The effect of the Coronavirus on trade and commerce worldwide has been, rapid, indiscriminate and potentially devastating. The only comfort, perhaps, is that this will be only a relatively short-term issue. However, for businesses to survive the current crisis taking positive action now is imperative. Good businesses will proactively try to manage the situation and try to understand what is required to improve the chance of survival. Clear decision making followed by effective action is what is required even though, in some circumstances this may be hard.
Survival is the key priority but there must be a mutual/community understanding that every business will be facing the same challenges i.e.
• loss of income due to being unable to trade normally
• having to cope with the burden of paying overhead costs
and therefore, to adopt a flexible, negotiable and community spirited approach is a better way than having a “hard-nosed “, inflexible and totally selfish attitude. Successful negotiation is about win/win and not “I am going to come out on top whatever the cost to others”.
In have set out some thoughts, ideas and a framework to help you develop a strategy which can be implemented within your business to help.
Firstly, what should be understood is that profit is really not the focus here; this is really a scenario where “Cash is King” and the priority exercise is about how a positive cashflow can be maintained over the next 6 to 12 months.
Download my survival guide for more suggested actions you should consider.