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7 Ways to Ensure Your Business Will Bounce Back From the Covid-19 Lockdown April 8, 2020

 

 

How to bounce back after COVID-19 lockdown

 

If you are not classified as an essential service, then you likely have suffered a massive drop in income and are facing an uncertain future.

We are all in this together, and we believe this crisis is only temporary.

Thanks to some great leadership, we can see our way through it.

These 7 points will help you be ready to spring back into action, as soon as you can throw your doors open again.

 

 

1. Have a financial plan to stay solvent.

Don’t fall victim to Covid-19.  Take control of your future, now!
Forecast your cash flow and know clearly what shortfall you are going to have over the next 4, 8, 12 weeks.

  • Speak to your bank now. Find out what they can do to ensure you do not run out of cash through this time. Banks have been given instruction by the NZ Government to support businesses and make credit available. Interest rates are very low currently.
  • Speak to your key/main suppliers. They will want to retain your long-term business and may allow extended payment terms. They will thank you for calling them to make a plan rather than just not paying!
  • The NZ Government is working out support and stimulus packages for businesses. Spend time to find out what support you qualify for and apply for it. This includes help with IRD and ACC obligations. Here are a couple of helpful sites:
    1. https://www.business.govt.nz/covid-19
    2. https://www.mbie.govt.nz/about/open-government-and-official-information/coronavirus-covid-19/

 

2. Cut costs to the concrete.

You must do this to conserve cash when cash is not flowing in. The best way to do this is to spend less, much less, of it.

  • Review all your outgoing expenses and seriously challenge each one.
  • Does it directly help to keep your business afloat? If not, what’s the worst thing that will happen if you cut it out?
  • Be decisive; your financial future is dependant on this. 
  • If cutting an expense completely will be detrimental to your business, then look at cost reduction on that item.
  • One of the quickest wins is to contact your suppliers and explain you cannot afford to continue purchasing their product at your current rate.  Let them know you will have to find an alternative and ask them if they can do anything to help you. If they do, be loyal to them.

It is a good time to get alternative quotes on most of your expenses. Businesses are all eager to retain and win sales right now.

 

3. Identify key employees.  

Identify the employees you rely on to make your operation run smoothly.
Do everything within your power to keep them on.
Trying to get back to where you left off without your existing team will be 10 times harder with a new bunch you have to train up.

 

4. Don’t be frozen in the headlights.

Be active.  Resist any defeatist attitude.

  • Take a moment to analyse the current the situation you have been thrown into. It is a good time to do a fresh SWOT.  Don’t forget to consider the elements of PESTLE at the same time.
  • This analysis will help you uncover a strategy to bounce back from Covid-19:
          1. Who your target customers are
          2. What they want/need that you are good at supplying
          3. What value-rich offering you can provide them with
          4. How you will communicate that to them.
  • Use this time for planning, preparing and making sure you are right ready to execute your new winning strategy.

 

5. Keep in touch with clients.

Don’t go quiet on them.  

  • You don’t need to try and sell them anything. Just show interest in how they are getting on.  Be friendly, empathetic and encouraging.
  • Show them that they are important to you. Where possible, pick up the phone and call them. People are wanting to talk to other people at the moment.

 

6. Take the opportunity to improve your business.  

Train and upskill your team.

  • If your staff have spare time, upskill them. There is a universe of free online learning options available. LinkedIn Learning is one of my favourites, although you may need a paid subscription to access this.
  • Dust off those business improvement projects that you never have time to get to.
    1. Anything that will make your business leaner and healthier
    2. Install and set up some software programs or apps that will help you be more efficient. A lot of this is free. (Check out https://52ways.com/)

 

7. Create a communication plan

Answer the questions your clients will be asking coming out of Covid-19 lockdown. They will still be cautious and anxious. Increased focus on hygiene will be the new normal.

    1. Give them reasons to have confidence in your establishment.
    2. Is it safe to visit you? What have you done to ensure this?
    3. Have you introduced some air purification or cleaning technology?
    4. Prove it. Make a video walk through of your improvements as soon as you can.
    5. Post this on your website, Facebook page and whatever other social media channels your clients are on.
    6. Make a big deal about the actions you have taken to ensure they will not contact disease at your establishment.

 

Let’s keep our heads up, and all the best 🙂

 

 

 


 

Matthew Prestidge, General Manager

About the Author

Matthew Prestidge is our General Manager and Senior Industrial Hygiene and Indoor Air Quality advisor.

Having spent the last 15 years creating more sustainable environments on industrial sites, Matthew has seen the good, the bad and the ugly and knows what is required to “clean up”.   

Would you like to discuss solutions to industrial cleaning issues?  
Matthew offers a free consultation and easy-to-implement advice on Industrial Hygiene and Indoor Air Quality for anyone in the New Zealand Food and Beverage industry. Contact him at matthew@presco.co.nz 

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