1. Analyse your current state of affairs
• Do you have enough cash?
• Can you raise more capital – and how?
• What’s your current burn rate?
• Assess your business plan – how can you make the best of this situation?
• Find a back-up supplier if your primary supplier is struggling
• Get a plan in place for declining revenue
• Which metrics have changed since the start of the outbreak and how?
• How is demand changing?
• Should you put future plans on hold?
• Apply for Small Business Administration assistance loan, although it’s not a quick turnaround
• Draw up emergency plans if things get really tough
Best Remote Tools For Meetings and Collaborations
Since the dawn of the pandemic, remote tools have become an integral part of the working world. Many teams now operate remotely or in hybrid mode. And even those businesses that have fully transitioned back to office-based work keep these…
2. Keep an eye on your spending
• Create a cashflow budget (fixed and variable costs)
• Consider making cuts to costs if you’re able to
• Renegotiate contracts and your payment processing rates
• Consider other sources of revenue – or savings/loans
• Halt hiring of further employees – consider freelancers instead
• Change your employees’ employment statuses only as a last resort
• Consider asking for a rent abatement
• Do you have any office space to sublet or any assets to sell?
• Collect as much income as you can, but perhaps give struggling customers the option of credits
• Prioritize cashflow; assign employees to relevant processes even if training is needed
3. Assess your marketing strategy
• Keep customers and clients updated (e.g. through email/social media)
• When using social media, make sure to think before you post
• Keep an eye on the news and only react to reliable information
• Make connections with your local community – can you provide any resources?
• Alternate ways of connecting to your clients (try live-streaming or deliveries, if applicable)
• Consider social media ads
• Create online content – how-to guides and blog posts are great for SEO and boosting traffic
• Offer discounts to customers if you’re in a position to do so
• Survey your customers to find out what they’re looking for at this time
• Change strategies giving you a low ROI
4. Keep communication open and free
• Let your team know your plans
• Outline any changes and assuage them of any concerns
• At the same time, let your shareholders and investors know your plans too
• Explain the thought process behind your decisions
• Be available to speak to employees if they have any questions
• Clearly set out COVID-19 policies – including health and safety protocol and recommended guidelines
• Try to use video-conferencing technology and digital communications where possible
• Make sure all employees are clear with how to use Zoom, Slack, Google Hangout etc.
5. Make sure employees are happy
• Protect your employees as much as you can
• Stop hiring unless a new recruit is necessary
• Offer help with regards to working remotely
• Be flexible with schedules/mental health and other requirements or issues people may have
• Use resources like Zoom and Slack, and have fun with them
• Hold large virtual meetings to keep everyone included and up-to-date
• Get feedback from your staff
• Be reasonable with sick leave, and communicate changes in policy to your employees
• Do a talent audit on your employees to decide who to prioritize should difficult decisions have to be made
• Make sure your staff know of any help or programs they might be entitled to
• Promote teamwork and pulling together as a community
• If you still require staff in the workplace, supply everything they might need
How to Network Safely and Effectively During the Plague Known As COVID-19
Networking is hard. The Coronavirus made it seem a hundred times harder. All of that said, you have no reason to despair. Connecting with potential clients, customers, and collaborators has never been easier. That’s why I italicized the word “seem.” People are…
6. Make sure customers are happy
• Use social media, both for marketing and for market research
• Keep communication regular and clear
• Offer digital/virtual services as they are more accessible
• Offer freebies if you’re in a position to
• Call in with regulars and offer your assistance
• Take advantage of home delivery and/or contactless transactions
• Prioritize your customers as they’ll remember this further down the line
• Take care of your employees to as customers will notice this
• Change your production to meet customers’ changing needs
• Go online – depending on your industry you can feature on Postmates, DoorDash, Etsy, Amazon etc.
• Can your regular customers refer their friends and spread the word?
7. Use the time for innovation
• Consider new features, services and products which you can offer
• Get your staff brainstorming
• How will the world change after the pandemic, and what can you offer to assist?
• What can you do for your customers and clients now?
• Analyse the growth of alternative markets and ways in which you can infiltrate
• Keep an eye on trends in your sector
• Virtual services – what can you make digital?
• If you sell products, can you move into services for the time being?
• Think short, medium, and long-term, in terms of who will need your products and services
8. Keep an eye on competition
• How your competitors managing, and are they keeping their customers/clients happy?
• Potentially work with competitors when offering products and services
• Market alongside your competitors
• Take on quality staff if they’re making employees redundant
• Take on other firms if they’re not managing well