On Sunday we are expecting to hear from the Prime Minister about what steps are to be introduced to allow lockdown to be eased and for some “normality” to return to our lives.
As we contemplate what the economy might look like when we can begin a return to work, we have set out an overview of those considerations that we feel are key to any business; indeed, Champion itself is looking at these very issues.
Recovery plan
The COVID-19 crisis has brought a significant slowdown to many businesses and others, an abrupt halt.
Some businesses may see temporary drops in income whilst others will see significant changes and may take much longer to recover.
There are few businesses that will not need to consider a recovery plan.
Any plan must be fluid, but pulling together your thoughts now on how to manage your business in the short, medium and long term, is going to help your focus.
Creating and sharing your plan with other key members of your team is important. That might be just you and one other staff member, but effective communication means that everyone knows the direction the business is going and the role they have to play.
Consider:
- The loss of income streams
- The creation of new income streams
- Are there some more obvious opportunities to grow revenue, profit and cash?
- What are your key products and services?
- Who are your “best” customers?
- The possibility that introducing new systems or processes might help
- Is there new investment in technology that is required to let you work with staff, customers and suppliers in this new “world”?
Setting targets help you focus on the business and allow reaction time where identified changes are needed.
Financial control
Financial control of your business, particularly cash flow, is critical at any time but more so now than ever.
Cash flow forecasts that take into account deferred liabilities, profit projections and up to date financial information are a priority.
A business will need this information to be able to seek funding and other financial support.
Having up to date financial information means you will know the damage that the crisis has done to your business and help you take the steps needed to manage the problems.
People management
It is not an easy decision to make but working out what skills you will need to move the business forward has to be considered.
Who are the right team for the business in the short term?
A clear plan will help manage the business evolution.
HR and employment law advice is important to reduce legal risks.
Adapting your working environment
The restrictions we have seen during lockdown are likely to continue for some time, maybe we are moving towards a new way of working in many respects.
Some businesses will need to consider new working practices, for example;
- Social distancing within the workplace
- Movement around the premises
- Customer and client meetings
- Delivery mechanisms
- Upgrading technology to support working from home and virtual meeting software
We all know that there are going to need to be changes in our working world and being prepared can help manage these.
You are not alone in this planning. Please talk with your Champion contacts and let us help you and your business.
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