The Coronavirus pandemic has thrown up innumerable issues for firms as Directors strive to navigate this uncertain period for their organisation and its workforce.
The following checklist presents some key questions your business could consider to be as prepared as possible for the potential effects of Covid-19.
- Have we considered our loan options, such as the Coronavirus Business Interruption Loan Scheme?
- Have we checked if we are eligible for a grant, such as Business Rates Relief or the Small Business Grant?
- If I am self-employed, have I checked if I am eligible for income support under the Self-Employment Income Support Scheme?
- Have we considered contacting HMRC about support, such as for making tax payments and / or deferring my self-assessment tax return?
- Should we review or revise forecasts and cash flow predictions?
- Has anyone in the company been assigned responsibility for COVID-19 maintenance/planning? If not, should someone be tasked with this?
- Have we discussed the company’s COVID-19 plan and risk assessment with the board and shareholders?
- Have we enhanced hygiene practices and facilities in the workplace e.g. hand sanitisers?
- Have we taken steps to protect staff members' mental health and wellbeing at this time?
- Have we considered furloughing employees through the Coronavirus Job Retention Scheme?
- Have we identified which workers in our company (if any) are classified as 'key'?
- Have we determined the impact of business travel restrictions on our company('s operations)?
- Have we made sure employees working from home have all the equipment they need?
Trade / Supply Chain
- Have we conducted a review of our supply chain to assess the potential for indirect impacts of COVID-19 and looked at alternative suppliers?
- If our company exports, have we considered looking at UK Export Finance support, such as the Export Working Capital Scheme?
- Do we supply any services or have any training or expertise that we could provide to help other companies with their COVID-19 challenges?
- Have we considered whether we can help in the response to the Coronavirus, such as support for ventilators or medical testing equipment?
- Have I looked at options for furthering my professional development at this time, for example through the IoD's Digital Academy?
Resources & IoD
- Have we consulted the IoD's Coronavirus Support Hub?
- Have I signed up for Policy Voice?
- Have we looked at the Government's Business Support Hub?
Return to the IoD Coronavirus Hub