Although we are trying to avoid adding to the noise about Coronavirus (and we certainly haven’t been stockpiling loo rolls) we thought the following top tips may assist.
- If you supply goods or services check your terms and conditions and contracts to see whether you may be protected by your force majeure clauses. If the clause includes wording such as ‘outbreak of disease’, ‘epidemic’, ‘civil emergency’, or equivalent you should be fine but if not you will will need to consider the wording of the clause carefully to establish whether any disruption as a result of the Coronavirus could be classed as a force majeure event. We are here to help if you have any queries.
2. If you are working remotely as a precaution then make use of technology so you can carry on business as usual. We recently blogged about electronic signatures and these will be very useful in the coming weeks. As a business we make use of Skype, Zoom and other resources so we can have meetings without needing to be face to face and these are going to be even more useful in the coming weeks.
3. Keep up to date with advice but make sure it is from a reliable source. We recommend looking at the Coronavirus Government Response for official government advice and vivoHR for sensible and practical HR advice.
4. Keep in touch with your accountant. With the recent budget there was provision for focused assistance and your accountant can help to navigate you through the red tape. For a great summary of the budget headlines we recommend reading On The Spot Tax’s article.
5. Check whether you have any business interruption cover as part of your insurance. This could make all the difference if you are going to face losses in cash flow. We are happy to help look at wording if you are unsure whether you are covered.
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