CHAMBERS Cash is king during the crisis
news Beard breaks ‘vicious circle’ of closures
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imple measures can help protect businesses from the impact of COVID-19, acording to Greg Palfrey of Smith & Williamson. He gives the following advice: “Safeguarding your people and your business may mean making tough decisions. Basing these on sound rationale and good forecasting is important. “Tried and tested ways of getting through hard times are as relevant now as ever. Cash is king. Forecast your daily receipts and payments over a rolling six week period and then for the next six months identify weekly or monthly pinch points where you may need funding. “Look to preserve cash and generate it wherever possible by realising value from balance sheets, obtaining loans from funding schemes or using the breaks and benefits announced by the Chancellor. Professional help can be invaluable when building your forecasts and managing working capital. “Combining your cash flow forecast with trading and balance sheet forecasts can help predict productive trade areas and where to minimise exposure and costs. It can also significantly improve your chances of obtaining a loan “The bottom line is to take control of your cash flow. Don’t leave things to chance. If you think you need professional help, get it sooner rather than later. It can then be so much easier to help you solve your problem.” www.smithandwilliamson.com
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SURREY BUSINESS
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amily-owned construction firm Beard is continuing to operate on more than 90% of its sites, despite the wave of closures that the industry has seen in response to the spread of Covid-19. Beard has fully implemented the Site Operating Procedures drawn up by the Construction Leadership Council. This ensures that staff and subcontractors working on Beard sites are not exposed to unnecessary risk. Additional safety measures include lengthening the working day and resequencing work to allow different workers to be on site at different times and minimise the need for contact. Although operational capacity has been reduced to around 50%, these measures mean that Beard has been able to continue working on as many
sites as possible. A key issue is the availability of building materials. Beard has engaged with relevant trade bodies to ensure it can continue to source supplies and to identify specific supply bottlenecks. Mark Beard, chairman of Beard, commented: “The safety of all those working for us, and of the general public, is always our top priority. But when sites close, that results in a fall in demand for materials, and builders’ merchants shutting their doors. This can lead to more sites being forced to shut, due to lack of supplies. “The Government has given the industry a clear steer that it wants construction work to continue where possible. We are determined to do our bit to help turn the current vicious circle into a virtuous cycle.”
My therapist told me the way to achieve true inner peace is to finish what I start. So far, I’ve finished two bags of M&Ms and a chocolate cake. I feel better already. BUSINESS WISDOM
