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COVID-19: The shocking impact on business

A recent report by the ONS, which surveyed a wide range of businesses in the UK, uncovered that 47% experienced a decrease in their turnover, compared with what is normally expected for this time of year. 

That’s nearly half of all businesses in the country. 

With the hardest hit industries being the arts, hospitality, administration, entertainment, recreation and the private and higher education sectors.

The statistics are sobering, and reveal just how devastating coronavirus has been for business stability and growth. 

This week, many sole traders and SMEs looked forward to the government’s latest plan to top-up the current furlough scheme, and provide additional help to struggling industries. Yet in his bid to save jobs and protect incomes, Chancellor Rishi Sunak acknowledged this week: ‘I cannot save every business; I cannot save every job.’

With a prospective wave of thousands of redundancies, especially in ‘non-viable’ roles, and many SMEs struggling to sustain income streams, recouping funds from debtors may be both a necessary and lucrative lifeline for many. 

If you’re owed money, it’s time to take action 

We all know that dealing with debtors can often be highly stressful and time consuming. So thousands of businesses have written off debts during the pandemic. Many of our clients tell us that they have wasted hours of administration time attempting to collect their money from bad debtors. Yet with Christmas just around the corner, is this really the time to write off debt? 

There is a quick, stress-free and cost effective debt collection solution, and it’s only a phone call away. 

Cobra Financial Solutions collect any debt of over £1,000. Our expert recovery agents can visit debtors within just 48 hours of instruction. There’s no long, drawn-out court battle, no mounds of paperwork and no solicitors. Just your money back in your pocket: where it belongs. It really is that simple. 

Why should your debtor enjoy a Christmas funded by you? 

For those who’d already written off debts in their mind, receiving a quick and hassle-free payment will be a much needed bonus in time for the festive period. 

And remember, if your debtor has the ability to pay, COVID-19 is not an excuse for non-payment. 

With our support, you can concentrate your efforts on what really matters: your business, not your debtor.

To discuss your case, or to receive further advice, call one of the Cobra team on 0151 526 4222. 

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