- People come first- keep aware of Government advice and ensure you and your staff are enacting it. Ask your team now if they have any underlying health conditions you need to be aware of- such as early pregnancy they might not otherwise have told you about.
- Talk with your team- they’ll be concerned about the financial impacts on their employer- be open and make it clear you’re working on a plan and will update them where you can.
- CASH. If you think you need to, conserve cash as best you can. Speak with your landlord, key suppliers and staff- ask for forbearance- pay what you think you can afford to as opposed to paying nothing.
- Look at salespeople’s contracts, if bonuses are discretionary, then talk with them about partial deferrals.
- Think about cancelling your Business Rate direct debit and consider doing the same with VAT if you need to- discuss ‘Time to Pay’ arrangements with HMRC. Look at the new Government schemes now https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
- Your business can work with clients and staff remotely. Microsoft 365 for business costs £9.40 per user, per month and comes with Microsoft Teams. This software will make it easy for you to communicate with staff and clients remotely.
- People are working from home in record numbers, the Google Trends data shows many people are browsing for KBB products- your website has never been more important. Make sure every pound you spend on advertising is working its socks off… Hint, people aren’t going into shops to buy glossy magazines right now.
- Capture prospects carefully and nurture them, preferably in a quality CRM system like Salesforce or Hubspot (free)– you will need these prospects as and when restrictions ease and the tide starts to turn.
- Keep your business accounts and projections up to date so you can look at them everyday and avoid nasty surprises, use them to prepare a business plan to present to your bank (government assistance is likely to be distributed via banks)
- Look after your own mental health. This is an incredibly stressful time for business owners and managers- your decision making will be inhibited if you aren’t able to think clearly. Fresh air, exercise and good sleep hygiene will all help.
E-mail us at [email protected] to learn more about how we can help your business survive this crisis.