The five key risks COVID-19 has brought to your business and what to do about them

Blogs | 29/05/20

On 28 May it was announced that in the UK all non-essential retail stores in England will be allowed to re-open from 15 June, on the proviso they are ‘COVID secure’. The Prime Minister also confirmed that open air outdoor markets and car showrooms can open from 1 June.

While this easing of lockdown restrictions is undoubtedly good news for retailers and suppliers, most of whose businesses will have been hit hard by being unable to trade as usual for the past two months, reopening under social distancing rules now brings a whole new set of challenges.

The impact lockdown has already had – combined with the impact working under social distancing will continue to have – will not be the same for every business, but according to Mark Neath, director at financial experts Old Mill, the main risks can be broadly grouped under five key headings.

  1. Reduced demand
  2. Supply chain
  3. Cost pressure
  4. Efficiency
  5. Cash losses

Source: The Exeter Daily