This is an incredibly challenging time for members and we aim to provide a regular update on information, advice and support for businesses.
Given the challenges around personal contact, we will provide this online service on a regular basis.
In this update, we will provide information on government support & managing your cash flow.
Monitor our social media channels and check your email inbox for regular updates.
You can contact me at:
colm@newrychamber.com
Stay safe.
Colm Shannon,
Chief Executive Officer
Newry Chamber of Commerce & Trade
GOVERNMENT SUPPORT
The Finance Minister, Conor Murphy, MLA has announced that all businesses will pay zero rates for the next three months.
This will be a three month rate-free period for April, May and June which applies to all businesses and does not need to be paid back.
The Secretary of State has said the Chancellor’s package announced yesterday will be worth over £600m.
The NI Executive is now considering the Chancellor’s announcement and the Economy Minister, Diane Dodds, MLA said she hopes to announce measures to help local businesses by the end of today.
Newry Chamber wants to see measures which applied in England, immediately applied to Northern Ireland. Once we hear more, we will provide an update to members.
CASH FLOW
For businesses large & small, cash flow is critical to sustaining your business. Our member, PKF-FPM has produced a valuable article on cash flow, which they are happy for the Chamber to share. It provides some helpful tips on managing your cash flow.
CASH IS KING
Before you think about strategic changes, you need to make sure your business will survive to see any plans through.
FORECAST YOUR CASH FLOW
Prepare a monthly cash flow for 12 months incorporating an emergency three month forecast to estimate how much cash you’ll need in the short-term.
This will help your business to:
- Identify its immediate financial priorities.
- Focus on identifying short-term, quick “wins” through reducing costs and cutting unnecessary expenses.
ASK FOR HELP
Once you have a realistic idea of your cash requirement, there are a few obvious places for you to look for help.
NORTHERN IRELAND
– HMRC Tax Helpline CLICK HERE
– Help with Business Rates CLICK HERE
– Supports That Are Available CLICK HERE
– Advice For Employers & Business CLICK HERE
Thanks again to PKF-FPM for this helpful advice. But remember, if you are experiencing cash flow issues, it is important to contact your accountant and your bank at the earliest opportunity, as other financial support may be available.
PUBLIC HEALTH
Remember, up to date information on public health advice is available via:
www.publichealth.hscni.net/news/covid-19-coronavirus
CONCLUSION
The time to act is now, develop a cash flow strategy, build a plan and then apply for appropriate funding packages with these and other measure built in. This will be critical to the survival of businesses.
Businesses in the Greater Newry Area have weathered many storms over the years and this is undoubtedly the most challenging set of circumstances that we have faced for sometime. We are a resilient business community and we will get through this virus.
We strongly encourage you as a member, to get in touch with us with any queries that you have via email and we will do our very best to get you the answers you need and relay them back to you.
admin@newrychamber.com
Above everything else protect yourself, your staff and your customers. We will come out of this public health emergency and financial crisis. In the meantime, Newry Chamber will be the voice of support for our local business community.
Stay safe.