Let’s be clear on this: we know that owning a business or managing any part of it is ALWAYS a hectic position to be in. To do lists grow by the hour and days never seem to be long enough to get everything done. How do you cope? You prioritize and do your best.
But unfortunately, many business may have realized that they’ve put their businesses at risk by procrastinating certain actions. The recent COVID-19 outbreak has impacted countries, economies and businesses across the globe. A lockdown in your region may force your company to function in a different manner than ever before. How has your business been exposed during this crisis period?
We want to help.
Effective management requires exceptional planning and the questions below will:
- Help you identify business aspects you need to give attention to in this time
- Assist in creating contingency plans
- Ensure your business can function effectively if ever another crisis looms
How does your time off and sick leave policy measure up?
The corona virus required many businesses to change their policies. Do you need to update your policies in order to be in compliance with the new federal guidelines?
Should You Have Incorporated More Tech Solutions?
Overnight you may have found it difficult to continue your normal work methods. Perhaps a crucial team member is in hospital or in quarantine? Or you had to invest in a new, secure network to ensure your employees can work from home. If you prioritized ‘moving with the times’ you would have empowered your business with many modern online and tech solutions:
- Outsourcing services such as accounting
- Automating actions such as paying bills
- Using management software to track your team’s progress instead of having daily meetings
Did You Trust One Source of Revenue?
Many businesses at this current time have no revenue. The problem is they trusted one source of revenue or their business depended on a few clients or customers. Have you reviewed your revenue sources and customer concentrations? What can you begin to do now to Pivot during this crisis?
How Healthy is Your Cash Flow?
In this time in history it’s the company with the best cash flow that will face less risk and fewer problems. That cash may see you through if you need to limit operations for a few weeks. So, do you have updated reports on hand at all times about your financial state?
Best advice for now: don’t panic. Many crises can be solved—or at the very least you can limit the impact—if you act quickly. Talk to an expert on our team if you’re not sure how to get started. But there IS a solution out there.