Insight 5: 8 financial steps to make you as strong as possible

If you are financially affected by Coronovirus, here are 8 immediate things you can do that will make you stronger;

  1. Perspective; Our economy is hitched to China. China’s first known death occurred on January 11th but they are now coming back on stream. It’s reasonable to assume that the virus will have a a V impact on the economy and we maybe through this in 90 days.
  2. Focus: This is all about cashflow – all steps should revolve around making your cashflow as strong as it can be.
  3. Complete: a Fast Forecast for the next 3 months. 3 lines – what do you expect income to be, what will costs be, what will be left over. Add the 3 months together – that number is, is what you will need to get through.
  4. Financial: Take the number from the Fast Forecast. Have you got enough cash or overdraft facility. If not, call your bank and ask them for a temporary facility of 90 days. Most lenders can do this in a phonecall.
  5. Financial: For short term debt, such as hire purchases, ask if you can go interest only for 90 days. If your Lender won’t do that, ask to restructure the term back out to 5 years.
  6. Financial: Borrow against your home to pump money into the business and repay short term debt.
  7. Financial: And ask for a 90 day mortgage holiday with all principal suspended and interest accrued.
  8. Government support: Apply as an employer HERE, or as a self-employed worker HERE
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