Never waste a crisis: Key tips on reigniting your business from the experts
Below we bring you key tips from experts on igniting your business post the global coronavirus crisis.
David Blair, veteran FD and now independent corporate strategist
Don’t catastrophise – establish the facts of where your business is now: assets and liabilities. What do you owe the bank/ suppliers/government? What is the expectation of each of them regarding payment? Plan carefully and don’t forget the impact of deferred tax payments, or when CBILS/bounceback loan repayments will start to fall due. If you can’t meet them, start discussing alternatives now – not in 12 months’ time.
Finally, consider different scenarios, pressure test and challenge assumptions. Keep updating them.
Derek Blair, partner at planning experts Pinkham Blair
Work out if the business is viable – is it conceivable that it will be able to cover its costs if it is trading at a reduced capacity for a sustained period?
Then, speak to all of the staff and make sure they are on side (ideally over videoconferencing). Finally, speak to all of your major regular customers and make sure they are also on side (ideally over video-conferencing).
Nick Bettes, business adviser, coach, mentor and consultant
Look at your sales process. Many small businesses can be lackadaisical when it comes to manning the phone, turning proposals around quickly, following them up and so on.
So make sure they follow a consistent, managed and speedy sales process so nothing escapes. Effective marketing and sales require a CRM, and there is no excuse for even the smallest business not to have one today.
Alistair Barlow, Flinder
Use this as an opportunity to revamp processes, technology, meetings – essentially it’s a good opportunity to refresh the overall operating model.
Charmaine Vincent, managing director of Baltimore Consulting
The mental health and wellbeing of our staff is paramount, so I think it’s important for businesses in certain sectors to understand that home-working doesn’t suit everyone. It’s about striking the right balance and being a flexible employer that is willing to adapt and change to support a positive working environment.
We’re a people-focused business and will continue to have an office presence, but I’ve already announced that we will have home working Friday’s when we return to BAU and believe this to be a positive move for all.