In a bid to stop the spread of COVID-19, both England and Scotland have introduced local COVID alert levels. These are designed to indicate the level of threat in a particular geographical area and reduce it. While Wales and Northern Ireland are currently under tighter lockdown restrictions, it’s likely they will introduce a tier system in the coming weeks too.
Many cities in England have already been designated as tier 1 or 2. Since 17th October 2020, London has been under tier 2 restrictions and these are expected to continue for some time. For businesses in the capital, these are certainly trying times. While every industry has been affected differently by coronavirus, there’s no doubt that all sectors have been negatively impacted by COVID-19 and the subsequent restrictions. As companies once again gear up to operate under a new set of rules, take a look at these top tips for achieving commercial success in tier 2:
1. Reduce Your Overheads
Cutting your costs is going to be one of the fastest and most effective ways to save your business. By reducing energy usage, finding low-cost business water prices online, or even switching to a smaller premises, you can substantially reduce your overheads. While many firms are reducing their workforce, there are additional ways to you can minimise your expenditure. From negotiating better prices from suppliers to operating with less stock, there are viable ways to reduce your outgoings.
2. Apply for Grants
The government has announced a new series of measures for businesses affected by COVID-19. The Job Support Scheme and cash grants of up to £2,100 per month are available for businesses which qualify. Furthermore, people who are self-employed can join the Self-Employed Income Support Scheme up until April 2021. By finding out what you or your company is eligible for, you can ensure that you get the financial support you’re entitled to while London remains in tier 2.
3. Understand the Restrictions
There has been a significant amount of confusion regarding the restrictions ascribed to each tier. Due to this, many people are unsure what the rules in their area are or how their business is impacted. If you’re unsure, be sure to access advice from an official source. As well as helping you to operate safely, this can also help you to avoid inadvertently incurring fines for breaching the rules. Additionally, knowing which restrictions apply – and which don’t – will help you to operate to your maximum ability and keep your business afloat.
Adjusting to Life in Tier 2
While London adjusts to tier 2 restrictions, many other areas in England have already been placed under tier 3. With potentially harsher measures to come in the capital, businesses will need to be as innovative as possible if they want to overcome the challenges they’ll face over the next few months.
Despite this, support from loyal customers, members of the public and financial support from the government will help many businesses to survive the downturn and stand the test of time.