On Monday I mentioned the 'Bounceback Loans' announced by the Chancellor.
There still hasn't been much mention of these, but the inside line is that:-
- They are open to any business (sole trade, partnership or company)
- It is a simple online application, 'takes about ten minutes'
- The only check carried out is a credit check, no forecasts or similar needed
- Interest free for a year
- Repayable over a maximum of six years, no early repayment penalties
- Government guaranteed, no security needed
- The money will be available 24 hours after successful application
- The loan is a a maximum of 25% of turnover, up to £50,000
- Applications open Monday
Now, I can't 'tell' anyone what to do - but why wouldn't pretty much any and every business apply, even if the money sits in a deposit account for 11 months 29 days...
Remember, if you have 'missed' any previous editions, they can be found at
What are my positives today:-:
1. We are much more hygienic now
Maybe to the extent of paranoia.
Let's taken the case of a client who I will give the name to of 'Diana'. Now Diana, needing to make sure that she didn't risk transmission of anything decided to disinfect her keyboard. Despite the fact that nobody other than Diana used the laptop, so she could only have been infecting herself with her own germs ....
So diligent was she with the disinfectant that the number line no longer works, resulting in having to buy another keyboard.
Let's hope that those believing in Trump's pronouncements aren't as diligent, it's not as easy to buy new lungs...
2. A new career beckons ?
Over dinner tonight I mentioned the suggestion made by somebody today that I should consider stand up comedy.. According to my daughters, this would go something like 'Dad, you start being a comedian, people stand up'.
I thought they meant in adulation...but now understand the three unsaid words were 'and walk out'.
Oh well, at least I enjoy the day job.
3. Turmoil can help end difficult relationships
Speaking for our business alone, I've had a couple of long term contracts in place that have been irritating.
They both related to software where, at the time of entering the contract the software concerned provided an answer. In both cases a three year deal gave a slightly cheaper price but in both cases what I failed to see was that a cheaper and far better alternative would arrive on the market very shortly afterwards.
The current turmoil has given the opportunity of renegotiating these, both have been able to be terminated in return for a relatively modest lump sum.
And what am I talking to clients about ?
Redundancy - It was always going to happen. Remember though that you are not making 'Fred' redundant but the position occupied by 'Fred'. And process is everything. Please seek advice, the cost of not doing so far outweighs the amount saved in the short term.
Opportunities - Downturns always throw good people onto the job market - whether involuntarily through redundancy or through making people wonder whether they are doing the best thing staying with their current business ?
For those companies that have been looking for people and disappointed by what is available, you might find your dream hire out there soon....
"Why did Buster get star billing last night ? Don't you love me any more ?"
"Yes, Nibbles, of course. Does this cute picture make it up to you ?"
"Woof, where's my modelling fee ?"