Businesses worldwide are facing a very important challenge since the outbreak of the pandemic. During these times of uncertainty, there are a number of strategies that is helpful, to make sure your business runs well and stays running well after the end of this pandemic. Let’s dive into it.
Stay on top of your cashflow. Keep an eye out for any issues that can possibly occur. Be sure to create a proper, regularly updated, cashflow forecast sheet. Identifying potential risks as soon as possible, create many backup solutions which will help you avoid any colossal downfalls. If your business does not have a cashflow forecast sheet, there are plenty of online templates and examples you can find to help understand and develop the right blueprint.
Think about your supply chains. Are all your providers still able to deliver to you? Will there be travel restrictions? Think about all the spots where there will be a potential lay back. Talk to your providers and ask them if there is any possibility that there can be a delay or mishap. Have multiple suppliers so you can have back ups, if one does fail to provide you can always count on another provider. Think of how you can reuse or recycle the stock. Save or buy additional stock while you still can, be prepared. Also, removing products on your listings that are not as profitable, will help you save stock and use it for the products that are selling well.
In order to make calculated decisions, you will need to update yourself on official information. Therefore make sure you’re well informed about the current rules, restrictions and requests set by the government. Make sure all your staff know and are adhering to these rules, last thing you want is the majority of you staff being ill, leaving you with piles of work unattended.
Maintain and build your relationship with customers, suppliers, staff, stakeholders, etc. You should not stop engaging in regular conversations with those investing in your business. If you stop communication, you will be giving your competition an opportunity to steal your investors from you. Be honest about your circumstances, do not hide or give fake information. Remember if they have a bad experience with you, the likelihood of them becoming a returning customer is low.Pay particular attention to the people working in your company, make sure there are plenty of communication options available, such as MS Teams, phone calls, email. Listen to their issues as there will be a lot of new problems, maybe working from home is the best possible option for them, see that can be accommodated. Lack of communication can create blips in the system.
Do not stick to the traditional methods of working. Try to be innovative in all aspects. You're more likely to thrive during these times if you are a leader who is open to change and has an innovative thinking process. Your business model may not be viable for the current circumstances. Inspire your staff to have the same mentality, motivate them as much as you can, make room for them to be creative. Look for new opportunities to diversify your business.
Prepare for after the pandemic potential prospects. Chances are, you are doing a little less than what you're used to doing, so why not take up the extra time to plan for after the pandemic is over. Note down the strategies that are working well for you, make a list of things you do not want to have after this hurdle has passed. Find ways to provide for your customers, maybe you have overlooked a potential selling opportunity.
The key is to plan ahead, planning ahead never hurt anyone. Stay positive, being optimistic will allow you to be more innovative and think clearly to help make the right decisions.
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