A major Northern Ireland business webinar has today heard a plea for the public and private sectors to collaborate in stemming a cashflow crisis brought by COVID-19.
UK Small Business Commissioner Philip King said on the Access to Finance webinar that responding to the crisis was about “collaboration, not confrontation.”
He urged all firms that are struggling to begin negotiations with creditors and said: “The one thing that small businesses shouldn’t do is bury their heads in the sand and hope this will go away.
“We need businesses of all sizes to recognise the human element of what are often seen as transactional relationships.
“It’s not about waiting for the due date but making prompt payments. Conversations are absolutely key. If you are unable to make a payment, then have that conversation.”
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The webinar attracted 500 participants and was hosted by the Institute of Directors Northern Ireland (IoD NI), Northern Ireland Chamber of Commerce and Industry, and business advisory firm EY.
Kirsty McManus, national director of IoD NI said: “A recent survey of our members and others in partnership with the Business Alliance, found that cashflow was the number one concern for local companies and this continues to be a major issue even with the government help that has been made available.
Kirsty McManus, IoD NI
“Of course, those measures such as enabling firms to access rates relief and to furlough staff, are hugely welcome and many local businesses have already availed of these.
“However, for the many companies whose income has literally disappeared overnight, they simply cannot survive without additional assistance.”
Chief Executive of the NI Chamber Ann McGregor added that “cashflow remains absolutely critical” and is what will get smaller businesses through the pandemic.
Ann McGregor, NI Chamber
She commented that as business organisations, the NI Chamber, IoD NI and EY “are on hand to provide guidance and assistance to all companies at this time, whether it is directing them to the help they need to access the available government measures, or using our collective voice to bring their concerns directly to those in positions of influence.”
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Source: Written from press release
