Surviving Covid-19 may not be over yet. I am glad to say however, after three months of temporary closure, DrivenByQ is open again. We only have a few jobs booked but we are starting to look toward the future with some optimism. Realistically, the process of surviving Covid-19 began in March 2020.
No sooner did we realise the furlough scheme was the best option for our staff, we also recognised that closing DrivenByQ would mean no revenue coming in. Immediately, consideration turned to our finances. There was a frantic scramble to go through all our figures and start projecting forward.
The first thing under review was our spending, the second was outstanding payments. Luckily we have plenty of financial figures ready for analysis so number crunching is always available. Lasting last two months on outstanding payments would not be an issue but the longer term brought concerns.
Before worrying too much about the developing situation (and being drawn in to the doom and gloom circulating the travel industry), it was time to take a step back and look at things with a cool head. We knew there would be support from somewhere. Luckily, the government came through with a support package.
The furlough scheme replaced half our monthly overheads. A payment break on vehicle finance eased the pressure further. More support came through a grant from the Welsh Government and finally the Bounce Back Loan was the icing on the cake.
The Best Option
Coincidentally, the help came quite easily. Our company structure (with employees on PAYE and salaries) really helped. The same was true for us as a VAT registered business witnessing greater than a 60% decrease in business. The extension of the furlough scheme to October provides even more reassurance.
I know many people at the start of the crisis went in to panic mode. They instantly looked for an alternative income stream or more drastically, an alternative career to survive Covid-19. For DrivenByQ, we didn’t really need to do anything except to accept that doing nothing was the best option – at least for now anyway.