Business Survival Tips
Over the last few weeks much of the measures you will have been putting in place will be emergency plans. Now is the time to review your business plan for the next 3 months. You need to come up with a new strategy and probably revise your business plan for the next 6 months at least.
We would also recommend you consider the following.
Check your costs
Do a detailed audit of ALL your outgoings. We often have subscriptions or small costs for memberships coming out of our business bank account which normally we hardly notice. But this is the time to do a detailed audit of every expense and analyse if it can be suspended or cancelled. You will then have a clear picture of your financial liabilities.
Check your contracts
You will have contracts in place with staff and customers. If you have not checked this recently now is the time to do this. If you think you may have to may have to make staff redundant at the end of this, then you need to take advice now. Not all businesses will bounce back, and many may recede before they grow back to pre-corona status. So therefore, you need to know where you stand and your liabilities. Speak to an HR expert. You may need to consider various options to keep your business running and it might be feasible to avoid redundancy with staff pay cuts or reducing hours.
Chase money owed to you
This should be a matter of urgency. Many businesses will not survive so you need to deal with any outstanding debts quickly and try and recover money owed. Managing relationships sensitively with customers is of course important. Seek advice if you are not sure the best methods of collecting unpaid invoices.
Map out the risks
Understand the worse case scenarios. Plan for a later lock down than you think, consider how long it may take for your business to recover. Talk to customers if possible and find out how they are feeling and what their plans are. If you are a business aimed at consumers this might be more difficult. Each business will have its own unique set of circumstances so its important to consider your position and what the main issues and threats to you are.
Can you pivot your business model?
Is there any opportunity for you to trade in another way? Make sure you have explored all the options open to you. Can you trade online, run courses online, sell goods or services?
Do not stop marketing
Even if you are just keeping social media channels going and sending emails to customers – do you best to keep in touch. Communicating with your audience is important.
You can run some competitions on social media and offer prizes people can use when you start trading again. Do some videos and keep customers entertained? How about raising money for a charity?
Work on your business
Make use the time to update your website, refresh your social media or plan some new ideas for goods and services for when this is over.
Now it may seem like this will go on forever. It wont and its important to try and stay as positive as possible. Ensure you have accessed all the financial help that is available to you. The most important message is to plan and prepare as those businesses with a strategy will emerge stronger.