Business checklist – practical actions

There is no one size fits all response to COVID-19, but for businesses facing the challenge there are practical actions to consider as the lockdown continues.


  • Prepare forecasts for the short and medium term
  • Analyse best and worst outcomes
  • Assess liquidity – at what point will you run out of cash?
  • What Government support is available to you by way of grants or employee retention scheme? – Read here for Government support
  • VAT deferral
  • Negotiate a Time to Pay arrangement with HMRC – Find out more here
  • Payment holidays on finance arrangements
  • Rent reduction or Payment holiday with landlord
  • Negotiate with suppliers to relax credit limits
  • Turn off non-essential supplies.
  • SWORN unused vehicles
  • Suspend any contracts and services not required
  • Do you have other means of generating income? Can you deliver to customers?  Can you sell online?
  • Do you have other means of funding?


Funding (please take advice before proceeding with these)

  • Are you eligible for the Business Interruption Loan Scheme? – Find out here
  • Business overdraft – take one or increase what you already have?
  • Sale and lease back of assets
  • Invoice finance or invoice discounting – cashflow through invoicing
  • Pension drawdown – consider personal consequences.
  • Re-mortgage or draw down on equity from personal mortgage – consider personal consequences.



  • Check your policy for business interruption. Most policies will not cover an unspecified disease or pandemic, but it may cover government ordered closures
  • Speak with your broker and check all clauses that may apply
  • Review your policy for requirements for empty buildings
  • Review your policy for home working requirements and cyber security


Protect yourself as a Director

  • Have up to date management information available to you
  • Know your legal and fiduciary duties as a director of an insolvent company – Read our blog on Directors Duties in COVID19
  • Seek professional advice from your accountant, your solicitor or an insolvency practitioner (before you do something you shouldn’t do and before it’s too late to do anything – most insolvency practitioners will offer free initial advice without obligation).


For a free conversation about your situation, please contact us:  Call Freephone: 0808 168 7540 or email


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