This turbulent new economy is not going away overnight
It might sound clinical, as the business owner, you need to take a front foot solution-orientated approach not one of doom and gloom.
Yes, this is a problem, and unfortunately, there are and will be casualties both in lives and businesses we all wish that wasn’t the case.
Dig you’re well before your thirsty…
Focusing in on what you can control to soften the inevitable knock-on effect to the economy and your business is the noblest thing you can do.
Show leadership amidst the storm the captain needs navigate, guide and keep a steady hand, or the crew will begin to rattle and lose concentration on critical tasks.
Protect your team to ensure they are not in harm’s way by mitigating the risks of them contracting the virus; the last thing you want is critical staff unwell and in isolation and unable to contribute.
More than ever, communication is critical; you must keep everyone informed, ensure they know the plan, be clear, concise and truthful.
Strengthen your supplier relationships; the more exposure you have to global markets for your products and services, the more disruption you could experience.
Open up the line of communication, find out how your order pipeline may be compromised your aim is to be least and last effected.
Have alternative suppliers in place that you can call on if supply price becomes unsustainable, slows or stops with your current supply chain partners.
Stay in touch with your clients now more than ever you need to intimately understand your client’s needs and wants and how the change in market trends may affect their propensity to continue to purchase your products and services.
Know your numbers in detail now is not the time to put your head in the sand and wait for the storm to blow over be proactive and strategic in monitoring and measuring the data and cashflow pipeline forecasts.
It goes without saying cash flow is king and the oxygen of your business plan for it protect it and be proactive in optimizing your revenue generation systems.
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