It’s been over a year now since the first COVID-19 restrictions started. Many businesses have been battling ever since to stay afloat, and sadly, some have not managed to stand the tough test of time. Pressure from all sides could be building up for you. Worrying about how to pay employees, growing customer bases and making stakeholders happy, it cannot be easy.
A company voluntary agreement could be the thing that you have been searching to help save your business from the all too familiar fate that many have had to suffer.
CVA stands for Company Voluntary Agreement. You may have heard of this before and dismissed it but it is very simple and used by thousands of companies each year to help save businesses.
The agreement is a zero-cost solution that legally gives you an allotted time to pay back your creditors without them hounding you. It gives you space to breathe and concentrate on building your business instead of worrying about it. Once the agreement is in place you will be able to put into place new ideas, build your customer base and grow your business.
There are specific companies, like Covid Claims, that will set up the agreement for you and negotiate with your creditors on your behalf to make sure you are taken care of. You can choose between 18, 24 or 36 months to set aside and rebuild your business. During this period, you will be given affordable monthly payments that are calculated based on what your business needs, which means nothing will be daunting.
The best news is that any outstanding payments at the end of the agreement will be written off! This means that you can continue to trade and do what you love. The CVA is made to give you the opportunity to turn your business around and fight for your business’s survival.
Looking after yourself
Mental health and wellness is so vital and being worried and anxious all the time about your business is not healthy. Some may say that you need to carry on and persevere but there is another way.
It’s time to put a pause on those thoughts. Write them all down and get them out of your head. Then assess the situation. If you need help, then don’t be afraid to ask for it. It could be the difference in your business slowly ending or getting back on its feet and growing to new heights.
As a business owner or director of a company, you get the benefits this brings but a lot rides on your shoulders. When some workers switch off at 5PM and don’t think about their job again until the next morning, you are living and breathing your business. Maybe you have turned your passion into a job and were living the dream until you hit this roadblock. Maybe you just need a little bit of time so that you can focus on a new way of marketing or launching a new service website. Whatever it is you need to do, don’t lose sight of why you started your business and the mission statement behind it. Each business provides a unique and personal service or product and the market wouldn’t be the same without you.