19 March 2020
Practical tips and action Business Owners need to take right now.
UK Entrepreneurs have the resilience and determination to win any battle.
Despite being 'quarantined' myself, I have been taking a number of calls from many of my clients who are understandably shocked and worried at how quickly this Coronavirus has gripped the world and placed our economies and businesses in jeopardy.
I want to assure you that there is hope and that together I know we have the creativity and strength of character to get through this challenging period.
We can do this if we pull together and look out for each other.
The number one priority for all businesses right now is cashflow. This can include cost cutting, savings, extended payment terms etc. Accepting that business might be harder to come by for a period here’s my tick list of 20 ‘small but potentially painful’ actions, but they could make a big difference to the long term survival of your business.
Trouble shooter actions:
1. Offer your staff a period of unpaid leave or ask staff if they would work for up to 3 months for reduced pay.
2. Offer staff extended or unused holiday, time off in lieu or to bring holiday forward.
3. Renegotiate payment terms of 90 days with suppliers
4. Approach landlord and mortgage companies from rent free or payment free period
5. Apply for rates reduction if necessary – but refer to Government advice in this respect
6. Cancel all non-essential direct debits and standing orders both in business and personally.
7. Renegotiate electric and gas tariffs.
8. Identify older stock which could be old sold on ebay to free up cash.
9. Reduce travel to essential only and use more conference call meetings if possible.
10. Review your online capability to do business and accept payments online.
11. Make your website more visible to people at home with SEO, PPC and driving up google reviews.
12. Offer discounts to customers for early settlement of invoices
13. Investigate what British suppliers could fulfil your overseas supply chain.
14. Review telephone and VPN capability to allow staff to work from home.
15. Freeze equipment and vehicle lease payments if possible, by renegotiating with lease companies.
16. Review staff health and wellbeing policies and ask staff what we can all do to help the company to survive.
17. Review your marketing strategy and look at where the market needs have shifted – can you differentiate?
18. Convert any catalogues and paper-based marketing material into online versions that can be shared on Facebook and Linked In – two platforms likely to experience significant growth in visitor numbers.
19. Keep Calm – stay positive – tough times come and go but the tough people stay.
20. Pray: 2 Chronicles 7 v 14: Then if my people who are called by my name will humble themselves and pray and seek my face and turn from their wicked ways, I will hear from heaven and forgive their sins and restore their land.
To support you in this challenge and offer more advice and support I am putting together a free 60 minute audio conference every Friday (starting this Friday 20th March) at 9am until this 'thing' goes away. Ensuring we all have well considered robust plans in place to navigate the challenges ahead and providing a real time updates on all the support packages that are available to help businesses in the front line.
To help us manage demand please book your place and share this link with all your supply chain and all the businesses you rely on and support.
Let us unite as entrepreneurs and secure the long-term survival and future of our businesses - Together we are stronger.