5 tips for SMEs: managing money in a crisis

This is a tough time for everybody, but for freelancers, sole traders and small business owners it’s particularly hard. The plans businesses might have had for the year ahead have had to rapidly change in the past few weeks. Instead, processes that might have taken months or years to implement have had to take days and weeks.

The UK government is, of course, doing a lot to try and help freelancers, sole traders and SMEs through this difficult time. This is especially important as 99% of businesses in the UK are identified as SMEs and need to find a way to keep the lights on. But with so much information flying around, it can be difficult to find what is needed.

Below are five tips to help manage your finances through this crisis. The piece looks at chasing invoices, moving online, and trying to plan for the businesses’ future, with some added advice from the government: