Our tips for helping your business recover well during COVID-19:
Keep your staff informed
When there are important updates like changes to government restrictions, let your team know how it impacts them and your business, even if it is unchanged. 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, especially after restriction changes. Maintaining relationships and trust is critically important for recovery. Be open and honest and ask for help if you need it.
Look for opportunities to do things differently
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?
Plan for different future scenarios
There may be a lot of uncertainty as to what the future may look like for many businesses. A good way to plan in these circumstances is to 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. Remember, by taking care of yourself and your own wellbeing, you will be better able to help your business.
Above all, stay ready and continue adapting.