Regardless of size, location, or funding, business up and down the country have faced a whole new set of challenges presented by the covid pandemic. Cashflow issues, downsizing, lack of knowledge on funding options and issues with furloughed payroll are just a few of the issues our clients have come to us with. We’re here to provide you with assistance an education on all aspects of your business. Don’t let the last few months dictate the next few years of your business.
Challenge no.1 – Access To Capital
Some of the biggest challenges among open businesses are accessing the capital they need to stay afloat, keeping their supply lines open, making sure their employees can work remotely, and balancing increased family demands. In order to alleviate these financial stresses, a lot of businesses are turning to institutions for help. Having access to affordable lending options as a small business is vital.
It’s reported that half of SME’s reported applying to government sources for capital support, 11% for traditional bank loans, and 6% for capital grants from the private sector.
As with any form of finance, SME’s should fully consider a range of alternative finance options and assess which is the most ideal for their circumstances, without rushing into any decision, especially during unprecedented times. If you need any assistance, please contact us to help you go through what options are available for your business.
Challenge no.2 – Employees Facing Difficult Economic Circumstances
Despite some businesses remaining open, many employees up and down the country are experiencing financial cuts from lost employment or fewer hours worked. 44% reported a reduction in numbers of employees or workers at their business because of the pandemic.
However, 3% of businesses reported that their employee headcount actually increased. Some of clients have found that through working with us, they were able to source funding for new employees.
It’s important to remember that any time a business furloughs staff or has to lay off workers, it affects entire communities of people who rely on income from jobs to support themselves, and in turn, support other local businesses and organizations.
If you’re wanting to learn more about how to navigate employment and contracts during COVID-19, contact our HR department today. For those businesses that may want additional HR support or lack a full-time department, HR outsourcing could be the perfect solution.
With the changes to furlough, it is guaranteed that there will be a lot of changes to staff and their contracts. For many people, HR is associated mainly with recruitment, but the range of tasks to be performed can be extensive. In addition to recruitment, a HR team also deals with employee contracts, payroll issues, holiday schedules, administrative matters, trying to ensure that employees have positive relations with each other and much more.
Choosing Nordens allows you to significantly reduce costs related to the implementation of Human Resources tasks. We have the ability to offer our HR services either as a project basis or as a retainer basis, with a pre-specified scope and fixed-fee costs. Contact us today on 02085300720 or email businessdevelopment@nordens.co.uk
