The Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme (CBILS) has been revamped from Monday (6th April). They have reopened the scheme with a promise to approve more loans (not enough have been approved so far).
 
The criteria are:-
Turnover < £45m
UK based business
Be an ongoing business, if it weren't for the pandemic
Certify that you have been affected by coronavirus (self certification)
Open to sole traders and limited companies

You will need to provide the following:-

Outline what you need (how much and why, plus how long the loan would be for)
Historic accounts
Management accounts
Up to date business plan
Cash flow forecast
Assets in the business

Plus:
Profile the owner and/or management team
The owner’s investment in the business
Whether or not security is available
Other business interest
 
If you are business less than 2 years old, you could apply for a startup loan instead.
 
I can help you with providing the information you need for a CBILS...
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Why I'm still selling

This week's blog is a bit different. I feel I need to address the elephant in all our rooms and talk about coronavirus.
 
We live in weird times. My young kids are at home with me and my working schedule has been seriously interrupted as I try to homeschool. I thought it would be nice to have a break over the weekend, but actually structure is important to all of us so trying to think about ways to entertain the kids over the weekend (2 boys can't just hang around all day especially at 7 & 5) and have a break from work was tougher than I anticipated.
 
How is your business doing at this time? Are you thriving or surviving? Trying to juggle it all? Or feeling like you don't have a business left to keep going with?
 
Try not to be limited by your existing business. I have seen loads of great things that people are doing - online pilates, online dog training, vouchers for when restaurants reopen, and paying a deposit to be able to book first when your hairdresser...
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Getting the basics sorted out

finances planning support Mar 25, 2020

Last week, I had some interesting questions with two of my clients. One said that they were putting me on hold as they didn't have enough work for me due to coronavirus and another said they were so glad they were working with me as they need to plan for the lost of income due to the events side of their business.

Now is the time to know your numbers. Look at the following:-

  • Expenses - annual or monthly ones. Can you stop any of these if needed?
    Revenue - talk to your clients about what their expectations are and work with them as much as possible to find a good solution, rather than waiting for them to cancel.
  • Cash - do you know how long your cash will last for?
  • Get a breakeven number (where revenue equals costs) so you know what income you need to run your business.
  • Invoice promptly at all times, but especially at the moment, and shorten your payment terms where you can. Chase those debts soon after they are due as the financial position of companies is changing all the time.
  • ...
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Investing in your business

How do you feel when someone says to you that its not that you can’t afford it, that its about whether you believe that they are the right person to take your business forward?  This really annoys me as every business has limits as to what it can afford, so it is always about the money for me.  Maybe I don’t want to get into debt for that £5k course, or maybe that’s not my money priority right now.
 
There is definitely a mindset issue about spending money in your business and this often comes when you think something is too expensive or you shouldn’t spend that.  So, tap into what is the issue really is.  Is it that you don’t have enough money or is it that you are afraid there will not be enough money in three months’ time? If you have a clear plan as to what you were going to do with your money and where the income is going to come from over the next three months you could decide whether to invest.
 
Do you...
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My First Podcast

accounting numbers podcast Mar 11, 2020
I’m on a podcast!  My very first one!  Can you tell I’m excited?
 
This week I’m a guest on Emma Ward’s “The Freelancer’s Teabreak” which I’m really excited about!  I have never been on a podcast and I love listening to one when I’m out and about. 
 
I thought it would be stressful to appear on a podcast, and was really nervous, but Emma put me at ease and we just chatted, so I forgot we were recording.  We talked all things numbers and had a bit of a rant about prices on websites (spoiler alert: we are both of the view that they should be there!)
 
Click here to listen or search for “The Freelancer’s Teabreak” wherever you get your podcasts. 
 
I believe it is so critical to know your numbers, and many people start out as freelancers with no skill in this area.  I don’t think you can run your business properly without really knowing your numbers, so I...
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What sort of accountant am I?

accountant Mar 03, 2020
Last week at a networking event, I told someone I am an accountant.  So they started asking me if it had been a busy time in January with tax returns, to which I replied that I’m not that sort of accountant.
 
I spend a lot of time saying that.  I am a qualified management accountant, which means that I have spent all my working life working in business, and not in an accounting practice.  My dad is an accountant and I swore for years that I wouldn’t be one, but I’m definitely a chip off the old block!  I also decided I would be bored if I did year end accounts and tax work, so I decided to go and work in companies, producing their monthly reporting and performance measures. 
 
I loved it!  I got to spend time with business people every day, talking to them in non-accountant speak about how the business is performing and where it is going.  I got involved in budgets and forecasting, and 5 year strategic plans.  I...
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This is NOT a hobby

When was the last time you paid yourself from your business?  Think about it for a minute or look it up.  Do you pay yourself regularly?  And if you do, is that a proper salary or just a bare minimum to get by?
 
Hard as it is to hear, if you are not paying yourself, your business is just a very expensive hobby.  And if it’s a hobby, you aren’t making the money you need to live the life you want.  And you feel like you are working really hard, doing all the things, and not getting anywhere.  I think other people close to you can play into it as well, not taking it seriously as a business and expecting you to take on more at home or be the one to take time off when the kids are sick.
 
Sit down and work out what you need to take out of your business on a monthly basis.  What is the minimum and what is the nice to have.  What bills do you need to pay? 
 
Then look at what your business is doing each...
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Business Growth by Numbers is 2!

birthday business freelance Feb 18, 2020
This week Business Growth by Numbers turned 2!  I can’t believe I’ve been in business that long really.  I never thought I would set up my own business when I left my corporate job.  But then I discovered that they wouldn’t offer the flexibility I would want with my kids and thought why not?  I didn’t need the employment benefits any longer (no more kids!) and decided to take the plunge.
 
To say it has been a whirlwind would be an understatement!  I have learned about lead magnets, sales funnels, blogs, websites, newsletters, passive income and so much more.  Plus I have discovered I love working at home as long as I have loads of Zoom calls each day.  My husband hears me say “I’m just going on a call” a lot!
 
What I have learned is that you need support and cheerleaders along the way.  Everything from having an amazing virtual assistant (Louise Mackie), to email marketing and websites...
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Stepping out of your comfort zone

 
How do you show up in your business?  Are you out there getting known for what you do and going big, or are you hiding at home behind your laptop?
 
It feels really uncomfortable, doesn’t it, to get out there and be visible in your business.  One of my key words for 2020 is visibility, but I’m happiest sitting behind my laptop screen with a spreadsheet!  But its not going to grow my business, or help my personal development.
 
I’ve been stepping out of my comfort zone A LOT recently.  I ran the 5 day challenge in my Strength in Numbers group, despite having never run one before, and having never done a Facebook live before.  I find broadcast lives really hard, as the interaction isn’t there and it’s a struggle to talk to myself (although my husband would probably disagree!).  I love live interactive calls, but I only discovered this by doing them for my course.  They are also really important for my...
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Dreaming big in your business

business dreams goals Feb 05, 2020
What are your dreams?  What would financial freedom in your business look like to you?  Is it more flexibility to spend time with your kids?  Is it being able to do your work from anywhere, including a beach somewhere?  Do you want to have a huge business with lots of employees?
 
I think people don’t think enough about what they ultimately want out of their business for their lifestyle, but this can dramatically affect how much they need or want to take out of their business on a regular basis.  It can also affect how much you earn.  For example, if you are a mum and want to work less in the holidays, you are likely to earn less (unless you have passive income, but more on that another day).
 
For me, my dream is to be able to have some of the holidays off and only work 4 days a week in term time.  I’m not there yet, but I’m working towards it.  I have clear steps that I’m following in order to build my...
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