Due to the impact of Covid19, we are facing uncertain times in this unchartered territory. Along with the intervening health crisis that will no doubt create an unknown economic legacy, no one can predict the severity and its impact on the economy. As business leaders, it is impossible to envisage when things will get back to normal and it is imperative that we can work towards delivering our business values now and are readily prepared for when we are in a position to commence business once again.
Here are six simple steps on how to survive the lockdown: –
Communication is paramount
The top priority for your business is your Clients and Suppliers. Communicate with all Stakeholders and once you have established your approach, make full use of your website, all social media channels to get the message out there. This current crisis will not persist indefinitely and keep positive. By facing the crisis head on and been prepared for change may ultimately make your business more resilient and your team stronger than ever before.
Whilst we don’t know the timeline with this current crisis, getting ready for the new ‘normal’ and looking at the emerging trends will help create the economic context we will be operating, and also review the strategy to thrive in the new world. The emerging trends now visible include predicted higher unemployment levels which may lead to reduced economic activity and lower turnover for many businesses.
Determine your lockdown operating model
If you can continue business as usual, make sure to assess the changed and/or new priorities of your customers and identify how your business can continue to meet them. Due to COVID-19, all new customers priorities will be the ability to get their goods and services with the minimum human contact possible. At the moment, safe supply is paramount and not necessarily choice and promotions as customers are more flexible in which brands they buy.
This is one of the essential aspects for any business to be successful. Fortunately, we are living in the digital age, so be sure to do as much of your business online as you can. Also, use this time to assess where you can replace meetings that rely on physical contact by readjusting your business model to be less reliant on location utilising the advanced technology, we now have readily available (e.g. Zoom and other online applications which allow very little effort and can be very cost effective).
A number of interventions to assist businesses have been mentioned to date by HMRC (please refer to www.hmrc.gov.uk/coronavirus) including assistance to Small Businesses. In addition, assistance with covering employees’ wages and various tax relief measurements might be available to you.
All businesses should ensure that any employees who are able to work from home do so. It is important to ensure clear communication, firm expectations and consequences are dealt with upfront and regular contact is made with members of your team to ensure transitions run as smooth as possible.
Revisit your existing marketing plans and be prepared for a decrease in Revenue. Ensure to update your cashflow forecasts at the earliest opportunity and redoing your forthcoming budgets. Review the figures weekly and daily if you need to, to ensure that you are sticking to your budgets.
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This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information