News & Updates
Tentative steps outside…
It was a little strange being at the Game Fair at Scone Palace over the 24-26 September weekend. Strange because it was like pre-Covid life: people meeting, chatting, few masks… It all felt, well, normal.
And business life is getting back to some semblance of normality for many of us. But (and there is always a “but”) new dangers lurk for businesses. For example:
- The end of all furlough arrangements and the need to pay back loans and deferred tax, may push some businesses – possibly your customers or key suppliers – over the edge
- Problems with fuel or CO2 supplies and so on may cause lasting problems
- And then there are proposals to let employees have the right to insist on flexible working from day 1.
- Finally, widespread shortages of people – from truck drivers to chefs to everything else.
It all makes business life difficult just now, even if you aren’t in the industries worst hit by Covid – travel and leisure. So, what can you do?
Using the old Scots phrase, “ca’ canny”. We’re all keen to flex our shoulders and make up for lost time, but don’t assume that the future will be a rerun of the past.
- Will you be able to deliver what you have contracted to deliver? If your supplier can’t deliver to you, where does the buck stop?
- You’ve just had a great order from someone who was a good customer pre-Covid: but what is their credit-worthiness now? Do they already have a crowd of creditors chasing them?
- And – perhaps most importantly – what does this do for your long term plans? Has the timing of your retirement had to change: and what is your business worth now?
Unfortunately, there isn’t a single answer to all of these questions – but, you are not alone. We are helping many clients with these and other problems, so don’t soldier on in isolation. We’re here to help.
The information contained in this newsletter is for general guidance only and represents our understanding of relevant law and practice as at October 2021. Wright, Johnston & Mackenzie LLP cannot be held responsible for any action taken or not taken in reliance upon the contents. Specific advice should be taken on any individual matter. Transmissions to or from our email system and calls to or from our offices may be monitored and/or recorded for regulatory purposes. Authorised and regulated by the Financial Conduct Authority. Registered office: 302 St Vincent Street, Glasgow, G2 5RZ. A limited liability partnership registered in Scotland, number SO 300336.