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Is now the time to set up a healthcare REIT?
The emergence of specialist REITs focused on specific asset classes is good news for both investors and operators.
Mitigating actions
We've distilled our focus points into six key areas for the skills and training sector to consider:
People
Keeping them safe, motivated and enabled to do their jobs
Areas of consideration
- The greatest asset of training providers is their people, but it also means the greatest cost is also people-related
- Some training businesses have furloughed trainers and assessors where a switch to virtual training hasn’t been possible and reducing the number of working days for employees is also an alternative
- Furloughed employees (including apprentices) can undergo training, but cannot work for the business while salary support is claimed, so this provides an opportunity for online training schemes to be implemented with clients exercising the programme
- Companies should ensure high engagement to keep their people motivated and re-assured with regular monitoring and support of employee mental health
- Review immediate impacts and strategic resource
Initiatives
Liquidity, contingency and claims
Ensuring your stability for the future
Areas of consideration
- Understanding future cash flow and the implications for solvency and continued trading
- Daily cashflow forecasting, accounting for likely increased debtor day profile
- Approaching existing and new lenders about funding needs and liquidity
- If an apprenticeship provider, accurately forecasting any break in learning, on-programme payments and any “pauses” and impact on cashflow
- Scenario-planning of pinches on cash where training programmes are being delayed or where apprentice starts are materially reduced across lockdown
Initiatives
- Coronavirus Business Interruption Loan Scheme
- Coronavirus Large Business Interruption Loan Scheme
- Time To Pay
- VAT deferral
- Engage with suppliers and landlords to set clear payment plans to defer expenses
- Engage with HMRC on any deferral of any outstanding taxes to pay
Technology
Managing your stability and digital risk
Areas of consideration
- Maintaining training delivery online or virtually amid pressure on local broadband infrastructure
- With increased virtual and digital delivery programmes, can your technology or support provider cope with increased demand?
- Managing communications to stakeholders
Initiatives
- Implementing and enforcing a formal remote-working policy
- Conducting external reconnaissance of your digital presence, and penetration testing
Regulatory changes
Stay compliant now and in the future
Areas of consideration
- Keeping up to date with the regulatory environment
- Daily government announcements, changing guidance and new legislation
Initiatives
- ESFA On Programme payments/Break in Learning
- Reschedule audit dates and filing deadlines
Customers and suppliers
Keeping them informed, secure and prepared for change
Areas of consideration
- Establishing effective methods of cash collection and adjusting terms of payment
- Forecasting and mitigating supplier risk around financial and operational failure
- Increase communication with clients around options, ie, reschedule discounts instead of cancelled training programmes
Initiatives
- Accelerating customer settlements
- Short-term cashflow forecasting, including customer payments and receipts
Operations
Meeting customer demands effectively and efficiently
Areas of consideration
- Mitigating risks to business continuity
- Adapting to the circumstances while trying to create a greater certainty of demand and supply
- Ability to maintain and create relevant content
- Consistent and regular learner progress reporting
- Close monitoring of learner welfare
Initiatives
- Training a multi-disciplinary people base
- Allocation and redeployment of labour resources
- Defer non-essential and uncommitted capital expenditure
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