Businesses must adjust to the new reality of COVID-19. The start of this pandemic was important for adjusting to remote work. Now, it is time to look at your financial picture. The times are stressful for business owners, but we strongly recommend that you don’t overthink and instead find the right partner for guidance. Please feel free to contact Waters Business Consulting Group via e-mail or phone or ZOOM for help.
During this pandemic and economic downturn, we are helping our clients with some simple strategies. Keeping it simple during these times is key. To ensure your business will survive and even thrive during these challenging times, we’ve prepared these 10 Points for your 90-Day B.E.S.T. Plan (Business Economic Success Tools).
Keep Business Simple
Business is about the exchange of goods and/or services and managing your cost and value in order to meet and exceed your customer’s needs while making a profit. Then you replicate the process with consistency and adjust based on market and customer/client demand and conditions. In order for you to survive and thrive, we recommend you review these key areas and start with a 90-day plan:
Don’t Go This Alone
Engage wise counsel from professionals who have experience in navigating distressed economies. Sage advice is key during these times.
Shine as a Leader
This is when your employees, clients and customers, vendors, competitors, and neighbors are watching. You can be vulnerable and express concern, but have a resolute plan and positive outlook. This is when real leadership steps up!
Prioritize
Access and prioritize what is important during this time period regarding revenues, operations, employees, customers, cash flow, marketing, safety, etc.
Monitor Revenue
Get clear on what services or products your business is offering and what is still in demand. Collaborate on innovative services or products to bring more value to your customers or to replace those services or products that have minimal sales due to the shifting economy. It is possible to thrive by thinking about innovative ways to offer new services or products much like you are seeing restaurants do with offering delivery or curbside pick-up and other takeout services during this time.
What Is Your Runway?
Designate your pipeline of opportunities based on projects sold and schedule or clients retained or recurring/repeat customers. What revenue is now possible or predictable and what sales can you pursue to fill your pipeline for revenue and cash flow in future months?
Stay Connected and Show You Care
Communicate with customers and clients, employees, vendors and suppliers. Send out regular communications and set up video conference calls and individual or group conference calls. This is not the time to disconnect or hide in your office or home, but rather to press in to your clients and customers and team. Communicate openly and often.
Go Digital
Use online resources for communications, marketing, sales, operations, finance, etc. Effective campaigns and PR have the unique ability to build valuable credibility for your business. If you are searching for a professional PR agency check options available from Violet PR. Leverage technology and get used to it, as this will change how we do business going forward once this pandemic is over.
Check Your Expenses
In any major economic disruption, revenue will usually fall faster than expenses. For most businesses, payroll, real estate, and marketing are what cause revenue to drop. It’s important to evaluate any cuts in expenses within the context of your business plan so that you understand how each one impacts your runway and revenue growth or decline.
Cash Flow
Cash flow is the lifeblood of any business, so have a clear plan–at least 90 days on your projected cash flow. Work with your landlord to negotiate concessions on leases or abatements of rent. Talk with vendors and suppliers to extend payable terms so they share in the difficulties, defer and extend any expenses possible, and know what your daily and weekly cash position is. You may need to revise your 2020 Forecast to account for the slowing months.
Upgrade and Streamline Operations
Revamp operations so you are ready to manage the increased volume and capitalize on growth when the business picks up. Develop your short-term marketing plan and your post-pandemic marketing strategy, as this will be your opportunity to pursue customers and clients who wanted or needed your services, but were waiting. Business growth will resume. Flexibility and being proactive are key during these uncertain times, and always take action because the right “Action trumps Everything”. Doing nothing is futile.
If you need guidance or help, Waters Business Consulting Group is here for you. If you would like to hold a collaborative session with our team and yours to walk through these 10 Points for your 90-Day B.E.S.T. Plan (Business Economic Success Tools), please contact us and we will guide you through the steps to help you succeed and thrive during this time.
Planning is important now more than ever. If your business is operating without a business plan, now is the time to put one together … at least a 90-day plan. Call us for guidance.
Your business must have at least a 90-day plan. Prepare for every possible situation and be objective about how you are doing financially. During a crisis, there are great opportunities for business owners if you take the time to look for them and get creative.
Support Avenues
Our Federal and State Leaders are looking to help citizens during this unprecedented crisis. Make sure you know applicable government policy on all levels. Know what type of financial aid is available and how to apply if it can help your business.
Legislative details and requirements are changing every day. Waters Business Consulting Group advises business owners to start preparing now, regardless of specific programs. We are here to help you if you need guidance. The following programs are now available so we highly recommend you go online to learn more about each one, or call us:
Cares Act- Paycheck Protection Plan
https://www.congress.gov/bill/116th-congress/house-bill/748/text
Economic Injury Disaster Loan Program
https://www.sba.gov/disaster-assistance/coronavirus-covid-19
