COVID-19 has disrupted every company from micro-businesses to huge multinationals.
But it does NOT mean the end of your business as one that was great in 2019, will be great in 2021.
2020 has been challenging for obvious reasons, but now is the time to get a structural advantage against your competition and invest in the future as we define and return to the ‘new normal’.
Every business faces its own set of unique challenges, but what is clear is that now is the perfect time to start a new business venture, or to make sure you are planning for the new future as it develops. We provide COVID-19 specific planning that is specific to your business and focused on defining and getting you ready for the new tomorrow.
We provide COVID-19 specific planning that is specific to your business and focused on defining and getting you ready for the new tomorrow. We advise clients on financial, strategy, marketing, and commercial campaigns. And maybe the most important part is how to pivot your business from one thing to another and not turn back…
The key actions for Businesses are as follows:
- Planning & Scenarios: Whatever size your business, using strategic planning, market monitoring, scenario planning, business growth, and pricing tools are critical and will bring clarity to your future
- Managing The Route To Market: Now, more than ever is the time to validate your sales channels. Customers continue to come under liquidity challenges and solvency issues so review how you go to the market and the value proposition you bring to your customer in the short, medium, and long term.
- E-Commerce: E-Commerce has been reshaped by COVID and that won’t change. Assess what options you have to go digital.
- Go Big or Go Home: It’s a cliché but if you are going to do something, do it as well as you possibly can.
Ask yourself these questions, to validate whether you are getting yourself ready…
Scenario Analysis and Plan Development
- Are you totally compliance with all Government mandates
- Is there potential for alternative transactions? Is your business capable of moving into an adjacent market space for the short term to keep operating?
- Will you be ready to restart the core business activities when things start to ease?
- How will the world be different when we are through the immediate challenges? What is the impact on the business? Is the business ready for those changes?
- How are you communicating with affected with your customers and your employees through the crisis?
- How are you communications with investors and other stakeholders (if appropriate)?
- Have you assessed the implications on revenue, and cost through the next 3-6 months
- Have you collected all of your outstanding receivables, and delayed any payables?
- Have you taken steps to develop better liquidity and developed a rolling cash forecast
- Do you understand what Government support is available for business and employees through the crisis, and how to access the funding
Legal & Regulatory
- Is there a risk of pandemic related legal actions?
- How will you disclose the material changes experienced because of the pandemic & how will your stakeholders react?
- How will you manage non-personnel costs to a minimum?
- What is the operational impact on operations of Govt. mandates?
- How is the supply chain impacted? What are the real stress points and mitigation plan?
- How can customers be steered towards things that are available and can be sold?
- Is there a strong sales and operational planning process (S&OP) ready to manage interruptions in supply?
People & HR
- Do you have a structured organisation plan to define who will deputise for people out of the business impacted by COVID-19?
- Do your employees have important outside obligations like childcare or eldercare that limit their availability? How will you manage the gaps?
- Are you communicating effectively with your employees during COVID-19?
- Is Furlough a suitable way of managing staff costs through the short term period?