Take a ‘Deep Breath’, we arein this together!
How long should I financially plan for?
Can my business adapt or work differently?
Stop, Go or Pause?
Have an open discussion with your landlord –they will understand!
As a first step – ‘Take a breath’ and do not make any immediate decisions, but plan and think carefully about what is going to work best for you and your business in the coming weeks and months.
Please do not take any immediate action in relation to staff until you have reached a final conclusion and spoken to a Member of our Business Support Team from Business and Innovation and Skills. Please email@example.com and we will call you back
When business planning, you should be thinking about timescales. At the current time it is incredibly difficult to forecast future developments and as they are subject to change. However, at this point in time, we think it is better to plan, and think about timescales, in months more than weeks. Ideally, you should be financially planning for the first two quarters of 2020 whilst considering impacts until the end of 2020 and beyond.
You will need to consider how you can scale or adapt your business. Are you already seeing a decline in sales or in demand for services that you provide? Can your business adapt to the changes, are there any untapped opportunities that can be capitalised on locally? If this is not possible, thendon’t worry, you need to consider some of the other practical advice below.
Is your business the type of business that can be ‘paused’? This does notmean closed, this means can you advise your customers that for a temporary period due to the current circumstances you are pausing the sales or services you offer and will, when appropriate be back in business. Again, this sounds worrying but every other Guernsey based business is in the same situation so scaling back or pausing could be a good option.
We know it might be a difficult conversation, but please speak to your landlord who will hopefully understand the situation. Find out whether if rents can be deferred. It is important to note that the States of Guernsey are setting the example in this area.