COVID-19 Impacts on Business: Business Tips to Survive COVID-19
COVID-19 is impacting us more than we believe and can really foresee at this point. We have put together some thoughts to consider now before you find yourself struggling within your business. Even if you do not feel you will be impacted, take all precautions and opportunities as they arise.
Not much information exists on how businesses will withstand the social distancing or even what will result from the pandemic. To the best of our knowledge and using industry suggestions, we have put together a list of things to consider now:
Cash is king. Put together a plan to conserve cash now and have at least 12-months of cash on hand. When the pandemic resolves, we will not know how the lasting results will affect each company.
Get the loans. While many businesses feel “safe” they are not paying attention to what may happen in the following 12 to 36 months in the wake of the pandemic. Look into and apply for the Coronavirus relief options now.
Focus on survival. Recently you may have been looking to expand, be acquired or looking for investors. Focus on getting the loans and move your efforts towards reducing outflow. There will be time to address investors again after the business turbulence subsides.
Reduce pipeline forecasts. Go back and look at your budget. You will likely have new sales in the pipeline that will help to carry your revenue and expenses in the future. Revise the plan to reflect your business situation now. If you do this, you will be able to see a more accurate depiction of the future. Or follow the old saying “don’t count your chickens before they hatch.”
Become relevant. If there is way for your company to pivot to become relevant during the pandemic, do it. Look at how to make your company relevant for people sitting at home, online, and in-front of their computer. Create brand relevancy and find a way to help.
Consider workforce reduction. While this is probably the last idea on your mind, it is relevant to consider if you are losing too much cash overall.
These suggestions are based on a variety of business sizes and industries and is in no means a list to follow directly. Choose the ideas and thoughts as they relate to you, your company, and your needs right now. If you have questions or concerns, we are always available by phone and email.
HR Ledger can help.
Please call us today at 800-451-1136 for help, suggestions or information in regards to the services we provide.