Saturday, June 6, 2020

Cash crisis as hundreds admit to losing all forecasted income

The region’s businesses have admitted to facing a cash flow crisis, with a recent poll by the Corona Business Advice group revealing that over 50 percent have lost all of their ongoing revenue stream.

The group, which now has over 1500 members after just one week, was set up to help businesses navigate through the Corona/Covid-19 crisis.

It has been set up by some of the region’s best-known professionals; Serena Humphrey of The F Word, Stuart Ross from High Growth, Greg Simpson from Press For Attention PR, Robin Johnston from Buckles and joining them this week, accountant Trudi Lilley from Lilley & Co.

They set up the group to share the key topics, tactics and strategies that they are advising their clients on with a wider audience. Their aim is to ensure that any business owner can get access to useful, professional, proactive advice for free during this unprecedented situation.

The poll was concluded an hour before the Chancellor’s announcement on support for the self-employed on the evening of Thursday 26th March.

It also found a further 16 percent forecasting a loss of more than 75 percent. By the time the poll was closed, only 5 percent reported or forecasted zero loss.

New group member, accountant Trudi Lilley says: “We wanted to take the temperature of the economy so we can best advise the group. Whilst we are receiving a huge amount of engagement with our posts and there is great advice and support being shared amongst our members, we wanted to delve a little deeper and look at the stark reality.

“We had over 250 businesses respond to the poll in just 24 hours, with many of them happy to share their challenges very openly to try to help one another but it makes for very worrying reading indeed.”

Founder of the Corona Business Advice Group, Serena Humphrey concludes: “Obviously these are unprecedented times and there are a lot of very worried people out there. The government is doing a huge amount to help people and yesterday’s announcement went a long way to addressing the concerns of many self-employed business owners.

“However not enough is being done to help the many small business owners / directors who fall through the gaps in the provisions so far; business directors who have been left with very little income.

“This is a very real and very big issue for the directors and owners of small limited companies in the UK.”

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