For your small business, help is out there
Over the last few weeks, we’ve all refocused our priorities. You may be a dentist and a business owner, but you might also be worried about your older parents, or a parent yourself to children who are off school, or to a teen who has seen their independence vanish in a blink.
If you are a dental practice owner, you will probably feel that you have other livelihoods to protect, as well as patients to take care of, some of whom will desperately need treatment.
If you are worried about how your business is going to operate during this pandemic, however long it lasts, this is going to impact on your ability to function in your other “roles” – as child/parent/friend/neighbour/employee, etc. If everything feels overwhelming, a positive practical approach is always the best one to take. This is our guide:
Health is number-one
Health and safety are the number-one priority – there is no compromise here. That applies to you, your loved one and anyone who works alongside and for you.
If you think profits are going to take a hit, because patients won’t be coming in, get organised. Contact a specialist dental accountant and go through the books. Only when you know exactly where you are with your figures, and you’ve accessed impartial, pragmatic advice can you move forward with confidence and make the right decisions.
Get government help
The government has announced extensive measures to help small businesses; maybe some of these would work for you. Those that are most relevant to the dental sector include:
- A small business grant funding for all businesses in receipt of small business rate relief/rural rate relief (this will be automatic).
- A Business Interruption Loan Scheme to support long-term viable businesses that may need to access additional finance. Talk with your lender first.
- HMRC has a Time To Pay Scheme if you are concerned about being able to make tax repayments, due to the financial impact of COVID-19. You can call them on tel: 0800 0159 559.
Other positive things you can do involve getting the input of your team to share the load and get a fresh perspective; their support will be fundamental in the weeks and months ahead. Similarly, do all you can to maintain good relationships with your patients, using text/social media/website/letters or even phone calls, depending on what would work best. Again, ask for guidance if you are not sure.
Look at what is not a core product/service and cut this out (maybe just for the time being) and look at extending payment terms with suppliers – they will all be in the same boat as you are, so they should be flexible and keen to keep your business.
Above all, get support. Figurit is a specialist accountant that can offer specific advice. We will share the load and help you make positive decisions that are the right for your individual, unique circumstances. No one of us know the future, but being prepared for anything is a tried-and-tested stress-buster, that will allow you to take good care of the important people in your life. Let’s not forget self-care either!
Hoping for the best is what all of can and should be doing. Get advice, get organised, prepare and offload any worries about your business that you can. And let’s all focus on brighter, better days.
For more information call Figurit on 020 7376 9333.