What a month it has been!
As soon as we thought we were on top of coronavirus, things changed and didn’t they change rapidly!
The effect of COVID-19 has had a massive financial impact on all of us in some way and I fear that the impact of the virus will have an even greater impact on everyone.
The threat is that small, medium and large businesses will face challenges at levels that can’t even be imagined.
These challenges will be immense and there will be periods, as business owners, where we will be required to take action and it won’t be easy!
With businesses around the country closing for public safety reasons and supplies short across all industries, how does the now officially declared pandemic of COVID-19 affect business cash, cash flow forecasting and the ability to make a living through challenging business times?
The short answer is that it absolutely does. But, as I see it, there are 10 key areas where we must pay close attention now:
- Take action
- Implement
- Understand the cash impact of any closures, limitations in stock and/or lack of customers
- Plan for the future and ration your cash
- Determine the needs of your team
- Pinpoint the cash restrictions you do have
- Implement cost-cutting techniques
- Keep others up to date about what is happening
- If possible, deliver your service(s) remotely; think of different options
- Modify the way you operate
Any decisions we take in during this period will need to take into consideration our most important assets – our teams, our customers and any other key stakeholders.
In the end, we should be planning to come out of the disruption with a solid business.
Most of all, we want you and your team to be safe. Good luck and please do not hesitate to contact our team at Omnis Group if you need advice about accessing the government’s economic stimulus package or a more general perspective to help you to get your head around how best to sustain your business through this difficult period.