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Covid-19 Business Survival Guide

Covid-19 Business Survival Guide

When the world changed we found new ways to communicate now we have to find new ways of doing business!

Being forced to close your business because of the risk attached with it remaining open is one thing, now that you are aware of the risks what can you do to trade and minimise risk? Some larger retailers have increased the usage of click and collect and are starting to open stores gradually.

Your business may not be ready for this yet but here are 12 things to consider.

Review what you use to market your business, what they did before may not be right for your business in the future.

Look at your sales process are there any gaps that need addressing, are you missing out on customers?

Will your pricing needs change for products, or is there a way that you can add more value to the sale?

Is your lead capture and review process system automated thus requiring little administration?

If you opened up today what would need to change to reassure your staff and customers of their safety?

If this closure has taken away all of your income consider other products and partnerships for income streams.

Cash flow will be under pressure so it’s important to recalibrate your numbers leads, customers, ATV etc.

Reach out to past customers, you don’t have to be selling them something to contact them.

Assuming that you’ve accessed all of the funding available, is there still a shortfall in your finances, do you need working capital?

Arrange improved terms with your creditors where possible, it needs to be mutually beneficial to both parties.

Fix a date and work towards it how and when you reopen, or if after doing all of the numbers it is not viable, when you close!

Most importantly make a plan…

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