NEWS CORONAVIRUS UPDATE
For example, we have a client that
moves relocating employees of global banks around the world and another that supplies hundreds of casual employees to build stages and steward large-scale events, festivals and concerts. Both of those companies, as well as thousands of others, have also seen their businesses suddenly grind to a near complete halt. Have empathy with all and they will
have empathy with you. Don’t try to monopolise the “woe is me” argument. Remember, everyone has their own
story and their own battles to fight. We are all in a state of war against the same non-human enemy.
than see people individually made redundant permanently.
7 Scale back on all non-essential costs
Many variable costs can be turned off or reduced quickly and with minimum penalty, and restarted easily. Remember the golden rule, cash is king.
8 Be realistic There is no fairy godmother
or benevolent investor. Why would anyone put money in your business at this time, and if they would, on what terms? Be realistic.
9 There is help out there In the Budget, the government
announced support including bank loans, HMRC Time to Pay arrangements and rate reliefs. On 17 March, further support was announced by the chancellor. A new temporary coronavirus Business Interruption Loan Scheme will be introduced within a matter of weeks, delivered by the British Business Bank. The banks are still working out with
the government how this is going to work in practice, and how easy it will be to access. Keep your eyes open for more information on this, and talk to your own bank. A more immediate solution may be contacting the HMRC Time to Pay
coronavirus helpline on 0800 015 9559 or visit the website.
Instant cash flow benefit can be obtained by deferring part or all of your PAYE, National Insurance, VAT or corporation tax payments, so these amounts don’t leave your bank account when you most need it.
10 Take this opportunity to improve
Take this opportunity to improve the operations and processes in your business. While operational activity is slower, use the time wisely to do the things you never have time to do because you are too busy – but really should. And upskill staff. There may be an opportunity to restructure parts of your business. You or your team don’t need to sit around idle. There will be a bounce-back, and you need to be ready to grasp every opportunity.
11 Be empathetic Travel is certainly at the sharp
end of this snap downturn, but most sectors and the businesses in them are also heavily affected.
12 Experience counts Experience does count, as does
keeping a cool head. As leaders and business owners, we need to keep those around us reassured that we are doing all we can to protect both our businesses and them, in terms of their health and security. We need to continue to take considered and measured decisions, not all of which will be easy. Going back to my first point, this crisis will end, and we need to make sure we are still around to see that..
13 Keep smiling We can’t do much about the
world we currently find ourselves in. My senior team’s best moments of the past week have been laughing with clients whose sales are 75%-plus down. They are taking the steps they can. They appreciate our call and knowing we care about them, reminding them that everyone else is in the same place. Sometimes, just having a friendly
voice on the other end of the line is all we need to keep on going. Those are the moments we cherish.
Jonathan Wall Managing director, Elman Wall
23.03.2020 TRAVEL TRADE GAZETTE
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