Wokingham Positive Difference’s April meeting focused on money.
The virtual event opened with a Forum on Cash Flow, where the main presenters were Graeme Hobbs, Senior Partner at Wokingham based accountants, Hobbs Granger Roitt and Gareth Roberts, Partner at KRE Corporate Recovery, Insolvency Practitioners.
The key principles stressed were:
- urging owners and trustees not to race towards winding up procedures even if things looked bleak right now and to wait until more time had elapsed.
- cherishing cash and collecting outstanding payments due
- keeping vital suppliers on onside, even if harsh decisions were necessary elsewhere.
- Above all, the need for robust forecasts aimed at predicting when cash would run out and thinking about the strategy for that eventuality.
Highlighted were the Coronavirus Business Loans scheme where demonstrating viability is key for a successful application and what to consider when making those furloughing decisions. In addition, the need for discussion on debt deferral with creditors, lenders and landlords and looking for ‘time to pay arrangements’ with HMRC in particular.
The speakers emphasised that there was a lot of information out there, but that accountants and insolvency practitioners were helpful places to look for advice right now.
To conclude, business and community groups gave current updates at what was Wokingham Positive Differences 49th monthly event since its start back in 2016.
Gary Cranford, Wokingham Council’s Business Engagement Officer, ran through grants being administered through the Council to help businesses who are kept out of their premises due to social distancing.
There was wide agreement that marketing, training and investing in upskilling could still be helpful if organisations want to emerge from the crisis ready to fight as there will be some opportunities and deals to be done.
Its 50th meeting is planned for Friday, May 29, and entry is free.
If you are a local business wishing to keep up with business, community and government issues and would like to know more about Wokingham Positive Difference then email wokinghampositivedifference@gmail.com for further details.
