By Johnathan Dudley, Head of Manufacturing, national audit, tax, advisory & risk firm - Crowe
Businesses face a very difficult road back to what we have previously regarded as ‘normal’ trading conditions.
Getting back on track will require excellent navigation skills, and you’ll need an off road vehicle mindset, as we know it’s not going to be an easy ride.
Businesses will face cashflow shortages as they begin to face up to paying back the Coronavirus Business Interuption Loan Scheme, Bounce Back Loans and other repayable financial assistance, which Chancellor Rishi Sunak established, in March 2020, as the potential full economic impact of the pandemic, was realised.
Just as money is tight, the state support for credit insurance has been removed and the credit referencing agencies will now assume a huge responsibility in how they rate businesses – and in some cases, influence or even determine their ultimate fate.
To add to the equation, many businesses cur...