Are you worried about your own business?

What will you do?

Didn't find your answer?

We are so wrapped up in helping clients and answering the deluge of calls atm. I don't know about the rest of you, but I'm starting to panic about my own business.

1.Turnover likely to drop +50%, poss more 
2. I can't claim furlough for myself or my 2 staff as we need to process client claims, and continue working for clients if we want to retain them afterwards (if there is an afterwards)
3. I'm in a serviced office, so no SBRR, therefore no grant
4. Landlord won't cut rent
5. I can't cancel any software subs, in fact, I can hardly cut any overheads at all

I'm not going to be taking a wage for the foreseeable, and may have to inject cash.  

Are many of you in the same position?

Replies (3)

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By SXGuy
26th Mar 2020 06:33

Depends what they do for the self employed really. At the moment most my clients haven't worked and are skint so my income has dropped. But if they announce a package to help them then I should be fine for the moment.

The issue I think is when this is all done whether there will be any business left for them. I know the black cab trade is really suffering and I just hope when people realise how invaluable they are, this situation may give them the boost they have needed for years.

Thanks (1)
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By Watbooks
26th Mar 2020 08:53

You are going to continue to pay rent?

And pay staff the same wages and hours?

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Replying to Watbooks:
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By fellowcraft
26th Mar 2020 09:08

Rent - yes I have to. Will approach landlord for payment plan.

Salaries - yes I have to, as if I furlough them I cant put them on short working time arrangements. If they work say 2 days per week they'll be worse off than if they were furloughed.

Software/IT costs circa £2k pcm, and no scope for reducing much apart from temporarily cancelling Xero for pubs etc

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