As the British idiom goes: We don’t want to teach your granny how to suck eggs. However, we hope there might be something in our Top Tip list about managing your resort and personal finances during the crisis that you might find helpful. Not sure what this idiom means? We’ve added an explanation to the bottom of the list.

Tips for managing business finances during Covid-19:

1 Check to see what, if any, local, federal or national support is available for you to financially support your business at this time. In many countries, assistance is available, but you have to find out what you are entitled to and then apply. You might want to speak with your accountant or financial advisor first.  Understand what this support entails.  Often it is simply a loan which you will need to repay at some point.  If this is the case, think carefully about whether you want to enter into further debt.

2 Manage your cash flow so that funds last until the crisis has passed and the business remains sustainable. To increase the chances of receiving revenue, why not offer a discount for early payments, set up customer autopayments and use incentives to encourage maintenance fee payments?

Consider lowering your costs by reviewing your own autopayments and cancel unnecessary subscriptions, set temporary limits on expense accounts, restrict operating house to reduce utility costs and cut back on ordering new supplies that are not deemed necessary.

3 Evaluate payroll which is often the largest business expense. Apply for any government assistance for furloughing staff, eliminate overtime, close on public holidays, and cut back on hours. This might just prevent permanent layoffs.

4 Negotiate with your landlord. If you lease space for offices, your landlord should be informed that cash flow is restricted and maybe you can reach a mutually beneficial agreement.

5 Stay on top of your money. Knowledge is critical at this time and knowing what is happening with business income and expenses can help prevent a cash crunch.

Merlin Software, for example, includes a completely integrated accounting system that can provide information on a range of operational areas from maintenance fee collections to client debtors, easy-to-understand financial reports, online payment processing and expense tracking. But you can also look at software for managing payroll, taxes, and benefits.

Not involved with finance and accounting at you resort?

We have some tips for you too:

1 Stay focused and know that you are not alone. There are plenty of resources available to you to safeguard your finances. Adjust your spending plan, cut back on expenses, and work with lenders and creditors.

2 Research your options and find out which companies will offer a form of relief at this time.

3 Create an emergency budget by applying the 50/30/20 rule where 50 per cent is set aside for essentials, 30 per cent are for wants such as your cell-phone and Netflix and 20 per cent goes towards savings . Find out where your money is going, when your payments are due and try to keep a positive balance.

4 Maintain and manage your credit as many banks and credit companies have adjusted their lending policies and these can impact your credit status.

5 Be aware of scams. As anxiety about the state of our health and finances increases, so scammers are ready to take advantage. Be wary of unsolicited emails, phone calls and SMS messages.

If you have any additional tips and advice we can share with our clients and colleagues, please contact us at info@quickmerlin.com.

What the idiom “Don’t teach your granny how to suck eggs” means: Don’t try to teach an older person, who is wiser and more experienced, how to do something. Never assume they don’t know how to do it already.