As COVID-19 continues to dominate our lives, it is important to remember that this crisis will pass.
However, lives have been lost and we will continue to worry and fear for our family, friends and loved ones as this pandemic spreads throughout our towns, villages, cities and countries across the globe.
Business owners are fearful of what type of business they will have when the virus eventually passes. To help get them through. we have listed below our top 10 tips for business owners during this crisis:
- Focus on what you can control. Events which are out of control can create worry for business owners, but worry doesn't create any change. Don’t panic, stay calm - this will eventually pass.
- Your health is your wealth. You need to look after yourself so that you are fit and well to take on the challenges when business is back up and running.
- Cash is king. Do your cashflows - do weekly cashflows and a cashflow budget for 3 months. Update the cashflows weekly and flex for any changes.
- Take action. Talk to your bank, finance company or loan creditors regarding supports, loan deferrals, rescheduling repayments plans, or interest-only options.
- Research Government supports. What supports are available? Do you qualify? If so, how do you apply? The Temporary Wage Subsidy Scheme is a great help but does not work for everyone. Take professional advice. See our Business Supports home page for an overview of supports currently available.
- Communicate with your staff. Talk to your team regularly; remember they too have concerns and need to be updated regularly. You have invested time and resources into developing your team and good people are hard to find, so you need to support them and explain what you are able to do for them during this period.
- Communicate with your customers. Equally your customers have concerns, you need to keep them up-to-date and help them navigate this period in any way you can. Work with them regarding payments due and check to see if you can help them with any issues.
- Communicate with your suppliers. It is important to communicate with your suppliers and negotiate payment terms that work for all sides. Be loyal to your suppliers and they should be able to work with you and build a stronger relationship.
- Communicate with stakeholders through social media. The companies that have bounced back fastest in China have been those that continued to communicate with all stakeholders and were able to react quickest when the lockdown was lifted. Use social media to update the public on what’s happening in your business.
- Be bold. Treat this as a new start and make the changes you were afraid to do before the crisis. Upskill, change the way you work, be flexible and agile, take on new challenges, look for new opportunities. The world will be a changed place once this has passed - you will never get this opportunity again!
We have a dedicated team to help you with these challenges and are here to help. Please contact us if you need advice.