Chances are that it will take months until the economy and most businesses are back to normal. There is still much uncertainty about how the market, your customers, and also your competitors will react. And there are many people who are understandably afraid of catching the virus themselves or passing it to others.
But you need and want a profitable business. So you should have a plan how to get through this phase by serving your customers in the best possible way and keeping them and your employees safe at the same time:
- Establish processes to protect your staff and customers:
There is a lot that you as a business owner can do to protect yourself, your customers, and your employees. Regulate, for example, how many people can safely be in your store or your meeting room at the same time; establish a check in process for your customers, e.g. let them wait in their car and call/text them when they can come in; establish standards for sanitization of furniture, door knobs, equipment, etc., and make them known; communicate requirements for wearing of PPE and washing hands. - Secure supplies:
Don’t wait until the last minute to get the necessary PPE and sanitizing supplies. These items are not widely available, and you might have to order them in advance or go to stores to find what you need. It would be a loss if you couldn’t operate your business because you don’t have enough hand sanitizer, soap or protective gear. - Communicate, communicate, communicate:
Right now it is almost impossible to overcommunicate as long as you have valuable information to share. Inform your customers (email, social media, website, telephone, letters) about when you will be back in business, about store/business hours, what you do to protect them and your staff. Show them that you are available for their questions and feedback or suggestions to improve. - Create a budget, and closely monitor your cash flow:
If you happen to have established a budget for 2020 it most likely is in need of major change by now. It is vitally important for you to have full transparency, now more than ever, about your finances, and in particular, your available working capital, any potential lines of credit, your actual and expected revenues and costs. - Use any spare time to work on your post Covid19 strategy:
As business is slowly but hopefully steadily getting back to normal you most probably still have spare time now that should allow you to spend more time working on your business. Make use of that time to strategically prepare your company for the future. Do you have a vision for your business or does it need to be adjusted? Are your processes well defined and documented?
If you do these five things you will be in much better shape, show responsibility and demonstrate good leadership, which will also pay off financially.
We are helping many businesses right now to get through this. If you don’t want to do this alone, give us a call and schedule a complimentary consultation.