All of you may encounter this situation, whether you are working in a company or you are a CEO. You had or we are still facing the lockdown situation. If your business is connected to what they called in the medias « non-first necessities products/services », your shop/ business has been closed for a long time or still is closed.
I would like to give a few tips and advice in this post. I hope it helps and may bring more discussions among each other and for the future of your company. I call it the « Survival mode », as you may all know that this year’s objective is about to cover the costs, be able to generate enough revenues to ensure your costs are covered.
Know where are you now? What are your pending bills with your suppliers you may have? Keep in touch on a regular basis with them. I know it sounds like a trickle-down effect, as you can’t pay the full amount since your liquidity (cash) is low and it will also affect their finance since they also have employees to pay. It will be for sure the burden of the « fixed costs » to be covered and be able to negotiate, do your best to delay some payments, or break-down this payment in different payment terms. Your fixed costs are still here, so could you try to negotiate on the rent, on the insurance, revise the loan interest payment with your bank?
Rethink – revise
What are the projects you are going to delay or start actually (since we have more time)? Would you be able to change a bit of a direction, would you be able to diversify your business activity to make it fit new needs?
The whole world is in the same situation, this lockdown, whether we are still in or we are slowly getting back to the « normal life », your business is still a bit shaking, a bit unstable. You can still communicate with your community. In this perspective, you have the freedom to communicate in a different way, present topics which you would not usually discuss, such as personal development, which is pretty much trendy these days, knowing that everyone is staying at home, this would be the perfect time for people to think, create and do much more.
In your communication, try to be authentic, be true to what is happening. Create some specials packages, change some of your pricing strategies, present your staff working hard, yes things are still happening!