A quick post to document an update in light of the coronavirus pandemic. Firstly, how is everyone coping? There’s been a lot of coverage on coronavirus making Brexit seem like nothing in comparison. With the UK still on lockdown, what has this meant for the business and what I would imagine other small businesses operating in the UK?
Well, it’s not great, but I’m in a position that I am still extremely grateful. Unlike restaurants and businesses operating in hospitality who have essentially have to stop any form if income generating exercises, the digital arena that I work in still continues to chug along. In total, we are around 20-22% down on turnover currently (1/5). A significant amount in terms of (£) but nothing to really break a business as normally it results in just tweaking / optimizing costs and outgoings.
I don’t know of many others in the FIRE community that run / operate small businesses – It would be great to hear from you if you’re out there! Many I believe are employed that I know of / speak to regularly. How have your jobs been affected? If anything?
Over the last few weeks things have been tough this end. The pressure to deliver results and to re-assure clients is even more critical. Some clients do panic and as a result call us for extra reassurance. This takes a toll on us (particularly mentally), even talking with our clients and providing that reassurance is a mental drain. Fortunately our staff really have stepped up to the mark and have all put in that extra effort to see us all through this. With some media outlets mentioning that the economic impact of Coronavirus could be worst than any other financial recession in the past, I am thinking optimistically, if we can survive this, we can survive anything!
In light of all this, we’re just going to keep chugging along as best we can. My financials and savings rate should remain relatively unaffected – though a drop in income over the course of the next coming months.