We are all being affected by the current pandemic, whether that be personally, professionally or both. Times are hard, businesses are struggling and we wanted to share some tips to help you through. We hope you find comfort, guidance and strength in this blog. As always, we are here if you need us, any questions or concerns please get in touch.
Short term strategy
Don’t worry, all the hard work you’ve put in to plan your business prior to Covid-19 has not gone to waste – it’s just been put on hold. The main priority is stategising for the short term, how are you weathering the storm, how can you adapt your offering, product or service during this time and what does this all mean for the figures. We would suggest with the ever evolving situation that you plan a month at a time.
If you have a team or employees, it is absolutely vital that you keep them as up to date as possible. As humans, we crave knowledge and support especially when it comes to our individual situation. The kindness and support that businesses show their staff during this pandemic with impact retention for years to come. Stay in touch, let them know that they are valued and be as honest as you can.
If your business is struggling financially then take a look at what support you can get access to through the new government schemes. You can find the latest up to date information here: https://www.gov.uk/coronavirus/business-support
Our other tips are: take payment holidays on everything you can but note, this may affect your access to finance in the short term (only whilst you are in the payment holiday term). Explore and reduce any unnecessary costs – premises rent for example. Cash flow is the biggest challenge for all businesses at the minute, that may mean furloughing some of your staff – consider skeleton staff and rotating furloughed employees.
Sadly, we aren’t mindset coaches however we would like to give you one tip, go easy on yourself. We are all trying to navigate running a business during a pandemic, it is unchartered territory, it’s emotional and it is certainly challenging.