Measures to mitigate the impact of coronavirus
Tax, legal, financial and people points to consider for your organisation
Now that the coronavirus is spreading worldwide, the first priority is the well-being of people. But the economic impact of the measures taken by the government to curb the further spread of the virus is also very significant. No one can yet foresee the full extent of the consequences of the corona crisis. However, there are practical points of attention and measures that you can already take now to limit the consequences for your company as much as possible.
On this page you will find an overview of how you can further prepare yourself, what support measures the government takes and what measures you can take yourself to ensure the continuity of your business.
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Grip on liquidity
An important first step is to gain a good insight into your liquidity position in the short and medium term. The pandemic and the measures taken may cause a significant decline in your income and cash flows. If you are unable to adapt your spending pattern accordingly, your liquidity position will deteriorate rapidly. It is crucial to take rapid and thorough action. As time passes you will have few options to prevent a liquidity deficit.
Measures in five areas
There are various measures you can take to avert a liquidity deficit as a consequence of the coronavirus crisis. In any event, we believe you can take steps in five areas:
- Optimisation of working capital
- Points of attention for employees
- Fiscal possibilities
- Changes to existing financing and/or attracting emergency credit
- Aid from the government
Start discussions with your stakeholders in good time
It is also important to enter into timely communication with your customers, suppliers, employees, financiers and other stakeholders. Explain the consequences of the coronavirus crisis for your company and how you are proactively responding. Show which measures you are taking and, by doing so, ensure that you keep control.
Measures we take ourselves
The above consequences also apply to our own employees. We therefore take various measures to protect employees, customers and visitors against the coronavirus as well as possible. Given the current concerns about COVID-19, we have prepared information to help you answer any questions you may have about our ability to continue to provide services.
Read more about the measures we’re taking.
Below you will find an overview of points of attention for your organisation in the tax, legal, financial and people areas.. We will update this information in the event of new developments or new government measures.
Attention points
Crisis management
Responding effectively to a crisis
A crisis is never an orderly event which only affects one part of the economy, the chain, or an organisation. That certainly applies to the COVID-19 outbreak. What should directors focus on to mitigate the effects?
More about crisis management
State aid and public finance
Relaxation of public support and financial measures
The government announced a broad package of support measures in response to the corona crisis. The European Commission is also taking action. Read about the possibilities.
More about state aid and public finance
Employees and costs
Points of attention for employees
The coronavirus crisis is having an influence on your employees and your HR policy. Pension schemes and contractual obligations may come under pressure. Here you can read about the relevant measures you can take.
More about points of attention for employees
Fiscal possibilities
Fiscal possibilities
The government has taken a number of crisis measures due to coronavirus. Affected businesses can be granted more time to pay their tax. Employers can already apply for a short-time working permit and part-time unemployment benefit. Read more here about the fiscal possibilities.
More about fiscal possibilities
Working capital
Optimisation of working capital
If your business's liquidity is under pressure, operational working capital management will be one of the most important issues to focus on. What do you have to look out for when managing accounts receivable and payable?
More about optimisation of working capital
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