Webinar recording: crisis, what crisis?

Our experts have compiled their key takeaways from our session on handling crisis. If you would like more information about anything discussed, please contact us.

How to handle crisis

Insolvency

• Have a 13 week rolling cashflow so that you can review your cash position regularly and take notes of all key decisions to evidence your decision making process.

People

• Look at your current employee base first and ensure that you are doing everything you can to retain them in the business.
• Clearly, as inflation rises and the job market becomes more competitive, salaries will need to be increased, however, think total reward package, offer flexible benefits rather than giving everything to all employees, this will mean employee maximise the benefits they find valuable and saves you money.

Tax

• Allocate some time to reviewing your furlough claims – better to spot problems before HMRC do and think about your comms strategy around keeping or repaying amounts claimed depending on your decision
• Make sure that budgets and forecasts are updated for expected tax changes – have you modelled the effect of the 1.25% increase to National Insurance and increase to corporation tax rates?

Brexit

• UK businesses should consider overseas markets outside the EU – and review their supply chain. Look at the potential of setting up in the EU and consider the ramifications of other UK Trade Deals as they are concluded.
• Because of onerous regulations, customs and filing obligations falling on EU firms importing into the UK, and with some UK  businesses failing, there are opportunities to increase your UK market share.