Your Business is the Lifeboat, it must survive, and you are the Captain of your ship. Everyone is looking to you the Business Owner for all the answers. Understandable emotions you’ll have are a level of Fear, some uncertainty and doubt. Focus, clarity of thought and action are the imperative, your business has to survive this mess.
These are the things you must focus on and do.
Cash is King – Preserve It, it is the Oxygen of your business
- What is your current burn rate (how much cash do you spend each week/month?)
- How much cash is in the bank – calculate the runway left at your current burn rate
- Mortgages, Rent, Supplier payments – you need a hiatus, moratorium, break
- How much of your Debtors is collectable?
How can you manage Staff Costs?
- Lay-off, Short Time, Redundancy
- How do the Government schemes impact your cash flow?
- you need to engage with your staff
- They will have worries and concerns
- you need to tell them what’s going on, the plan, etc.
Stay close to your Customers
- They are having the same concerns and issues that you have
- They still have challenges that your business can solve
- By engaging now, solving problems now, you can deepen relationships for the recovery
How long will this all last?
- No one really knows but we suggest plan for 12 weeks then 3 to 6 months of a climb out
- If it’s shorter great if it’s longer then deal with that at that time
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