The amount of information regarding the Covid-19 pandemic is in overdrive. The consequences of this outbreak is sometimes devastating in businesses and sometimes whole sectors of the economy. BAS Associates has experienced at first hand some of these ramifications. Some good and some bad. Here are eight simple words that can be incorporated into best practice for clarifying your vision and helping you plan your recovery from these unprecedented times.
Cash is indeed king and currently this is proving to be truer than ever. Do what you can now to preserve cash. Consider pausing your marketing plans and start to reevaluate your business goals. Focus your efforts on this crisis and concentrate on opportunities which may arise from an understanding of the new normal. Your team will need good leadership more than ever as circumstances evolve to incorporate remote working. Be honest and supportive and communicate with your team regularly, using video chat wherever possible.
Consider revisiting your finance options, talking to your bank if necessary. Remember, there are a few Government backed schemes that may be useful including Bounce Back and CBILS Loans.
Keep connected with your best customers. Chatting with them over the phone or video will pay dividends in the long run. They will remember your care and consideration in the future. Many are feeling isolated and out of control. A fresh perspective and a familiar voice can make a big difference.
Equally keep in contact with your suppliers, even if your business with them has slowed or stopped temporarily. Using social media is an effective way of keeping an audience engaged right now. Everyone is feeling the strain currently, whether being unable to operate or being a key worker on the front line. We’ll all come out of the current situation much better off if we show compassion and understanding. From Sir Tom’s story to the Thursday evening applause, these gestures will not be forgotten.
A conscious decision in most circumstances, but this drive to change is being driven by crisis. Imagine the ‘new normal’ and plan your financial resilience based on this outcome. Every day brings us nearer to discovering what the future may bring. Try to pivot your business to find solutions regarding working with existing and new clients. How can you evolve to keep going when we’re through the current situation?
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Or if you prefer, please call 01296 681341 for our Wingrave Bucks Accountants office.