Covid-19 Corona Virus

Laxmi Update

Last updated 27th May 2020 09:00

  • The Coronavirus continues to dominate the news and looks likely it will be here for the long haul.

    It can be difficult to know what to do next in these unprecedented times of uncertainty. We are seeking to liaise with each our clients directly, so if we have not been in touch we soon will be, but please do give us a call if you need to.

    This page will explain how we are prepared and ready to continue working, suggestions of some areas to focus on your business and some useful links for further advice.

    We will continue to update this page and its content as and when more information is released.

  • What are Laxmi Financial Solutions doing for your business

    We know that your business depends on Laxmi Financial Solutions in order to make sound financial decisions especially in times of crisis.

    We have been running a practice remotely for over 5 years and have robust teams and practices in place to ensure that we continue to support our clients through this difficult period.

    We will continue to follow government guidelines and will ensure you are kept up to date on all that is applicable.

    Due to the social distancing policies currently in place we will continue to meet clients via applications such as zoom.

    Please do get in touch if you have any questions and we will endeavour to assist you.

  • 7 things businesses should be doing to help overcome the economic effects of the Coronavirus

    It goes with out saying, none of the below is possible without the assumed starting point that your books are fully up-to-date. We experience many business owners ‘running blind’ because either they ‘wing-it’, have a phobia with finances/accounts or simply don’t want to invest in their finance function. Your accounts need to be straight in the good times, but particularly in the bad times. However fear not, if your accounts are not up-to-date, we can work with you to achieve this goal as efficiently and pain-free as possible.

    • 3 month cash flow - model your Coronavirus affected projected sales and cost of sales and ensure you have enough cash reserves to cover your staff costs, overheads and tax obligations.
    • Bring forward any strategic plans that are best suited to the expected change in consumer buying habits. eg greater focus on online sales
    • Negotiate with with your landlord with regards to payment of rent
    • Defer non-essential purchases and review existing marketing programmes
    • Connect with key suppliers and reassure them of your ability to make payments so they can focus on providing quality supplies/service to your business
    • Spend more time calling in your trade debtors. The risk of bankruptcy is far higher during a crisis. And thou who shouts loudest..
    • Ask for help, British businesses are all in this together, you are not alone in this.