No doubt the COVID-19 pandemic has taken a toll on businesses in Australia, and indeed, the rest of the world. According to a BDC survey, more than 73% of companies were already feeling the heat of the pandemic as of mid-March 2020.
The truth is that in times of crisis, cash flow is usually a challenge for most businesses. Creating a cash flow forecast and a detailed continuity plan can facilitate recovery and help you sustain your business post COVID-19.
In this post, we will take a look at the 5 steps necessary to sustain your business after COVID-19.
#1. Start With Health And Security
Coronavirus is a human problem; as such, it is essential to take steps to protect yourself and your employees first. The following are some important questions to ask:
Answers to the questions will keep your employees safe in the post COVID-19 era.
#2. Prepare a communication plan
The communication plan of your business should target the following:
Craft a clear message and use technology to send your messages.
#3. Evaluate Capacity And Resources
For the survival of your business, you need to go beyond managing your employees, suppliers, and customers.
As demand dips globally, you need to align your staff to production. You also need to consider a new temporary wage for your employees to maintain your workforce.
In addition, you may want to consider right-sizing recurring expenses in the short term.
Okay, that's it. There is light at the end of the tunnel if you follow through with these tips. Your business would definitely rebound post-COVID.
Still don't know where to start from? You can shoot us a message and we would greatly be of immense assistance