It’s fast proven to be a tricky time for most businesses of the Sheffield City Region and indeed the world. It is vital to keep a calm head and for all business owners to get a grasp on their position and how to plan for the future which will come!
I was delighted to see Sheffield based accountancy firm Royston Parkin share their templates for you to help plan your current position and short term future planning.
A big thank you to Andy Froggatt and the team at Royston Parkin for sharing these valuable resources!
The resources have been shared for free, simply click the images to download.
SIX MONTH CASH FLOW TEMPLATE FOR SMALL BUSINESSES.
Simply click the image below to download your template for looking at your six month cash flow.
Download the six month cashflow template HERE. <<<
SIMPLE CASH FLOW FORECAST SPREADSHEET
Your cash flow for the next few months is going to be vital. You must take some time to assess your outgoings as well as any incomings and see what you can realistically afford, invest for and pause for the next few months. Getting cash in is obviously important, but cash flow is vital. Make sure you review your outgoings in a productive manner. Don’t panic! Be proactive and productive and you will feel much better having done this exercise.
Download your simple cash flow forecast spreadsheet HERE <<<
SMALL BUSINESS EMERGENCY ACTION PLAN.
It is testing times no doubt, for some sectors more than others. This excellent small business emergency action plan is a brilliant template with actionable steps you can all do no matter of experience. This is a great exercise to do in the best of times, so perhaps even more pressing now that you take a few minutes to understand this process.
The first three steps in this action plan are here, please download the sheet kindly shared by Royston Parkin for more.
So, here’s what you need to do if your sales are going to take a hit.
- Stay healthy, follow the Government guidelines for you, your family, co-workers, employees and community. Work from home where you can manage administration.
- Work out your expenses (including salaries) for the next three months.
- If you are in retail – work out your breakeven point by dividing your costs by the Gross Profit margin. That’s the sales figure you must achieve to cover expenses.
Download the emergency plan template on the link HERE <<
GOVERNMENT SUPPORT FOR BUSINESS DURING CORONAVIRUS PANDEMIC.
The support for business appears to be ever changing in a very fast paced environment, certainly there are more questions for some than answers, but the guys at Royston Parkin have certainly tried to summarise the key points for business as of 22nd March 2020.
On Friday 21ST the Chancellor set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19.
The package of measures to support businesses includes:
- Coronavirus Job Retention Scheme
- Deferring VAT and Income Tax payments
- A Statutory Sick Pay relief package for SMEs
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
Download your Government support document HERE <<<
You are not alone!
Support for the community is really raising its hand and I am delighted to see such support continue to come. Be sure to stay engaged with social media communities who are there to support your business. Be sure to offer support to others who may need it. Please don’t share fake or unfounded news about the issues facing business.
As ever, be productive, be proactive!
A big thank you once again to the team at Royston Parkin for sharing these valuable resources.
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