How to keep your business trading in Covid 19 and after
First Focus is to keep your business running smoothly during these phases of the global pandemic-
Now more than ever, we need to confront uncertainty. Uncertainty is the new certainty
During these difficult times we need to keep hope and try to keep businesses running as smoothly as we can. It could be difficult, but we all must do what needs to be done. Creating the right changes now will increase your productivity and creativity so at the end of this, businesses will come out much stronger and better.
We are working remotely ready to help you whenever you need us.
Some points to keep in mind whatever the Alert level.
1. Keep your clientele engaged – if your business provides services like consulting you can keep in touch with clients through video call (Zoom, Skype, etc.)/phone calls/emails. Online training, online dance studios are thriving currently. These are the most distraught times, but it shouldn’t be in the way of doing good business. Do you need help with these? Contact us
2. Get help for your businesses – the government has announced tax proposals and subsidies for Kiwi businesses. If you think you are eligible please get in touch with us.
3. Update your websites – this is a great time to make all those update and changes in your websites. We might be under lockdown, but we finally have time to think about all those changes we wanted to make on our website or businesses.
4. Staff Productivity – while the country is working remotely under phase 3 and 4, connect with your staff and focus on your business productivity. Productivity also needs to be addressed in lower Alert levels and hours of employment.
5. Update your Hours of trading – as businesses aren’t working from their premises or when they move back, even if just to part time trading, the trading hours are bound to change and it is okay, update your trading hours, let your clients know you are available online, click and collect if you deliver products. Think about what trading hours are required and review and change them. You can change traditions.
6. Some businesses will thrive at the end of this phase – Businesses like entertainment, gaming, app developers online training and services will thrive during these times. With everyone at home, people are looking for ways to combat boredom at the same time stay safe in their bubble. This will be great for creating an online presence and run business as usual.
7. Focus on positive mental health – it is important that amidst all this your mental health is your focal point. As it is said a healthy mind is a wealthy mind. So, keep safe in your bubble and stay strong.
8. Staff Working from home – if your business continues to operate remotely with your staff working from home, have a work from home policy which aids health and safety rules for everyone.
9. Xero has put together a number of tips to help you get your food business up and running quickly online with tools to make it easy.
i. How to get your food business Online
10. Restructure/potential redundancies - If you are concerned about whether you need to restructure and potentially disestablish positions in your business now, please contact us to discuss.
We also have to focus on longer term issues
Reduced discretionary spend
Higher unemployment
10% optimistic or 26% on the pessimistic high side
Significant changes in competitors and customer behaviour
CASH IS KING AND CASH FLOW IS THE KINGMAKER - Understanding that this is a difficult time, we know many of you are still working on how lockdown is going to influence you and your business. By now most of you might be figuring out ways analysing your costs and expenses to reduce the expenses during this lockdown. It is important to understand that to keep the economy running, constant cash flow is necessary.
What should be on the checklist as companies think through the pandemic issues?
How to keep cash flowing.
It is thought and reported that perhaps one in every two hospitality venues in tourist hotspots may never open their doors.
A loss of 100,000 jobs lost in tourism is a low estimate.
Travel centres close. When will they open?
How do you decide whether to press pause or exit?
Offshore Freight to become very costly as flights no longer shared with passengers.
Will offshore freight become less timely? How to become more NZ reliant.
How can you reinvent yourself? Do you need to?
How are you communicating with your clients?
How are you delivering your product? Has your product changed? Does it need to?
Trade and business will get worse before it gets better.
All businesses need and we are here to help you with:
Scenario Planning- Survive and then Thrive
Cash Flow forecasting- Must be realistic. Every dollar spent must generate income
Business Model Optimisation
Marketing
Supply Chain
HR and ER