Managing a business is a lot like sailing in an open ocean. Waves are expected and it’s important that businesses have a plan to stay afloat and keep sailing on. Right now, however, we’re facing something unprecedented. We’re in the middle of a storm that has the potential to turn the way we do business on its head. From remote working, smaller workforce, a push for AI and automation – we can’t predict the future, but what is certain, is that we have to stay in control during this storm and take action on key points. With the correct planning and action, we can come out of this storm with the foundations in place to rapidly get back on track.

So, with that said, here are the areas your business must focus on:

Conserve cash and make sure you can collect payments

Cash flow is critical during this period. With uncertainty as to how long the virus will have an effect on business, it’s a must to cut out or pause any unnecessary bills and streamline operations.

It’s also important to make sure that what your clients owe is within insurance or bad debt limits; it may be difficult to collect payments during and after the impact of the virus and you don’t want this to be a cause of cash flow problems.  A strong cash management process is going to keep businesses through this challenging time.

Keep your employees engaged and motivated

With companies having to make layoffs, reduce hours and making pay-cuts, your employees need strong leadership now more than ever. Uncertain times will cause stress and anxiety and you need to ensure your employees know you are supporting them. Some steps you can take to keep your employees engaged are:

1. Make sure your employees mental and physical needs are being met.

This is going to be a trying time for employees working at home – children aren’t at school and family members may become sick. Businesses will need to be flexible and encouraging. Check in with your employees regularly and make sure you are setting realistic tasks.

2. Make sure employees have the tools and information they need.

Without the right tools and data your employees aren’t going to be able to work efficiently, they may even become increasingly frustrated. Cloud systems make tools and information easily accessible, wherever they are working from.

3. Encourage collaboration and provide a platform that allows for it.

We have organised a daily meeting each day with our team.  Each team member can ask for help and alert others of potential issues.  We have been able to solve problems faster as a team and be more productive overall.

4. Use this time to build knowledge.

We are encouraging staff to take training that they needed to have attended but did not have time to do due to business commitments.

What If Analysis

During this uncertain time you need to prepare for the worst. What if the virus impacts businesses for the next 6 months? What adjustments does your business need to make to survive that? Create a planning and budgeting model that will assist you with creating a realistic and accurate plan.  Create multiple scenarios and be prepared.

Review Business Processes

Now is a great time to document current business processes. There’s no doubt that this period gives business the time to look over their processes and see what can be more efficient. By documenting your current business processes, you can:

 a) find any obvious inefficiencies and b) already have the documentation prepared for when you implement new systems such as ERP or WMS.

Review Business Shortcomings during pandemic

A future facing step is to see what processes are currently having a negative impact on the business. How can you ensure that this doesn’t happen again? Implementing new systems? Automating business processes?

With 20+ years of professional services consulting experience our team is committed to improving your business performance.

Contact us today to set up an initial online consultation.