How to help businesses reopen
With more businesses in the UK reopening your clients needs will be changing. Here are the ways you can help your clients reopen the business and manage the changes in the coming months.
Financial health advice
For those clients who have lost sales over the last year, now could be the time for them to start regaining customers and cash.
By analysing their accounts, you can advise them on what they need to bring their business back to financial health. Your insights can be put into practice with targeted marketing, sales targets and cutting costs where necessary.
Millions of employees across the UK are currently on furlough. The scheme will end on 30 September, and helping your clients manage their employees will become key.
There are several ways you can assist your clients. These include claiming salaries back through the furlough scheme, managing payroll, compliance and seeing how financially viable it is to bring employees back to work.
For those businesses who need to increase hiring as they reopen or new businesses looking for the first employee, advice around PAYE is crucial. For smaller businesses, you could consider managing their payroll as they get started to make sure they are correctly complying.
Help with forecasting
Retail, food and drink and hospitality business with physical premises are likely to have been heavily affected by the pandemic. Meanwhile, some ecommerce stores are experiencing large growth. Both could face shifts in sales following the reopening of the high street.
Forecasting future sales could be a little tricky as businesses reopen, so your expertise will be especially valuable for your clients. Without recent data to base projections on and with unpredictable buying habits this could be a challenging task.
Paying back loans
Many businesses have been looking to loans to minimise financial impact. For your clients who have already taken a loan, you can look at the best way to pay them back and work these into your suggestion for regaining financial health.
For those who are looking to take out a loan, there are lots of options available. Make an assessment of what could be the best fit for your client’s needs, whether it’s a government loan, grant or using shorter term tools like invoice finance.
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