BUSINESS TALK
RUNNING a business can be a lonely business at the best of times. It’s entirely normal for entrepreneurs and business leaders to sometimes feel lonely, to occasionally feel isolated and to spend time worrying. In fact, many would say that it is that sense of adrenaline that often sparks the greatest achievements and drives the biggest successes. I know many who will say they secretly enjoy life on the edge. But this is different. Covid-19 is testing resilience to a whole new level; our economy is grinding to a halt as the pandemic claims lives and livelihoods.
Last week’s announcement by Welsh Government of a £1.1bn support package includes a muchneeded £500m Economic Resilience Fund that will help to plug the gap in schemes already announced by the UK Government. This new fund will support firms of all sizes and therefore provides protection for many business owners, workers and their families. That has to be good news and, alongside the UK Government’s Job Retention Scheme, will ease the worry for many.
Now, more than ever, every bit helps. Every penny of funding, every glimmer of hope. The funding packages from government are important, but so is our mindset as our collective ability to battle Covid-19 will depend upon the effort that we all make as individuals, as employers and as business owners. Success really will be the sum of all of our small efforts repeated and sustained. We’ve got to feel like we’re in this together.
The most important message is that we will get through this but it will take a monumental joint effort. Business leaders are coming together and partnering with politicians and government to ensure adequate measures are in place to safeguard the economy during what will undoubtedly be its most testing period since the financial crisis.
The acid test for all policies brought forward by government will be in how fast they reach businesses, because cash continues to be king. We need to see prompt payments being made by public bodies, if not immediately then certainly within 15 days to give companies the cashflow they need to operate as close to normal as possible. For private companies too, if you can afford to pay suppliers quickly – do so.
What I want to say to everyone, company owners, business leaders, directors – whether you are a member of the IoD or not – you are most definitely not alone. We are all in this fight against coronavirus together and as an organisation, we are providing a range of services to help you as you continue to grapple to keep your business together of the coming weeks and months.
The recently-launched IoD coronavirus hub on our website is designed to provide you with access to the latest advice, information and resources you need to support your business. Alongside our partners in other representative organisations like the CBI, Chambers of Commerce and Federation of Small Businesses, we are providing a voice for local businesses. Use it.
We are in daily contact with policy makers and those with influence in government, shaping the very solutions that will help see our businesses through this time of crisis.
We are so much stronger when we come together, so please do get in touch, let us know what issues you are facing and what you want to see from government and others to help. Above all, keep safe and follow government guidance on how to stem the spread of Covid-19 as we unite to reduce the risk of the coronavirus to lives and livelihoods.
Together, we will beat Covid-19. So, be the best you can, make the best and most informed decisions and stay positive. There is no need to feel lonely; I urge us all to have real hope in the face of adversity. Stay safe everyone.
■ Robert Lloyd Griffiths is director of IoD Wales.