A viral update

Covid-19 is with us and to the best of my knowledge and belief will be for some time.  My thoughts are first and foremost with those who are seriously ill and whose friends and family are seriously ill.

I will be looking at the various announcements from the government and acting accordingly.  We are fully cloud based so we can work and self-isolate.  I am therefore not expecting any interruption to our services.  

If your revenue is being adversely affected by the economic effect of the virus and you need to discuss your finances with me or one of the team, please get in touch, that’s what we are here for.

Our approach will be to self-isolate if ill but other than that it will be business as usual.  I would ask that our clients treat us with the same respect.  We will remain open unless one of these two events occur:

  1. We are instructed by the authorities to close.
  2. A number of staff have the illness at the same time.

Even if not open we will work remotely unless ill.

My thoughts more generally are as follows:

To those of us with small businesses, we are attached to our businesses almost like a family member, and like a family member we need to see them through what is likely to be a difficult time. My first actions have been to ensure my business can survive the financial repercussions of an economic shut down because not only my own mortgage but also the mortgages of my staff are dependent on that.

It may be that, like me, some of the actions I take now will improve my firm after the virus is forgotten.  Here are some of the things I’m doing:

  • Thankfully we have cloud-based phones and IT so my team and I can simply move our laptops home and we will have full access to all our systems and data.  
  • As a matter of urgency I’m making sure we have systems and processes in place to support people working on their own at home and make sure our productivity is maintained. Systems that will have enduring benefit.

I am a Chartered Accountant so it will be no surprise that I run my finances prudently but it had never occurred to me that you really need 3 – 6 months outgoings on hand for a rare but existential crisis.  I’ll be making a priority of rebuilding that sum and keeping it saved away for the future.

I’ve had a good look at my costs and checked if I can reduce them; my first responsibility is to my contractual liabilities and my staff.  I therefore have questioned all other expenditure.  I’ve split it into three:

  1. Expenses I should have reduced some time ago
  2. Expenses I could reduce but would rather not
  3. Expenses I could reduce if I really had to.

I should do the items in category 1 anyway and by addressing them my business will be stronger into the future.

We have a cloud-based practice if you or those you know are struggling to file returns please let me know and we’ll do what we can to help.  

Above all I wish you and yours good health.