With the current Coronavirus crisis we want to offer practical help to our fellow local businesses. Having supported our own clients, we realise there are a great number of businesses who may feel isolated and don’t know where to get advice and support. We want to help and have produced an overview of the key steps you can take in order to put your business in the best place to cope with the current crisis which you can access here. We have also produced a webinar to which takes you through a plan using a sample business model to guide you through the steps you can implement to help protect your business in these challenging times. Check it out here
We are in this together and need to pool our resources for everyone’s benefit and the support and help available is changing rapidly, so we will also be looking at other support we can provide online and will post on these when we can and welcome any suggestions or ideas
It is important to accept the position you are in and the challenges you face. Burying your head in the sand and ignoring the problem or hoping it goes away will not help.
It is normal to be angry, upset or scared. However, we can end up like a rabbit in the headlights and rarely make good decisions when emotional, so try to remain objective.
Concentrate on the areas where your business loses most money and which can have the greatest impact and deal with them first.
Do you have any insurance cover, e.g. business interruption? Check your policies.
If you need it, get help. It’s difficult being objective about customers, suppliers and staff. Getting someone else involved will help in being objective and in sharing the problems.
Focus effort on the what your business is good at, which are most profitable and/or generate the most cash. Don’t spread yourself too thinly as it will almost certainly make matters worse.
Lots of businesses are feeling like you….. alone, tired, helpless and uncertain about the future. BUT we will come through this and business will continue. You simply have to make sure you do the things you can and try not to worry about those things you can’t do. REMEMBER we are all in this together and will come through it together so don’t just look after your business and yourself.
Develop your battle plan, make decisions and implement them. If no other option consider temporary closure. Make sure you look at:
This will help identify the scale of the challenge and inform the decisions that follow.
Get advice from an insolvency and restructuring professional as they have tools that help