Dealing with COVID-19

Navigating uncharted territory, leaders of entrepreneurial and privately owned businesses must proactively address the current crisis by meticulously assessing their exposure to risk, interdependence with various factors, and potential eligibility for government support.
Government & Funding Policy Supports:
In response to the apprehension of a global economic slowdown, policymakers have acted swiftly, implementing measures to bolster businesses. However, it is essential to note that the specific support available varies based on geographical location.
Prioritizing how your business can effectively leverage government interventions and newly introduced banking facilities is crucial. Given the ever-changing landscape of government support and banking policies, seeking guidance from knowledgeable experts is advisable to gain a comprehensive understanding of how these measures can benefit your business.
Clear Communications:
The enforced or voluntary isolation of teams necessitates transparent internal communications to ensure that a remote workforce remains informed and motivated. In the event of a prolonged shutdown, workforce redeployment might be necessary, necessitating a review of staffing contracts and arrangements to ensure that management is well-informed about available flexibility.
Cashflow Considerations:
The pandemic has brought about significant changes in consumer spending habits, leading to surges in demand for businesses like supermarkets and pharmacies, while causing sharp declines in industries like hospitality and leisure.
To navigate these uncertain times, regular review of cashflow projections and scenario analysis becomes imperative to anticipate potential performance and cashflow outcomes under various degrees of business interruption. Armed with this crucial information, businesses can engage in honest and fruitful discussions with key stakeholders and funding providers.
Engaging with the Ecosystem:
The magnitude of this unforeseen black swan event has fostered a climate of openness and candidness in discussions. Recognizing that all businesses are in this together, it is crucial not to adopt a bunker mentality. If your business faces exposure due to low reserves, consider deferring large outgoings, discussing arrangements with landlords, and if necessary, increasing debt with lenders. Boldly seeking assistance is vital to effectively weather these challenges.
B2C and B2B Priorities:
Given the uncertainty surrounding B2C demand in the coming weeks and months, customers are likely to hesitate in committing to significant financial outlays or events. Therefore, businesses must remain adaptable and constantly reassess projected demand for products and services to stay ahead in sales and contingency planning. This information is of paramount importance for discussions with key stakeholders, including creditors and landlords.
For businesses serving B2B markets, understanding the exposure level of the customer base is critical. While many organizations may suffer, some may stand to gain from the prevailing situation. By focusing on providing support to those in need, businesses can strengthen relationships and lay the groundwork for sustainable sales pipelines and payments.
The full consequences of the COVID-19 pandemic for society and businesses are yet to be fully realized. This article aims to facilitate crucial business conversations and offer guidance to those grappling with determining their next steps.
However, it is acknowledged that these insights may only partially assist privately owned businesses in confronting the daily challenges posed by the pandemic. For further assistance on the matters discussed above, kindly get in touch using the provided links on the right.

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