Weekly Digest – 20 May 2020

Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update.

Self Employed Income Support Scheme

The Self-Employed Income Support Scheme is now open for claims, with more than 110,000 people applying on the first day. For those who have checked their eligibility, you will have been notified when to apply.

The claim money should start to flow from 25 May.

Coronavirus Job Retention Scheme

Last week the Chancellor announced a 4-month extension to the existing Job Retention Scheme (sometimes called the furlough scheme). The scheme allows employees to stand down workers and then access a cash grant of up to 80% of their wages, with a cap of £2500 a month. The money is claimed by the company and then distributed to staff.

So what’s changing?

The scheme will be extended by 4 months, to the end of October 2020, with some changes. From 1 August, the scheme will offer more flexibility, allowing employees to return to work part-time.

The 80% pay level will remain, but companies will have to start contributing for staff that return part-time. There are more details to come, but it’s clear the goal here is to get people back to work, which is better for everyone.

Is it time to look at your business model?

This pandemic may have shown you some ways you can pivot your business model to adapt to economic turmoil. Exploring new ways to earn money—such as additional revenue streams—can provide your business with financial stability, and help you be successful.

Here are some questions to ask:

  • Is my current business model viable following the pandemic?
  • If not, are there ways to adjust my business model?
  • Can my expertise be used to create additional revenue streams?
  • What are current market trends that could affect how I run my business?
  • What are my competitors doing to adapt?

Look to businesses similar to yours to see how they’re changing, and how successful their adjustments are. We are more than happy to chat with you to help you “future-proof” your business.

Get in touch with us if you have any questions or want to chat about your business.

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