Making your business survive the corona virus is important. The Corona Virus takes over the headlines for good reason. If we are not careful, the economy will go into a Depression not seen before. If we are lucky, the stimulus packages will keep our economy afloat.
So, what can I do to make my business survive the Corona Virus? Firstly, focus on your core. What is it that makes your business unique. Sure you have been told this before in good times. However, at the moment (April 2020) this becomes the difference between survival and not.
Secondly, are there opportunities for your business? Can you build up on line trade? add a delivery service? build up the support for your staff to work from home and decrease costs as a result? Are there new products that are ideal for the current climate? Bunning are starting to sell home gym equipment. Can you offer online courses or product demos? Can your marketing take advantage of the new status quo? Do you have non core business assets that are taking up space? Can you renegotiate leases? interest rates? contracts? Is it time to put everything into storage instead of working from a closed retail store? Are you entitled to the government’s Jobseeker allowances for your staff?
Thirdly, what can be cut from the business that is not or very soon will not be adding to your bottom line. Are there staff who need to be made redundant or have their hours reduced who are not adding value? Are there products lines that are not making a profit or as a result of the current situation are no longer viable? Do you have products that or assets that become dated quickly?
In any economy, there are opportunities. However, make no mistake. This is not a time to be keeping the status quo. It will be the difference between those that survive at the other end and those who do not.