3 Essential Resources Your Business Needs To Thrive Post-Lockdown
As businesses across the UK reopen their doors to the public, business owners will understandably want to be as prepared as possible for success post-lockdown.
With multiple priorities to juggle, we’ve made it easy for you to identify three essential business resources to give your business a boost and make the transition a smooth one.
Recovery Loan Scheme
The Recovery Loan Scheme (RLS) was created to help affected UK businesses access finance to help them recover from the impact of the coronavirus pandemic.
Businesses can access the Recovery Loan Scheme from 6th April 2021 and the cash can be used for a variety of reasons including business growth, making payroll, investment in marketing and better cash flow management. Under the scheme businesses can apply for loan amounts between £25,001 to £10m.
The loan will be available to apply for through a selection of accredited providers, which you can find on the Business Bank’s website.
To access the scheme business owners will have to show evidence that their business has been affected by the pandemic, is a viable business if the pandemic hadn’t happened and is not insolvent If your business has already used a CBLIS or Bounce Back Loan you it’s likely you will still be able to access the support, provided you meet the eligibility criteria.
“The Recovery Loan Scheme will provide a vital lifeline for businesses trying to get back on their feet after the coronavirus pandemic. As with all loans, it’s important not to borrow more than you need. And, of course, you’ll want to factor the loan repayments into your future cash flow forecast to make sure you’re able to pay the money back.” Mattea McClean, Chartered Accountant & Accounting Education Manager at Float
Find out more about the Recovery Loan Scheme on the UK government’s website.
Making the workplace COVID-secure resources
As well as the financial side of emerging from lockdown, keeping your employees safe is probably one of your top priorities. The UK government has published a complete guide for businesses to make the workplace COVID-safe, including guidance on hygiene, ventilation, vulnerable workers and risk assessments.
Previously, businesses registered in England were able to order free rapid lateral flow coronavirus tests for their staff up until 12th April 2021. Now lateral flow tests can be ordered by individuals, find more information on ordering lateral flow tests here. Lateral flow tests can be used by your employees twice a week and can give a test result in just 30 minutes.
An up-to-date cash flow forecast
Last, but most certainly not least, is the secret weapon in any business owner’s arsenal – a reliable cash flow forecast.
As businesses get back up and running cash flow is likely to be lumpy and unpredictable. Can you make payroll? Can you pay yourself? When do I need to pay my bills? These are all questions a cash flow forecast can help you answer.
Emerging from lockdown is a high pressure time for business owners, and a cash flow forecast can take the worry out of decision making as you plan for the future.
“A cash flow forecast is what business owners need right now to make confident decisions. Having a good handle of how much cash you’re going to have in the bank, and when, can help your business bounce back more quickly than it would otherwise,” said Float’s resident Chartered Accountant and Accounting Education Manager, Mattea McClean.
Want to set up a cash flow forecast today? Take a free trial of Float and get your business ready for post-lockdown recovery.