It seems like every news article is about Coronavirus now and so it gets confusing what to actually do as a business during this time. To clarify it for you, here’s a guide of 8 C’s that you should follow in order to mitigate the COVID-19 impact on your business
-
Cash
Cash is the oxygen for your business. You should do everything you can to preserve cash for the future, as it is still very unpredictable.
-
Credit
A lot of businesses have taken out additional credit to survive during these times. It is likely that you may have to do that as well, so you should contact your bank and see what your best options are in advance.
-
Colleagues
Your team is the most important part of the business and they need your leadership now more than ever. Support your employees by being honest and human as well as provide them valuable resources and advice on how to cope with these difficult times.
-
Customers
Try to connect with your top customers. Calling them to see how they are holding on is a very nice gesture, as a lot of them are likely feeling lost and out of control. Besides, showing attention to your customers now will likely make them even more loyal after all of this is over.
-
Condense
Any Business Plans, new marketing objectives and goals that you had before the pandemic are likely to be irrelevant right now. However, don’t be afraid to hit pause on all of it. The most important thing to do right now is to focus on surviving this crisis and adapting your business to any present opportunities.
-
Change
Change usually happens by choice, but right now we are all forced into it. You should try and adapt your business to these changes as well as you can. Maximise your financial resilience by imagining a new normal for your business. Think of how you could pivot your business model to serve existing and new customers? How can you get up and run even faster?
Communication
Communication is key. Whether your business is fully operating or shut down, you should never keep your employees, customers and suppliers in the dark. Update them regularly on what is happening with your business and reassure them of your position. Social media is perfect for engaging with the audience. Just remember to be honest.
-
Compassion
Whether you are working on the frontline or staying at home unable to operate, we are all in this together. So remember to always stay compassionate and we will all come out of this better off. It is not all bad either, as there is so much kindness in the world right now, with people donating to the nurses and musicians live streaming free concerts. The pandemic will go away, but these gestures will always be remembered.
Need help?
If you need any support and advice on how to best tackle these times, we are here to help. Our friendly team of professionals is always happy to look at your specific situation and find the solution tailored to your needs, whether it is making a Business Continuity Plan or providing you with general advice.
If you wish to have a chat, call us for a friendly chat on 01202 755600 or drop an email to hello@asfb.co.uk.