Last updated: 7 May 2020
00:00 – So welcome to this business update for business owners.
00:03 – And we’re going to be talking about a couple of things today.
00:07 – Let’s start off with furlough.
00:10 – We know that that is now being extended to October, which gives you some sense of the scale of this thing and how much it’s going to cost the country.
00:19 – The 00:20 – rules are likely to change closer to the time.
00:24 – We don’t know yet.
00:25 – But he’s, he’s put out there that he’s looking at 60% furlough, with the employer making up some of the difference.
00:34 – So my guess is you’re going to be paying, now you’re going to be getting a 60% 00:40 – of salary up to two and a half thousand pounds as a rebate, but you will be required to make up the extra 20% to make it 80% or you’ve got to make a decision when you keep your people on or not.
00:53 – Now all of a sudden businesses were running out of cash, can’t pay exactly what the government was giving them.
01:00 – 00:59 – They’ve got to make up some difference there.
01:01 – Now, if the’ve got no income in and got no cash flow. That’s going to be difficult. And that’s where the loans come in.
01:09 – So the next thing I want to talk about is self employed.
01:12 – Now if you self employed, you would have expected the extension to October to go hand 01:20 – in hand. But that’s not happening.
01:22 – I’ve just checked on the inland revenue site today and there is no suggestion that the self employed income support scheme is going to be extended into October.
01:35 – At the moment it says three months, it may change, right?
01:37 – Things are moving fast, still, 01:40 – and things may change.
01:41 – But if you’re self employed, then you’re going to be looking at the three months.
01:46 – Now please remember that the sites, the revenue site, for checking you can make a claim is just opened this week. Whether you can make a claim or not and whether it falls down or not, I can’t, can’t be sure of that.
01:58 – We haven’t made any claims 02:00 – because we’re not allowed to.
02:01 – This time around the self employed person has to make the claims themselves.
02:06 – So if you are self employed and you need help in making the claims, what we have is a facility where we will share your screen. You will log in, we will share your screen.
02:17 – We’ll tell you which buttons to press, 02:20 – which bits to go, what figures to fill in, and you can, we can then that way help you make your claim.
02:27 – So help is there.
02:29 – We’re always, we’re always finding ways of helping people because we’ve been a virtual firm for so long. We understand the technology really well and can help you transition to a more 02:40 – virtual organisation.
02:42 – The next thing I want to talk about is the bounce back loans.
02:44 – I keep coming back to this because it is an opportunity.
02:47 – A few of you, as my clients have claimed that. Not enough I fear.
02:52 – We need, more of you to claim bank if you want to expand your business.
02:58 – If you haven’t had a 03:00 – conversation with me – about how you can use the bounce back loan after you’ve watched my bounce back loan workshop, then I think you’re missing an opportunity to get some, some really good business advice from your chosen accountant.
03:16 – You trust me with your numbers. You trust me, your tax, you trust me with 03:20 – your accounts, you trust me with some of your key information, you, I would recommend that you just take a leap and have a talk to me.
03:31 – Trust me to have a conversation. So 10 or 15 minutes, that will be of value to you.
03:37 – Now, at the end of 10 or 15 minutes, we may 03:40 – end up where we started off with you not applying for the loan, but at least we’ve had the conversation.
03:44 – You’ve explored it rather than listening to friends, family, social media.
03:49 – And getting the wrong end of the business stick here… and this is a business decision.
03:53 – It’s not about taking on debt, it’s the business decision.
03:57 – And then finally I want to, I want to, and I 04:00 – have to talk about the recession that’s coming.
04:02 – At last, what I’ve been saying for months, now has actually been made public.
04:07 – We are in deep doodoo and the government said, we’re already in recession and we’re going deeper.
04:14 – So your business has to be made safe for the coming 04:20 – recession.
04:20 – You’ve got to think about how you talk to businesses on your websites.
04:23 – You’re going to be, you’re going to be looking at how you pitch for business and please don’t think I’m telling you to reduce prices.
04:30 – I’m not saying increased prices, but I’m not saying that to reduce prices because then you won’t be able to offer a great service. You won’t be able to make a profit 04:40 – and you will end up suffering.
04:42 – Not only cashflow problems, but, a whole load of other things that go with worry and stress.
04:48 – You, you probably know what I’m eluding to.
04:50 – If you don’t, let’s have a call about that too.
04:53 – So this is it for this particular, update.
04:58 – I will get back to you next 05:00 – week with more updates, but if you’re not keeping in touch with my blog, follow me on Facebook. Follow me on Instagram, follow me on LinkedIn.
05:09 – All of those platforms will have information from me regularly to help grow your business.
05:14 – It’s not all about the accounts and the numbers.
05:17 – The accounts are really the 05:20 – results of any activity you do.
05:22 – The activity you’re taking,
05:23 – The activity you’re making to grow your business.
05:27 – And the advice I’m giving on these regular social media updates are about growing your business, not about keeping your accounts and reduce your tax bill.
05:36 – Growing our businesses, is our main focus right now, 05:40 – doing the accounts and reducing tax bills are secondary.
05:44 – They come second to growing your business, growing your income, growing your margins, growing your profits, growing your client numbers, growing, growing your cash flow.
05:52 – That’s what’s coming and that’s what’s coming up and foremost in my mind.
05:56 – And I want to help you do the same.
06:00 – 06:00 – All right? This is Gordon wishing you very, very well.
06:03 – Keep safe. Keep sound, keep happy, and keep moving forward.
06:07 – Take care all the best. Goodbye.
