16 Mar 5 Key Steps to Strengthening Your Business for COVID-19
Life is changing quickly.
For many small (and large) businesses, the #covidー19 outbreak is causing chaos to their normal trading. Staff unavailable or unwell, supplies becoming unpredictable and orders being cancelled.
Here are 5 KEY steps to ensure your business gets through this and out the other side even stronger:
1. Cut unnecessary spending and call in overdue invoices, fast.
If it’s an expense that’s superfluous to your business and doesn’t help you make revenue then it’s got to go.
Likewise, if there’s money you’re owed, get onto it right now. Leave it a few weeks and you might not get paid at all.
2. Let your team know what the plan is.
Your staff need to understand what will happen and when (have the “if this happens, then we’ll do x” conversation etc). They need certainty so they can get on with their jobs.
3. Get prepared for working at home.
Although not all jobs can be done from home, many of them can. If you’re in a business where your staff can work from a phone and a computer, then get prepared for them to have remote access, fast.
Call an IT consultant if necessary, but things like these are easy and cost-effective to implement: Dropbox and Google Drive for files, Slack for messaging, Trello and Asana for task management and Hangouts/FaceTime/Skype for video and conference calls. Get the office phones diverted to mobile and give everyone a structure to work form and set of expectations.
4. Do some forward planning for 3-6 months, based on worst-case scenario.
Without sounding dire, the best plans to work from are ones where you’re dealing with the worst possible outcome and planning upwards from there. Look at your cash flow, expenses, sales, staffing, major purchases, excess stock and more. You need to look at everything. It will not be ‘business-as-usual’, no matter what good news you see on TV. Work out how long your business can last based on a severely reduced cash flow – what actions will you need to take and when?
5. Put 110% of your efforts into SALES.
Right now, there is no better time to be ramping up your sales. While other businesses might be scaling back, you need to take this opportunity to be getting whatever new sales you can. Even if it means discounting a little or throwing in more services/product for the same price, there are lots of ways to keep sales coming in.
Clear out that excess stock at sale prices, look for opportunities to collaborate with other businesses on deals and crank up your marketing. Whatever you do, don’t take your foot off the pedal. The businesses that redouble their efforts when it comes to sales and marketing will be the ones that come out the other side of this stronger than ever.
PS: If you need to chat with someone about your sales strategy, how you’re selling online or how you’re marketing to new prospects, get in touch. I have clients all over Australia, so no matter where you are or what business you’re in, I can help. Email me right now at firstname.lastname@example.org or give me a call on 0414 990 360. I’d love to hear from you.