Is your business financially prepared for the future?

Published on May 14, 2021 by Gareth Hunt - Insolvency Practitioner

The UK is now well on the road out of lockdown which is already allowing us to do some of the many things we have missed during the past year: meeting our families, visiting non-essential shops and enjoying drinks outside.

However, is the future as buoyant as we would hope for some of the businesses currently celebrating the re-opening of the economy?

The last twelve months have seen unprecedented levels of support from the Government and HM Revenue & Customs through the introduction of the Covid-19 support measures.  Some businesses, individuals and sole traders however have fallen through the gaps. Others are now considering the future as Government support is phased out.

It is also worth considering that there has been a significant retraction in the size of the UK economy and there are bound to be lingering uncertainties over the future with Covid, plus we have the constant unknown of Brexit. It is likely that there will be a significant lag before the economy bounces back to pre-March 2020 levels.

Reopening will hopefully bring around an increase in consumer spending, but the level at which this is sustained is still to be seen, yet the costs of trading will need to be met. In order for businesses such as retail and hospitality to reopen, stock has been purchased, employees have returned from furlough so wage bills now have to be met, and there are the costs of maintaining social distancing which is likely to result in reduced trade, especially in the early days. On top of this, business owners need to factor in the repayment of any Bounce Back Loans, the reintroduction of business rents & rates and other deferred payments.

Business owners need to take action now to ensure that their businesses not only survive both in the short and long term but prosper in a new economy.

Directors should undertake an honest review of their company’s current and future cash flow, as well as the overall financial position of the company. You should consider any potential challenges that could be lying ahead within your business sector.

Your Client Relationship Director will be happy to guide you through a review of your finances. We can conduct a thorough cash flow forecast for your business, considering various trading scenarios. RPG’s Business Support team can help with monthly bookkeeping services and monthly or quarterly Management Information reports with ongoing cashflow forecasting which will help you keep on top of your finances.  We would take the time to ensure you fully understood the reports and exactly what they mean for your business.

If a point is reached where we need to look at other options, we can enlist the support of RPG’s Business Recovery team who are specialist in providing an independent view of the Company and the options available. The earlier that steps are taken to resolve any potential problems, the more options are available.

If it is required, RPG Business Recovery can provide a full range of business restructuring and refinancing as well as formal insolvency procedures. Our Insolvency Practitioners have a wealth of experience and provide honest sound advice when it is most needed.

Gareth Hunt

RPG Insolvency Practitioner

GHunt@RPG.co.uk

Gareth, who joined RPG in March 2021, is a member of the Insolvency Practitioners Association. Gareth has gained significant experience dealing with corporate and personal insolvency together with advisory work including liquidations, CVA’s and administrations from a wide range of industry. He also assists individuals on bankruptcy and IVA’s. Email: ghunt@rpg.co.uk

View all posts by Gareth Hunt - Insolvency Practitioner

We have received an excellent service from the team at RPG for well over 20 years. We particularly appreciate RPG's real interest in our company and suggestions for improvements. The service RPG provides goes well beyond what we could expect.  The attention to detail and the prompt, professional service the team provides means that we are reassured that should we require urgent or unusual advice, the team will provide it. We would have no hesitation in recommending RPG.

Margaret Peasegood

Executive Chairman - SheffProp

I would like to thank RPG for your unbelievable help, assistance and friendship for over 40 years. Nothing has ever been too much trouble. Words alone are insufficient, and I think that the same would apply to my former colleagues and my family who have also come to rely on your advice and guidance.

Neville Johnson

Founder - Neville Johnson Offices

We have worked with RPG for many years, for good reason. They are not only extremely knowledge but they really take the time to get to know you as customers and also as people. This really makes a difference, as whilst it is of course important that you receive great service, which we do, it’s also essential to work with professionals who you can really trust and who go out of their way to know your business as well as you do, giving ultimate comfort that you are all striving towards the same goals. I cannot recommend them highly enough.

Jennie Johnson MBE

Kids Allowed

“RPG have always been our first point of call for advice on accounting, tax and financial regulatory matters and indeed have become an additional sounding board for both myself and my colleagues on strategic matters. The consistently high quality and timely advice they provide is very important to us.”

Gareth Rowe

Chief Financial Officer - ProofID

“As a family business we have been using Royce Peeling Green as our accountants for over 25 years. We have always been impressed with their expertise and depth of knowledge in all financial areas required to help run our business. There is an obvious understanding and trust between the two companies which leads to proactive approach to guide us with short and long-term financial planning. We have found everyone at Royce Peeling Green to be very approachable providing us with the reassurance that they will always provide a professional response in a timely manner.”

David Harrabin

Managing Director - Manchester Slate Ltd

RPG have now acted for our various companies for over 15 years. Their advice and commercial attitude in dealing with Tax, Audit and general businesses matters has always been of high quality and queries dealt with promptly. The team at RPG are experts in their field, they understand the SME market place well. They have been involved in all our corporate transactions, from setting up of businesses, ongoing support of our management teams through to being part of the team that negotiated the successful sale of a group company.

Jonathan Hamburger

Genesis Group International

We have received a first rate service from RPG over many years. We appreciate their attention to detail and the timely, professional and pro-active advice they provide. We would have no hesitation in recommending the team at RPG.

Stephen Rector

Managing Director – Ribble Packaging Limited

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