All the focus up to now has been around understanding the Government legislation and how to access what's on offer, in terms of support

However, what financial support do you actually need to get through the next 3 months and how can you help yourself?

We've put together 3 of our favourite tools to help you plan your way and your businesses way through the next 3 months

All 3 tools are GSheets.  Please make a copy before starting to use them!

1. Review your personal expenditure budget Planner

Our first tool helps you understand exactly how much you need to live on.  Remember, your personal expenditure in the next 3 months will be very different to normal.  For a start You'll have no commute costs, no Pret lunches etc.

There's also no eating out or going to the pub on a Friday night, or Saturday afternoon trips to the shops

Now is the perfect time to review your subscriptions.  Have you ended up with Netflix, Amazon Prime TV and premium Youtube well as that all encompassing Sky TV package?

Have you taken advantage of the reductions that are available at the moment?  For example, pausing Sky Sports

To help you work out your budget for the next 3 months, we've shared our personal expenditure budget planner.  To access your copy, just click here

2. Calculate your Payroll Cost savings and your Government Grant with our furlough calculator

If you have, or are considering furloughing some of your team, you'll want to work out how much you'll be cutting from your payroll bill each month and how much grant you'll get back from HMRC.

This tool helps you calculate both of these.  You can access it here

This leads us into the 3rd tool.....

3.  Plan your business cashflow

It's vital that you put together a cashflow forecast for the next 3 months.  A cashflow forecast will give us clarity on what's coming into the business and what we have going out.

We'll then be able to identify our "cash gap", in other words how much financing we need to get us through this.

We've added in space for the Rates grant, any CBILS finance and the deferral of HMRC bills

Now you're armed with knowing how much you need to take from the business and what your furlough savings look like, you can go ahead and complete your forecast

You can access your cashflow forecast here



stuart ramsay

Written by stuart ramsay