00.000+01:002016-04-25T04:16:25.463+01:00How to calculate hourly billing rates <br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEvKZmFMOfeJ5uVAsByKAzZqDCvxLRmHqBojNxBYX0ghXdPgIX1S2efUVVb-piad00M4gqLxRTXfl2fs5mJ_hIIUci7Dv8Xb1n8pEeTA5klx6hopGOOdRoGDiOfyCZ6tpIkPLfh8GrmFc/s1600/4449034d-c687-4eb6-891d-69adc2f5d410.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEvKZmFMOfeJ5uVAsByKAzZqDCvxLRmHqBojNxBYX0ghXdPgIX1S2efUVVb-piad00M4gqLxRTXfl2fs5mJ_hIIUci7Dv8Xb1n8pEeTA5klx6hopGOOdRoGDiOfyCZ6tpIkPLfh8GrmFc/s320/4449034d-c687-4eb6-891d-69adc2f5d410.jpg" width="201" /></a></div>
<br />
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">All time based businesses should understand the hourly cost of their employees.When bidding for new clients or reviewing client profitability knowing the break even
hourly cost is the bottom line below which you can’t make a profit. </span></span><br />
<br />
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">These are the raw elements:</span></span><br />
<ul>
<li><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">Cost of employment</span></span></li>
<li><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">Overheads</span></span></li>
<li><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">Time </span></span></li>
<li><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">Profit </span></span></li>
</ul>
<div class="2-subtitle">
<span style="font-family: "verdana" , sans-serif;"></span><b><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;"><span lang="EN">1. Cost of
employment</span></span></span></b></div>
<br />
<div class="3-text">
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;"><span lang="EN">Building up your hourly
(or daily rates) starts with the individual cost of employing each member of staff
delivering work on behalf of clients. These costs should include the whole
package: gross salary, employer’s national insurance, the company’s pension
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
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<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
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<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
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<div class="2-subtitle">
<b><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">2. Overheads</span></span></b></div>
<div class="3-text">
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">The billable rates need to take into account your company’s
overhead costs. In this context overheads should include all costs; don’t
forget to include depreciation and interest. The cost of employing staff who
don’t deliver client work, for example, marketing, finance and HR should be
included in overhead.You need to apportion the total overhead across
all of the staff who deliver client work, person by person. Do this on a simple
pro rata headcount basis or pro rata to salary. </span></span></div>
<br />
<div class="3-text">
</div>
<div class="2-subtitle">
<b><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">3. Time </span></span></b></div>
<br />
<div class="3-text">
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">The cost of employment and overheads can only be
recovered by your company from hours spent delivering to clients. For each
employee you need to calculate the realistically expected number of billable
hours (or days) per annum. This means deducting from the total annual working
hours holidays, bank holidays, time for training, non-client
administration, new business generation and an allowance for sickness. By dividing the total cost of employment and overhead by person
by the time available for delivering to clients you will calculate the hourly
cost you need to recover to break even as a business.<span lang="EN"> </span></span></span></div>
<br />
<div class="2-subtitle">
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;"><span lang="EN"></span><b>4. Profits</b></span></span></div>
<br />
<div class="3-text">
</div>
<div class="3-text">
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">You should now add an element for profit to the break even
hourly rate. If your profit mark up target is 20% then add 20% to the total of
the cost of employment and overheads to calculate your hourly billing rate.
Round the answer up. Obviously compare with market rates.</span></span><br />
</div>
<div class="2-subtitle">
<b><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">5. Banding</span></span></b></div>
<br />
<div class="3-text">
</div>
<div class="WordSection1">
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">It is common for businesses to use banded hourly rates rather
than specific rates for each person. Once you have calculated the specific
rates you will be able to band these by employee level, junior, assistant
manager, manager etc. If you do this, it
is also common practice to band the cost rates. Banding enables you to ensure
that individuals are less able to make salary comparisons across their peers. </span></span></div>
<br />
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">As a first step, why not pick the phone up and call John or email him and arrange to meet up.
John's website is: <span style="background-color: white;"><a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a>
His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-6276328749310827832015-10-30T15:35:00.000+00:002015-10-30T15:35:12.510+00:00Year end coming up? What do your annual accounts say about your business? <br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZPcSHbBEql2AuqH5iDICicPH8qLeO45wF4SC0ctlcs9MNf0cKe5HOuSayXd5qZjG6wdVklZKNi-ASpbYNaAxLQVbI2PcytrE9v7Yw1R62e9-UYXbLOwOTZf70JFzigequ8IsxvHRFl94/s1600/8f8ba758-e20d-4a40-b45d-2559aa56f15b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZPcSHbBEql2AuqH5iDICicPH8qLeO45wF4SC0ctlcs9MNf0cKe5HOuSayXd5qZjG6wdVklZKNi-ASpbYNaAxLQVbI2PcytrE9v7Yw1R62e9-UYXbLOwOTZf70JFzigequ8IsxvHRFl94/s320/8f8ba758-e20d-4a40-b45d-2559aa56f15b.jpg" width="201" /></a></div>
<br />
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">As a specialist financial advisor to marketing agencies and professional
firms I've recently come across two instances of companies losing
business because of their public financial information. In one case
after the company had won the pitch....and you know how much time,
effort and money goes into that.. only to have the client's procurement
department reject the company.<br /><br />Owners of marketing agencies and
professional firms are of course usually very careful with how their
brands are perceived externally - especially by clients and the
competition.<br /><br />But when it comes to the annual accounts, their
impact on the brand's image doesn't even get considered. In the cases I
have seen recently, the costs were heavy in terms of the pitch and the
lost business. Bankers and key suppliers also look to public financial
information when deciding whether to do business with you.<br /><br />Here are a six tips:</span></span><br />
<ol>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Obtain credit reference reports on your own business and if there are errors get them corrected. </span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Review your financial forecasts a couple of months ahead of the year end and identify what you should be fixing.</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Fix before the year end as it will be too late afterwards.</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Don't just let your auditors decide what the numbers should be.</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Talk through your objectives for the numbers with your accountants.</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Get the right balance between tax planning and financial presentation.</span></span></li>
</ol>
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Investing a little time and effort in your annual accounts will easily pay for itself.</span></span><br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"> </span></span><br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up. </span></span><br />
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">John's website is: <a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a> </span></span><br />
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-1578683831587842192015-06-15T15:20:00.000+01:002015-06-15T15:21:20.952+01:00Building a tender bank<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1Oe39o75Dfy-JLafVIVvjY4CLNXwpy94VPCK_zadjWL-m1RIBVQMGYJLL2K2lT2iX_l01so28KwNC38Z5Q_sKiTQvg3B23IAv5jTHVuIsflD9kJKov8Em90MEEkbuI-DYjyOvUyjy5fM/s1600/eb2e135a-e190-41fb-a5d8-0eb64631c823.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1Oe39o75Dfy-JLafVIVvjY4CLNXwpy94VPCK_zadjWL-m1RIBVQMGYJLL2K2lT2iX_l01so28KwNC38Z5Q_sKiTQvg3B23IAv5jTHVuIsflD9kJKov8Em90MEEkbuI-DYjyOvUyjy5fM/s320/eb2e135a-e190-41fb-a5d8-0eb64631c823.jpg" width="201" /></a></div>
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<br />
<div class="MsoNormal">
A tender gives you the opportunity to inform the buying
organisation how you will meet their requirements, offer best value and why
they should select your company.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Many businesses will respond to a number of tenders each
year and some will be tendering very frequently.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Collating accurate and current background information for
tenders can be time consuming. The best approach is for you to maintain an up
to date tender bank accessible by your colleagues.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Start by identifying the most usual documents requested by
colleagues responding to tenders. The basic background documents will usually
include:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Certificate of incorporation (and name change)</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Public and employers liability insurance
certificates</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Audited accounts for the 3 latest years</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Policies covering health and safety and quality
assurance</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
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</span></span></span>Policies covering equal opportunities and the
environment</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Company ownership and organisation charts</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Biographies of key staff</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Product or service specific information</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<br /></div>
<div class="MsoNormal">
In addition to the basic background documents you should
also consider including more specific product or service information in the
tender bank. Identify those of your products or services most frequently
subject to tendered bids. For these items collect:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>References from other customers</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Technical specifications</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Service levels</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Pricing</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Percentage of your company’s turnover made up by
these products or services</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Personnel responsible for customer care</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18.0pt;">
<br /></div>
<div class="MsoNormal">
The simplest method for managing the tender bank is to
collect the data into a shared folder on your system. Scan in original
documents such as certificates. Maintain dates in the filename of each item of
data so that you can ensure that the documents in use are the most current. </div>
<div class="MsoNormal">
<br /></div>
Keep a contents log for the tender bank and include an
“update by” date, for example, to remind you to insert the next set of audited
accounts.<br />
<br />
As a first step, why not pick the phone up and call John or email him and arrange to meet up.<br />
<br />
John's website is: <a href="http://www,nomizon.co.uk/" target="_blank">http://www.nomizon.co.uk </a><br />
His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-8576520329652676072015-02-19T09:00:00.004+00:002015-02-19T09:00:57.295+00:00Business Finance Handbook <br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsNElj_f8WbLSjGI-B6k6fvezog2AWyWM7wC7p-26xlOUTvQuuPcpVpeof2abQ_Q4fGK348NPUaBbahg7rfu6SQ0oebDEt3oEto8j5rCnY4I7vXWl2JFybX-4d7IKnVu5q0Ptl3bZD-pc/s1600/8f8ba758-e20d-4a40-b45d-2559aa56f15b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsNElj_f8WbLSjGI-B6k6fvezog2AWyWM7wC7p-26xlOUTvQuuPcpVpeof2abQ_Q4fGK348NPUaBbahg7rfu6SQ0oebDEt3oEto8j5rCnY4I7vXWl2JFybX-4d7IKnVu5q0Ptl3bZD-pc/s1600/8f8ba758-e20d-4a40-b45d-2559aa56f15b.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-family: Verdana,sans-serif;">On March 2nd my seventh eBook: <i>Business Finance Handbook - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com. </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">This eBook includes 120 topics covering: </span><br />
<ol>
</ol>
<ul>
<li><span style="font-family: Verdana,sans-serif;">cash flow</span></li>
<li><span style="font-family: Verdana,sans-serif;">profitability</span></li>
<li><span style="font-family: Verdana,sans-serif;">planning and budgeting</span></li>
<li><span style="font-family: Verdana,sans-serif;">corporate finance</span></li>
<li><span style="font-family: Verdana,sans-serif;">financial management</span></li>
<li><span style="font-family: Verdana,sans-serif;">accounts department</span></li>
</ul>
<ol>
</ol>
<br />
<span style="font-family: Verdana,sans-serif;">Examples from each section of the book are previewed in my last 6 blog entries</span><span style="font-family: Verdana,sans-serif;">.</span><br />
<span style="font-family: Verdana,sans-serif;"><br /></span>
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<br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">This book is for owner managers and their finance people.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Throughout my career I have worked with many company owners
and finance managers in companies of all sizes, helping them to solve business
issues and be best placed to take advantage of worthwhile opportunities.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Most companies are primarily focused on their customers or
clients and on sales. This is quite right too. Finances often take a back seat
until things go wrong of course and the bank is calling, or suppliers are
refusing to supply. Whenever I ask why finance has been left behind, the answer
usually boils down to a lack of understanding.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">This book is grounded in practical examples and issues that
come up in real companies. There are lots of financial theory books and books
covering accountancy and finance, this isn’t one of those.</span></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;"><br /></span></div>
<span style="font-family: Verdana,sans-serif;"> <a href="http://www.nomizon.co.uk/" target="_blank">John's website is: http://www.nomizon.co.uk </a></span><br />
<a href="http://www.linkedin.com/in/johntoppin" target="_blank"><br /></a>
<a href="http://www.linkedin.com/in/johntoppin" target="_blank"><span style="font-family: Verdana,sans-serif;"> His credentials: http://www.linkedin.com/in/johntoppin</span></a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-43877970426321360022015-01-19T10:25:00.003+00:002015-01-19T10:29:06.986+00:00Preparing for the audit<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVGU2W0AinPPPQxu8bilguhaDoPIx1h-DEvWGEzYPgRAbdhNIC6ICi7nK2ZJNB9XGxV59o_gHvLX_njpT8DipLg02I2yav4arSDaQlHJOJ6KylRLwxgyejKTmQ4CYhSRBYqdiSKkShktc/s1600/4493cffc-59ed-4a15-a288-efa51db6f345.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVGU2W0AinPPPQxu8bilguhaDoPIx1h-DEvWGEzYPgRAbdhNIC6ICi7nK2ZJNB9XGxV59o_gHvLX_njpT8DipLg02I2yav4arSDaQlHJOJ6KylRLwxgyejKTmQ4CYhSRBYqdiSKkShktc/s1600/4493cffc-59ed-4a15-a288-efa51db6f345.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;">On February 2nd 2015, my 6th eBook: <i>Accounts department - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com. This blog entry is a sample from the eBook. There are 20
topics like this one covered in the eBook. </span><br />
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<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">One of the busiest times of the year is the year end and the
annual audit. Good preparation for the auditors makes a big difference to the
time they take and the amount of disruption suffered by the finance team and
management. As audit fees depend on the time spent, anything you can do to help
the auditors be more effective should reduce the fee they charge. Here are five
things you can do:</span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;"><span style="mso-list: Ignore;">1.<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span>Agree a realistic and detailed audit timetable
that you and the auditors can commit to. Ensure that key members of staff are
not absent on leave during the audit.</span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;"><span style="mso-list: Ignore;">2.<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span>Ensure that the timetable allows sufficient time
for you to have finalised the trial balance and draft accounts before the
auditors arrive. It can be very expensive for them to audit a “moving target”.</span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;"><span style="mso-list: Ignore;">3.<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span>Compile an audit file for the auditors
containing copies of all relevant documents and information. The auditors should
supply you with a schedule of the information they require.</span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;"><span style="mso-list: Ignore;">4.<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span>Arrange for a member of senior management to
spend some time meeting with the auditors and showing them around the office,
shop or factory. This will give the auditor a wider perspective of the
business.</span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Tahoma; mso-fareast-font-family: Tahoma;"><span style="mso-list: Ignore;">5.<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span>Once the audit closing meeting has finished and
the accounts are finalised, don’t delay in having the financial statements
signed by a director and the auditors. If you delay, the auditors will have to
make further checks before they are prepared to sign the accounts.</span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Frequent and open communication with the auditors can make
all the difference to their efficiency.</span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">You should be meeting the auditors before they finalise
their audit planning process. At the meeting advising them of important events
or issues encountered during the year will help them to plan their audit.</span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Arrange to meet the auditors periodically during the course
of their fieldwork. Use the meeting to update each other on progress and issues
arising so that surprises are not stored up until the end of the audit.</span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Your staff should make themselves available to answer audit
queries they should pay particular attention to ensuring junior auditors
understand the responses provided to them.</span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">The post fieldwork audit review will generate further
queries. If you delay in responding to these the audit team will have moved on
and the cost of their dealing with your response may increase if more senior
staff have to be utilised. </span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Use the closing meeting to explore ways to jointly improve
the efficiency of next year’s audit process.</span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<br />
<span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up. </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">John's website is: <a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a> </span><br />
<br />
<span style="font-family: Verdana,sans-serif;"> His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-67809807144746485502014-12-30T15:00:00.004+00:002014-12-30T15:02:27.625+00:00Profit and loss forecasts <br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMEwtd9jdi3y2uwef2iKhEPQ2SkgZ-oRSVU0fG6JreOdeuTfFC-QIbSIq12XZp5RqCGZIz_CHy4X4bi5adLgo-0aD40nnqLDU1A_tsuQbYHLtGxcKZaG1K_zlh7SLAsxB11fJN4biBvvI/s1600/4449034d-c687-4eb6-891d-69adc2f5d410.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMEwtd9jdi3y2uwef2iKhEPQ2SkgZ-oRSVU0fG6JreOdeuTfFC-QIbSIq12XZp5RqCGZIz_CHy4X4bi5adLgo-0aD40nnqLDU1A_tsuQbYHLtGxcKZaG1K_zlh7SLAsxB11fJN4biBvvI/s1600/4449034d-c687-4eb6-891d-69adc2f5d410.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;">On January 2nd 2015, my ebook: <i>Financial management - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com. This blog entry is a sample from the ebook. There are 20
topics like this one covered in the ebook. </span><br />
<br />
<br />
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<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Budgets and full year forecasts perform very different
functions in business. The budget is a financial translation of the company’s
business plan. A full year forecast is the best and most current view of
management on how the current year’s financial performance will turn out and
should always be compared with the original budget.</span><br />
<br />
<span style="font-family: Verdana,sans-serif;">A budget, once set for the
year should not usually be changed or flexed unless the business is changing
its plans.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">In volatile market conditions a business should be preparing
forecasts at least once a quarter if not on a monthly basis. The full year
forecast should comprise the year to date actuals for each elapsed month with a
forecast for each line item for each of the future months of the year. </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">The full
year forecast should form part of your monthly management accounts report and
be a source of data for your cash flow forecasts together with your balance
sheet.</span><br />
</div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Remember to involve your sales team in developing and
verifying the numbers you include in the sales forecast. However, be
appropriately prudent in your review of projected sales figures provided by the
sales team.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Cost forecasts should be easier to produce than the sales
forecasts. Certain costs, for example cost of sales and other direct costs can
be modeled from their relationship to sales levels. Ensure that you take
account of loss of volume discounts due on materials if you are forecasting
lower cost of sales purchases. If you import goods and materials for processing
ensure that your forecasts take into account up to date exchange rate
information.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Salaries and wages are normally the largest overhead cost.
Forecast these on a person by person basis. Prepare a staff cost forecast model
in excel by person and department based on your payroll data. This will enable
you to produce “what if” scenarios where you believe that more or fewer
employees will be required in future months.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">For your other overheads identify those that are fixed, for
example rent, those related to the level of activity, for example telephone,
and those that are discretionary, for example training and<span style="mso-spacerun: yes;"> </span>prepare your forecasts for these accordingly.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Revise your full year forecasts each month and compare the
prior month’s full year forecast to the latest so that you can assess any
changes, for example, sales continuing to fall or unit materials costs
continuing to increase. </span></div>
<span style="font-family: Verdana,sans-serif;"><br /></span>
<span style="font-family: Verdana,sans-serif;"></span><br />
<span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up.</span><br />
<br />
<span style="font-family: Verdana,sans-serif;">John's website is:<a href="http://www.nomizon.co.uk/" target="_blank"> http://www.nomizon.co.uk</a> </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-9435648514693744522014-12-24T08:37:00.002+00:002014-12-24T08:43:47.188+00:00What will the new year bring for you? - Making it happen.<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjK9HLWBQRWEd6SZsm4Vmv3DR_jmffxCpYlg-vGkex08Y5pt_lwpyFR1GYdpphYgkI-6JdweGzsNJ1P0k6hhQZJ6Xva8_jmOOb9C__Wg5ToCVNres8RJJrYcOaY4wU3iGrR8PKhCrqEj7g/s1600/f81fd9b3-fcbf-4ece-a096-d254fba8e952.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjK9HLWBQRWEd6SZsm4Vmv3DR_jmffxCpYlg-vGkex08Y5pt_lwpyFR1GYdpphYgkI-6JdweGzsNJ1P0k6hhQZJ6Xva8_jmOOb9C__Wg5ToCVNres8RJJrYcOaY4wU3iGrR8PKhCrqEj7g/s1600/f81fd9b3-fcbf-4ece-a096-d254fba8e952.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">As you find time to contemplate this year gone and think forward to next year, here are some questions to help you.</span></span><br />
<ul>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">What am I most proud of this last year?</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">What have I learned? What are our clients learning? (Can I
ask them?)</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">What would make next year really great? (at least three things)</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Why are these things important to me? </span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">What support would add fresh thinking and impetus? </span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">What excuses am I making? How can I be more accountable?</span></span></li>
<li><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">As well as strategy, what behaviour changes do I need to make?</span></span></li>
</ul>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">Planning moves you from wishful thinking into
action.</span></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">1. It helps you define a sense of
purpose.</span></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">2. When you make a plan (however imperfect) you
are creating your future and not acting as a hostage to fortune. </span></span></div>
<div class="MsoNormal">
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">3. You might just make those
decisions that otherwise you keep putting off. </span></span></div>
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"></span></span>
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"></span></span>
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">With many thanks to John Niland.</span></span><br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"><br /></span></span>
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">As a first step to improving your business's fortunes, why not pick the phone up and call John or email him and arrange to meet up.</span></span><br />
<br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">John's website is:<a href="http://www.nomizon.co.uk/" target="_blank"> http://www.nomizon.co.uk</a> </span></span><br />
<span style="font-size: small;"><span style="font-family: Verdana,sans-serif;">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-50789140291671211672014-12-04T08:36:00.000+00:002014-12-04T08:36:01.908+00:00Lease or purchase?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1d6csozd-qSQJW4W31tF3Zah87O82SDXH6kAUf_I-QCpv9aes05L2vi4NxT8TctTfskEWMyogdO5CpRuP8CjnDCmis5K9RhXqklWsrtqO0V1BbqSzya3Q_OKU8rqwB2XP591icIYqlaY/s1600/e69ca091-9c4e-4be6-b412-9acacb6d086d.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1d6csozd-qSQJW4W31tF3Zah87O82SDXH6kAUf_I-QCpv9aes05L2vi4NxT8TctTfskEWMyogdO5CpRuP8CjnDCmis5K9RhXqklWsrtqO0V1BbqSzya3Q_OKU8rqwB2XP591icIYqlaY/s1600/e69ca091-9c4e-4be6-b412-9acacb6d086d.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;">On December 8th 2015, my ebook: <i>Corporate finance - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com. This blog entry is a sample from the ebook. There are 20
topics like this one covered in the ebook. </span><br />
<span style="font-family: Verdana,sans-serif;"></span><span style="font-family: Verdana,sans-serif;"><br /></span>
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<br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Purchasing a fixed asset is only an option if you have
sufficient funds available to you, otherwise you will need to look at some form
of lease or hire purchase. </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">Under hire purchase, the business will own the asset
once all of the payments have been made. You will also be able to claim capital
allowances from the start. With a lease, the bank buys the asset and you refund
the bank over time plus interest. Your company might never own the asset. In
this case, the bank will claim the capital allowances.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">You will be responsible for maintaining and insuring the
asset whether or not you buy outright, under hire purchase or lease so don’t
forget to tell your insurers.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">If you have the cash or you need to own the asset outright
from the start then buying might be the best option but you also need to take
into account your growth, the type of business you run and your business plan.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Purchasing an asset may use up funds that the business needs
to finance working capital. Prepare a cash flow forecast to make sure you will
still have enough money to run the business. Purchase is a good option if you
don’t want to tie the business in to long term agreements.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Leasing is clearly better for smoothing cash flow. What else
could make a difference?</span><br />
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span>Ask the bank whether they obtain volume purchase
discounts on asset purchases they may be able to share these with you.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span>Ask for the flexibility to upgrade the equipment
during the lease, especially for high tech equipment.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span>Ensure the lease agreement is clear on what
happens at the end. For example, do you have to return the equipment of can you
extend into a secondary period for a lower sum?</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span>If you already own an asset and need access to
funds, don’t forget to look at sale and leaseback as an option. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span>If you are comparing the lifetime cost of
purchasing, versus leasing the asset, don’t forget to take into account your
cost of capital. </span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<span style="font-family: Verdana,sans-serif;"><span style="mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span>If the future is uncertain or you have a fixed
life business, then lease assets over a shorter period.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Never buy or lease more assets than you actually need just
to take advantage of a good deal.</span></div>
<span style="font-family: Verdana,sans-serif;"><br /></span>
<span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up.</span><br />
<br />
<span style="font-family: Verdana,sans-serif;">John's website is: http://www.nomizon.co.uk </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">His credentials: http://www.linkedin.com/in/johntoppin</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-81826920065676744542014-11-28T11:32:00.004+00:002014-11-28T11:37:04.324+00:005 steps to a business plan that you can actually use<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
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<br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">On December 2nd 2014, my third ebook: <i>Planning and budgeting - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com.</span></span></div>
<br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">A good business plan drives the business towards its specified
goals by addressing activities, accountabilities, resources and timescales –
within a framework of explicit assumptions. </span></div>
<div class="3-text">
</div>
<div class="2-subtitle">
<b><span style="font-family: Verdana,sans-serif;">1. Focus</span></b></div>
<br />
<div class="2-subtitle">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">The business plan should focus on how the company will maintain
and improve the existing business as well as any new initiatives. </span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">More detail
does not equate to better budgeting accuracy and the same applies to the
business plan. Passing the sense check and covering key elements is more
important.</span></div>
<br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;"> <b><br /></b></span></div>
<b><span style="font-family: Verdana,sans-serif;">
</span></b><br />
<div class="2-subtitle">
<b><span style="font-family: Verdana,sans-serif;">2. Strategies and objectives</span></b></div>
<div class="2-subtitle">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">The best business plans set key short and long term objectives
and outline strategies for accomplishing these.</span></div>
<div class="3-text">
<br /></div>
<div class="3-text">
<span style="font-family: Verdana,sans-serif;"><span style="mso-spacerun: yes;">Some hints: </span></span></div>
<br />
<ul>
<li><span style="font-family: Verdana,sans-serif;">Business plans should link activities and actions to the strategies so
that you are able to measure the actions and the results of those actions. </span></li>
<li><span style="font-family: Verdana,sans-serif;">Actions usually involve resource and cost so this will help you to ensure that
the budget reflects the plans.</span></li>
<li><span style="font-family: Verdana,sans-serif;">Answer
questions such as where do we want the business to go, how will we get there
and what is the fall back plan if things don’t work out as expected?</span></li>
<li><span style="font-family: Verdana,sans-serif;">Use a SWOT
analysis to identify the key activities that the plan needs to address.</span><span style="font-family: Verdana,sans-serif;"> </span></li>
</ul>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="2-subtitle">
<b><span style="font-family: Verdana,sans-serif;">3. Measurement</span></b></div>
<div class="2-subtitle">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">The activities and actions included in business plans should be
mensurable so that you can monitor the level of success in achieving them.<span style="mso-spacerun: yes;"> </span></span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<ul>
<li><span style="font-family: Verdana,sans-serif;">Measurements do
not need to be financial only. For example a goal could be improved sales via
the activity of investing in customer care and customer feedback can be the
measure for customer care. </span></li>
<li><span style="font-family: Verdana,sans-serif;">Time line the
activities and actions so that you can budget them by month.</span><span style="font-family: Verdana,sans-serif;"> </span></li>
</ul>
<div class="2-subtitle">
<b><span style="font-family: Verdana,sans-serif;">4. Responsibilities</span></b></div>
<div class="2-subtitle">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">Assign responsibilities and accountabilities to the planned actions
so that you can empower people, measure performance and can reward them for
success. </span></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">Ensure that all
staff allocated with responsibilities in the business plan are involved at some level in
producing the business plan.</span></div>
<div class="3-text">
<br /></div>
<b><span style="font-family: Verdana,sans-serif;">
</span></b><br />
<div class="2-subtitle">
<b><span style="font-family: Verdana,sans-serif;">5. Risks and assumptions</span></b></div>
<div class="2-subtitle">
<br /></div>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<div class="3-text">
<span style="font-family: Verdana,sans-serif;">Good business plans address risks, including the risk that the
underlying assumptions become invalid. </span></div>
<ul>
<li><span style="font-family: Verdana,sans-serif;">As well as identifying risks plan for
activities and responsibilities for mitigating those risks. </span></li>
<li><span style="font-family: Verdana,sans-serif;">Check that the
business plan is affordable. </span></li>
<li><span style="font-family: Verdana,sans-serif;">Run scenarios
so that if results fall below set criteria the business is able to respond. For
example, if sales fall below £Y in region A the alternative plan is to
consolidate that geography with region B. </span></li>
</ul>
<span style="font-family: Verdana,sans-serif;">
</span><br />
<span style="font-family: Verdana,sans-serif;">What is stopping you? </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up.</span><br />
<br />
<span style="font-family: Verdana,sans-serif;">John's website is: <a href="http://www.nomizon.co.uk/">http://www.nomizon.co.uk</a></span><br />
<br />
<br />
<span style="font-family: Verdana,sans-serif;">His credentials: <a href="http://www.linkedin.com/in/johntoppin">http://www.linkedin.com/in/johntoppin</a></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-84091381795221734762014-11-21T10:33:00.000+00:002014-11-21T10:33:00.942+00:00Categorising risk<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcmHbfR9WbqbVsCM186Vj8C_T4a_9W6AxRVExoy_vr11yIEF_3NTNAlvfX9_9DdTfYei-94Epfw7FXmHvqPbtMnc0udDUlqVLLgOIp3xYChY-OCsBmcQBjmFSX5AxicgVPRbgbg8mfl1U/s1600/f81fd9b3-fcbf-4ece-a096-d254fba8e952.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcmHbfR9WbqbVsCM186Vj8C_T4a_9W6AxRVExoy_vr11yIEF_3NTNAlvfX9_9DdTfYei-94Epfw7FXmHvqPbtMnc0udDUlqVLLgOIp3xYChY-OCsBmcQBjmFSX5AxicgVPRbgbg8mfl1U/s1600/f81fd9b3-fcbf-4ece-a096-d254fba8e952.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;">On December 2nd 2014, my third ebook: <i>Planning and budgeting - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com. This blog entry is a sample from the ebook. There are 20
topics like this one covered in the ebook. </span><br />
<span style="font-family: Verdana,sans-serif;"><br /></span>
<span style="font-family: Verdana,sans-serif;"></span><br />
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<br />
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Risk can be viewed from the point of view of low to high
impact and low to high likelihood. The impact and likelihood of most, but not
all, risks tends to differ from business to business.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">For example, a fire in most business office premises might
be high impact but low likelihood whereas in a factory this risk may be high
impact and high likelihood. Alternatively in some businesses the risk of
employing illegal casual labour may be highly likely and have a relatively high
impact but may be low likelihood low impact in other businesses.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Analyse the risk you identify in your business by impact and
likelihood, high, medium and low. Focus on high impact high likelihood risks
first, then any risk where either impact or likelihood is high etc.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">The impact of a risk can sometimes, but not always, be
measured and a monetary value allocated.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Do not ignore risks where the impact is difficult to measure
as the impact may nevertheless be very significant. For example, the damage
caused by a former key employee who removes customer information when leaving
the business could be difficult to measure but have very serious consequences.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Unlike impact, the likelihood of any given risk occurring
depends on a number of factors which can change over time. Likelihood of a
given risk can depend on how good the relevant controls are in the business.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Well trained staff, operating to relevant and effective
procedures will reduce the likelihood of many business risks for example, the
likelihood of undetected falsification of expenses or fraud.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Change usually increases the likelihood of risk. This could
be change in personnel or process or a new product being introduced.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Think of the business as a whole when considering risk. Talk
to key management responsible for areas such as operations, production, distribution,
sales and HR. The risks your business faces can be analysed by headings such as
operational, regulatory or legal, financial assets and liabilities, IT,
markets, people and strategic.</span><br />
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Once you have categorised the risks in your business you
will be better prepared to consider how each risk may best be dealt with,
whether via insurance, avoidance, improved procedures or training. </span></div>
<span style="font-family: Verdana,sans-serif;"></span><br />
<span style="font-family: Verdana,sans-serif;"><br /></span>
<span style="font-family: Verdana,sans-serif;"></span><br />
<span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up. </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">John's website is: http://www.nomizon.co.uk </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">His credentials: http://www.linkedin.com/in/johntoppin</span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-2011030469542017810.post-60253781243835105112014-10-31T12:09:00.002+00:002014-10-31T12:09:48.232+00:00Understanding procurement specialists<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMk4EXx4wSRZj23gh-DXWRsyymQmMqU8FGcxzBAUVfp3G1CuVCNr0MQlcnjVQwNTZC8QZYwMf_1PiPGzQIEeZA4DDpqhkSQVU2TmPiiWt3Oyxae5DlDZRfPhLG8aG2AE2Sr0d8wHckC9c/s1600/eb2e135a-e190-41fb-a5d8-0eb64631c823.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMk4EXx4wSRZj23gh-DXWRsyymQmMqU8FGcxzBAUVfp3G1CuVCNr0MQlcnjVQwNTZC8QZYwMf_1PiPGzQIEeZA4DDpqhkSQVU2TmPiiWt3Oyxae5DlDZRfPhLG8aG2AE2Sr0d8wHckC9c/s1600/eb2e135a-e190-41fb-a5d8-0eb64631c823.jpg" height="320" width="201" /></a></div>
<br />
<span style="font-family: Verdana, sans-serif;">On November 4th 2014, my eBook: <i>Profitability - Advice for business owners and finance managers </i>will
be published for ipad, iphone and kindle and will be available from
amazon.com. This blog entry is a sample from the eBook. There are 20
topics like this one covered in the eBook. </span><br />
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<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Procurement’s remit is to ensure the quality, value and
continuity of supply of goods and services from suppliers; it is not to reduce
prices until suppliers go out of business. If you understand them you can make it
easier for procurers to approve business with your company.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Procurement managers like transparency. If they don’t
understand your business or its pricing they will find it difficult to
recommend a buy. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Ever-changing analyses and revisions to data will not impress
them and it reduces the trust they can place in you and your company.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">For example, if you include overhead apportionment in your
pricing be prepared to reconcile these with your accounts and share this with
procurement if asked. They may attempt this to check you are not over
recovering your overheads at their expense.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Invest in the time to explain your business, its financials
and pricing to procurement. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Back up what you say with evidence so they feel
confident enough to recommend that their company spends its money with yours.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Contract terms and budgets are usually discussed before a
buying decision is made. Don’t submit your company’s charges or agree
contractual terms before details of the scope of work are determined, including
quality, quantity, delivery, timing and warranties.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Performance measurement metrics are often defined at this
point for any elements of payment by results. If this is the case protect your
company by ensuring bonuses are not dependent upon factors outside its control.
For example, an advertising agency should not agree to bonuses linked to the
overall sales performance of its client.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Ensure both parties understand what is not included in the
charges as well as what is included. in them. If you don’t do this your customer
relationship and your company’s finances will suffer.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Treat procurement as an integral part of the
customer/supplier team. This includes involving procurement in resolving
disagreements.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Give precise estimates of charges in advance, define the
grounds for pricing adjustments and provide clear breakdowns. Don’t be reticent
in asking for extra charges when justified and raise any cost issues at the
earliest opportunity. Your sales staff may be uncomfortable in asking customers
to pay more but you shouldn’t be.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana,sans-serif;">Periodically articulate the value your business has added to
your customer to its procurers using case histories and examples.</span></div>
<br />
<span style="font-family: Verdana,sans-serif;">As a first step, why not pick the phone up and call John or email him and arrange to meet up. </span><br />
<br />
<span style="font-family: Verdana,sans-serif;">John's website is: http://www.nomizon.co.uk</span><br />
<br />
<span style="font-family: Verdana,sans-serif;">His credentials: http://www.linkedin.com/in/johntoppin</span>Unknownnoreply@blogger.com0