• COVID-19 What your business should focus on

COVID-19 Response

As of 16 March, 2020, the UK Government has put in place strict conditions to reduce the spread of COVID-19.  All organisations need to consider how they help and support their employees and partners to work within the parameters laid down by the Government while continuing their operations.

The rapid outbreak of the virus presents a significant business challenge. Given the many unknowns surrounding the outbreak, businesses are having to review their readiness and the potential impact the outbreak may have on their operations, supply chains and employee well-being. 

The below documents provides general risk response guidance for companies deploying business continuity planning (BCP) measures and suggestions on how to maintain business agility to mitigate the impact of the COVID-19 outbreak.

To assist organisations, thanks to our BDO Network colleagues, we have also developed a risk-response checklist of guidance measures to consider when deploying business continuity planning.

BDO understands a single set of procedures or responses might not fit all organisations or each Company’s situation. If you have any specific queries, the BDO Northern Ireland team are happy to speak with you.

 

Coronavirus-Covid-19-Business-Impact-and-Risk-Response-BDO.pdf

Response Check List

 

Financial Forecasting

Understandably for many businesses, cash flow is one of the main concerns at this time and we have therefore been helping businesses to forecast their performance in the short to medium term.  In some cases, the purpose of this exercise is to establish how long existing cash reserves will last, in others the forecasts have formed the basis of an immediate funding request to the Banks. 

We have seen challenges for some businesses in demonstrating their funding requirement through financial projections, which can then undermine their Banking proposal and lead to ill afforded delays.  To help avoid such delays, we have developed a detailed financial model which already reflects the current schemes available at this time.   

Read more information including how to request the model here.

 

Sector Specific Guidance

The Government has produced guidance for social distancing in the workplace for a variety of sectors. This guidance inlcudes tailored advice for different scenarios of how social distancing might be implemented by employers to help protect their workforce and customers.

You can find the guidance here.

 

Additional support resources

We will continue to update this site as the situation evolves. Should you have any queries whatsoever, please speak with your key contact(s) at BDO as soon as possible.