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An update from Diana

March 24, 2020
General News
Merton Chamber

This week we are all reeling from the shock of having to change and adapt our lives and our businesses. I don't think we've had time to stop and take stock. Today I want to share two things:


Firstly, your local Chamber of Commerce is a small business itself and I am working to adapt what we do and to bring added value to our members during this crisis. I've been trialling some on line networking which has been very well received by participants. I'm pleased to announce we will be rolling out "Reach out and Connect" on-line in the days ahead. If you would like to participate in these small group networks, please email diana@mertonchamber.co.uk.

Secondly, here is a 5 point checklist for small businesses which could make the difference to your business surviving and thriving.

1. Size up your problems.

Review your cash flow with a realistic and worse case scenario.

2. Build up your liquidity.
Review who owes you money and negotiate with them on how they can pay.
Review your terms and conditions to see what you say about receipt of payments in relation to your goods or services.
Have you got anything in stock that you could sell for cash?

3. Cut your costs.
Review your salary bills, business rates (you will get relief),rent, loan and finance repayments and suppliers.
Look at what difference the business rate relief and the Job retention scheme will/could make. Would you consider applying for the Business Interruption Loan Scheme?

4. Seek advice.
Seek advice quickly and negotiate on costs that you could delay or defer.

5. Look ahead
Keep your communications going, see how you could change your offer, refocus how you do your marketing, stop doing things that don’t make money or add value and look how you can care for your customers. Lastly, continue your networking. It might only be on line, but opportunities might arise that you might otherwise never know about.

Keep up to date with all the latest from Government and stay connected at;

www.mertonchamber.co.uk
www.wandsworthchamber.co.uk
www.kingstonchamber.co.uk

And thanks to www.thamesideenterprise.co.uk for sharing their information included in this blog.