I’m sure you all agree with me, that recent articles and reports surrounding the impact to SME’s and the UK economy as a result of the COVID-19 pandemic are becoming more depressing by the day;
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- SME’s are still facing significant cashflow challenges
- Business performance takes an unprecedented hit in the second 3 months of 2020
- Profit warning spike across the West Midlands
- Fast and far reaching action is needed to recover from the intense shock of the pandemic
- UK employment falls by 730K during pandemic with more job losses forecast
- 80 per cent of small businesses reported their revenues were declining in June 2020.
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I for one, admire the bold and compassionate way the Government has supported UK businesses with unprecedented financial support.
This support will however come to an end, as it is scheduled to do in October for CBILS etc, after all the taxpayer (lets not forget where this support comes from) does not have unlimited funds to dig into, the UK still needs to move on, and provide support as normal to the community it serves.
I see the challenge now is how to boost confidence and demand, to in turn stem the tsunami of job losses that are forecast, and to rebuild the economy stronger than ever.
One certainty for the coming months will be the adoption of risk management strategies, by companies and organisations such as; Accountants, Chambers of Commerce and the Insurance sector, who have recognised the need to provide risk management and mitigation to enhance relationships and to offer a service differentiator – ultimately protecting the very income for their own survival…
It is therefore essential that we understand the current ‘strength’ of SME’s across the UK, this information will be vital as we begin to bounce back and re-build our economy.
As the Government packages more taxpayer support to SME’s in the terms of grants (£20million) between £1,000-£5,000, how do we truly know the health-status of the SME’s who will be applying for such grants?
Will this funding and existing funding be repaid – CASHFLOW!
What level of due diligence and by who has been undertaken during this unprecedented period?
What methods are the Government and it’s delivery channels adopting to measure and analyse the health of the SME community?
‘If you’re and SME, don’t worry – help is at hand’
If you are an SME, looking for further financial support, I would suggest a FREE audit on your business to determine its post COVID-19 preparedness.
This FREE audit would certainly help in your application for funding, whilst allowing you to work on any COVID-19 secure risks and threats that the audit uncovers.
The Risk Dashboard’s 6 steps to risk management, allows you to complete a post COVID-19 secure audit, using it’s unique compliance technology;
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- You undertake a business audit of your organisation
- The audit interface identifies vulnerabilities, gaps and growth opportunities
- The task management function allows you to work through quantifiable risks
- Our weighted algorithm prioritises the actions that need your attention first
- Our partner programme connects you to subject matter experts for support
- Together, we create a risk-based framework to reduce COVID-19 threats and costs
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Our latest FREE to deploy solution entitled – ‘ Survival, Resilience and Growth’, has proven to be a great success for SME’s and the management of their businesses throughout the pandemic.
Risk Dashboard is easy to use, agile and dynamic, meaning that it is able to grow and develop with your post COVID-19 secure business needs.
If you would like to download your FREE edition to assist you in your grant application, whilst developing your post COVID-19 resilience strategy for survival, please see your local Growth Hub, Accountant of Business Advisor for a FREE to use licence, or contact the Risk Dashboard using: https://www.riskdashboard.co.uk/SRG/ using voucher code: NCBA2 or contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk.
We look forward to hearing from you.