| FAO Buggalugs 20:52 - Apr 27 with 1771 views | Happy_Jack |
You expressed real concern over your business due to the pandemic how are things mush? |  |
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| FAO Buggalugs on 22:55 - Apr 27 with 1736 views | Buggalugs |
As things stand, it hasn't been too bad. We’ve continued to trade through it and although we only look like turning over about a third of what we’d normally do in a month, we should at least generate enough profit to cover the majority of our fixed costs.
My biggest fear was bad debt, but so far most customers are still paying their bills (although inevitably several are stringing it out/taking the piss). However, as most people pay us on 30-60 days, it could be several months down the line before the true impact kicks in.
We only employ 2 staff, both who have been furloughed. Considering they’re technically on zero hour contracts, they’re over the moon as they’re receiving 80% of their average wage. Thanks to Rishi, we’ve also just snuck under the threshold to get a £10k grant and have been able to defer our quarterly vat bill for 12 months (approx £15k), so that has given us a nice buffer to help with our cash flow. We were very fortunate on the grant as the rateable value of our premises is low for it’s size....so many similar businesses have missed out on it.
Hopefully the lockdown will be relaxed soon so more businesses can recommence trading and help get the economy moving again. |  |
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| FAO Buggalugs on 23:46 - Apr 27 with 1715 views | this_charming_man |
| FAO Buggalugs on 22:55 - Apr 27 by Buggalugs |
As things stand, it hasn't been too bad. We’ve continued to trade through it and although we only look like turning over about a third of what we’d normally do in a month, we should at least generate enough profit to cover the majority of our fixed costs.
My biggest fear was bad debt, but so far most customers are still paying their bills (although inevitably several are stringing it out/taking the piss). However, as most people pay us on 30-60 days, it could be several months down the line before the true impact kicks in.
We only employ 2 staff, both who have been furloughed. Considering they’re technically on zero hour contracts, they’re over the moon as they’re receiving 80% of their average wage. Thanks to Rishi, we’ve also just snuck under the threshold to get a £10k grant and have been able to defer our quarterly vat bill for 12 months (approx £15k), so that has given us a nice buffer to help with our cash flow. We were very fortunate on the grant as the rateable value of our premises is low for it’s size....so many similar businesses have missed out on it.
Hopefully the lockdown will be relaxed soon so more businesses can recommence trading and help get the economy moving again. |
Excellent news pal. |  |
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| FAO Buggalugs on 08:45 - Apr 28 with 1636 views | Boris_ |
| FAO Buggalugs on 22:55 - Apr 27 by Buggalugs |
As things stand, it hasn't been too bad. We’ve continued to trade through it and although we only look like turning over about a third of what we’d normally do in a month, we should at least generate enough profit to cover the majority of our fixed costs.
My biggest fear was bad debt, but so far most customers are still paying their bills (although inevitably several are stringing it out/taking the piss). However, as most people pay us on 30-60 days, it could be several months down the line before the true impact kicks in.
We only employ 2 staff, both who have been furloughed. Considering they’re technically on zero hour contracts, they’re over the moon as they’re receiving 80% of their average wage. Thanks to Rishi, we’ve also just snuck under the threshold to get a £10k grant and have been able to defer our quarterly vat bill for 12 months (approx £15k), so that has given us a nice buffer to help with our cash flow. We were very fortunate on the grant as the rateable value of our premises is low for it’s size....so many similar businesses have missed out on it.
Hopefully the lockdown will be relaxed soon so more businesses can recommence trading and help get the economy moving again. |
Good to hear Buggers. I have managed to dodge pretty much every benefit going but is more the complex way my BUSINESS's are set up so I just have to swallow it up.
The only benefits I have received is furloughing the workers which obviously is a great benefit in terms of being able to keep the team together but isn't a cash benefit as the alternative would have unfortunately been redundancy or unpaid leave.
I am lucky with the merchandise BUSINESS that we do more than 60% of our trade in November and December. If this virus had come a few months earlier than it would have finished us off.
The agency is doing fairly well through this as kids are spending much more time on YouTube, Instagram etc so brands are spending money to advertise to them. |  |
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| FAO Buggalugs on 17:51 - Apr 28 with 1586 views | Buggalugs |
| FAO Buggalugs on 08:45 - Apr 28 by Boris_ |
Good to hear Buggers. I have managed to dodge pretty much every benefit going but is more the complex way my BUSINESS's are set up so I just have to swallow it up.
The only benefits I have received is furloughing the workers which obviously is a great benefit in terms of being able to keep the team together but isn't a cash benefit as the alternative would have unfortunately been redundancy or unpaid leave.
I am lucky with the merchandise BUSINESS that we do more than 60% of our trade in November and December. If this virus had come a few months earlier than it would have finished us off.
The agency is doing fairly well through this as kids are spending much more time on YouTube, Instagram etc so brands are spending money to advertise to them. |
Good on you pal. The criteria for obtaining the £10k grant is pretty unfair imo, as it’s solely based on the rateable value of the business premises. There are a lot of businesses that turnover much less than us but pay higher rates, so they miss out altogether.
In fact, we moved premises 3 years ago to a unit nearly 4 times the size of our old one and over the same period have significantly increased our turnover. If we were still at our old premises, we’d have got nothing, despite being in a much less favourable position than we are now. | |
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