This is a Boosted Podcast episode (host Mark Simpson) featuring guest Jameson Clay discussing the economic impact of the COVID-19 pandemic on small businesses. The conversation focuses on practical, immediately actionable advice — contacting your bank manager, reviewing loans/insurance, diversifying income streams, and proactive cost-saving measures — illustrated with Jameson’s personal adjustments during lockdown.
Welcome to the Boosted Podcast, season eight, Episode five. Tonight we've got Jameson Clay. We talked about the Chancellor, we talked about insurance, we talked about proactive tips that people can be doing, we talked about diversifying, we talked about what he has done in the past week, how he has saved so much money and how you should be having a conversation with your bank manager right now. Right, without further ado, please, please, please listen, watch, learn and implement this episode.
How you doing? Yes, I'm in lockdown. I'm here in isolation and for an entrepreneur like me, it's bloody nightmare. I used to speak on stages a lot, but now I'm not allowed to see anyone, so I don't speak on stages anymore. Until this. Well, I've now stopped calling it the coronavirus. I've called it the corona crisis, because those things are literally, it's killing business.
What is the one bit of advice that you could give to everybody that is watching right now who has got a business and they haven't called the bank manager, they haven't done anything with current loans or anything like that. What's the one bit of advice that you would say just go and do after this? You've listened to this. The first thing that they should be doing.
Well, it's about protection of cash and making sure you've got something, that you've got something to come back to. There is no point in just trading for the sake of trading if your income is turned off. Close your business down and look to save the money. Lay your staff off on until you know more about this 80% thing, because there's still no details from the government at the time of recording this into the reality of what that means. What does furlonged mean? We don't know yet. And I'm sure for coming days, it's all about communicating with your team, your customers and your bank managers and finance partners and indeed any other stakeholders. Stop paying everything. We stopped paying hmrc, we've stopped paying all of our bills, but we communicated with every single one of those and told them what we was going to be doing. And we are building a war chest up.
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