Business owners are starting to prepare for reviving their business as restrictions ease. Your business will almost certainly be different from what it was 2 months ago.
Seven points to consider:
  1. PPE and social distancing requirements are likely to add to your costs and to slow your production/delivery. These extra costs and reduced revenue need to be included in your cash flow projections for the next 6 months. We have already spoken about getting all the government support you can to mitigate these costs and slow down in sales.
  2. To the extent that these extra costs and reduced sales are not mitigated, you will need to calculate your new break-even level of sales.
  3. You may also need to revisit your sales pricing when doing your calculations.
  4. It is vital that you are in contact with your customers to explain your additional investment in PPE and social distancing to keep them safe.  Use this as a marketing tool.
  5. Survey your customers to understand how their businesses have changed and how you may need to change what you are doing to help them.
  6. Equally, check in with the other stakeholders in your business – e.g. suppliers – to understand what has changed for them. Do you have to make any adjustments based on what they tell you?
  7. Your team members will need to be re-aligned with your business.  Many have gotten used to government payouts, following government instructions and being at home with their families. For many, it will be a jolt coming back to work with you. Carry out an attitude “Temperature Check”. Similarly with sub-contractors.
Contact me for help in reviving your particular business at kevinokeeffe@actioncoach.com