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:
- 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.
- 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.
- You may also need to revisit your sales pricing when doing your calculations.
- 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.
- Survey your customers to understand how their businesses have changed and how you may need to change what you are doing to help them.
- 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?
- 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 email@example.com