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Trust Capital:  Who helped you?

We are all getting used to a new way of doing business.  Managers are, and rightly so, focusing their efforts on the immediate challenges arising from Covid-19, from regulating cash-flow and supply chains, to ensuring the health and safety of their employees.  But how are managers preparing for what happens when this is all over and businesses start to re-open their doors?

On Friday, I watched with sadness as my local restaurant, 1051 GWR, was forced to close its doors to the public after years of hard work to build its reputation and clientele. However, in the following days, not only was the restaurant operating as a take-away, it had also put up large signs offering free food to all NHS workers, the elderly and other vulnerable groups.  As a result, the restaurant has received wide publicity from local journalists praising the generous initiative.

This is only one example of a business doing its part for the community. Many firms are looking at ways to offer free advice and additional services to their clients and contacts. It might seem incongruous at a time when businesses are facing cash-flow struggles, but it will generate goodwill and trust capital.  It is only human nature that when we all come out of this current situation, the support received from others will be remembered.

Whether trust capital can be converted into hard-earned cash, only time will tell.  Certainly, these businesses are sending out a strong, positive message to both clients and the wider community that “we are still here and we are here to help”.

How can we help?

Young & Partners are here to support you and your business. Get in touch with us by phone (01383 721621) or email one of our team and we will be happy to offer any advice or assistance.

As Managing Director of the business, I and the other Directors have been looking at ways of adapting rapidly to this current situation. I would be happy to speak to you or to share working practices as I think that there is a lot that we can all learn from each other. Please don’t hesitate to contact me on 01383 721621.

We are also offering a free “Business Surgery” where we address some of the common questions and concerns we are hearing from our clients. We want to encourage businesses to share ideas and resources during these challenging times. More information can be found on our website. If you would like to participate or have any questions, please email more information.

Posted by Ruth Waters, the Managing Director of Young & Partners.

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