Maintaining momentum during business recovery

We’re doing well but it’s not over yet.

As we progress and adjust to the many places are easing restrictions during the current COVID crisis, some businesses are upping their activity. Whether this is forestry workers restarting or restaurants moving to a takeaway service, every bit helps. But we are still a long way from any sort of normal and for many organisations life will be relatively unchanged from Level 4. It is important that we keep doing the things necessary to look after ourselves and each other.

There are things we have to do, like continuing with physical distancing to reduce the chances of COVID re-emerging. Here are some other things to keep doing to help your business recovery:

  • Keep your staff informed about what is going on in your business.

    Even if it is unchanged from Level 4, let them know. Whether your staff are continuing to work from home, able to return to work or not able to work at all, check-in regularly to see how they are coping.

     
  • Communicate with your customers and suppliers.

    Let them know what your plans are, whether you are fully open, partially open, or still closed during Level 3. Maintaining relationships and trust is critically important for recovery. Be open and honest and ask for help if you need it.

  • Keep looking for opportunities to do things differently as the new normal emerges.

    These may be new products or services, or changes to the way you provide existing services. Developing a greater online presence is an obvious example for many organisations, but what else is appropriate for your business?

  • There is still a lot of uncertainty as to what the future may look like for many businesses.

    A good way to plan in these circumstances is imagine different future scenarios and identify how you may respond under each scenario. Think about trigger points or thresholds at which you need to take some other action.

  • Keep an eye on your cash flow.

    Stay aware of further assistance that may be available from the Government or other sources, get advice if you need it and manage your creditors and debtors. If you are struggling to stay afloat, go back to your creditors and see if there is room to move. Even if they have previously said no, they may be willing to re-negotiate rather than lose your business. If you think your business is sound but you need to borrow to manage in the short-term then do it, but be honest with yourself and your bank: it is in no-one’s interest to go out of business in a few months with a larger debt.

  • Focus on things you can control.

    The road to recovery is long and uncertain. Spend your energy in areas that you can influence and accept that things may change.

     
Above all, stay ready and continue adapting.
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